Your Financial Plan during the COVID-19 Pandemic

A safe assumption can be made for the year 2020-to expect the unexpected.  A highly communicable viral disease has swept throughout the world, altering the way of life for most of the globe while bringing economies to a screeching halt.  Many businesses were forced to close their doors permanently, while others took drastic downsizing measures.  This newfound uncertainty sent the stock market into a freefall, only to be followed by a monumental recovery.  Volatility remains a constant as new data whipsaws the markets back and forth every day.  Now you are left asking yourself, “What do I do now?”

This can be a difficult question for you to answer.  The COVID-19 Pandemic brought with it many changes on both personal and macro levels.  Unemployment has skyrocketed, with many companies operated at limited or no capacity.  Interest rates have plummeted, as the Federal Reserve has vowed to keep rates “lower for longer,” pegging rates at zero until we return to full employment.  Multiple stimulus packages have been implemented for both individuals and small businesses.  Banks enacted mortgage forbearance plans to provide relief for borrowers in need.  Putting the pieces together can be difficult, but it’s not impossible.  You need to determine how this has affected you personally from a standpoint of where you’re at now and what your goals are.

Contact us today at Good Life Financial Advisors of West Virginia to start the discussion!

After you have a clear picture of your financial profile and where you want to go, the question remains, “How do I get there?”  Deciphering your best next step can be complicated in this environment, considering how each media outlet seems to put their own spin on each piece of data.  Decisions might seem scarier with all the uncertainty surrounding reopening economies and vaccines.  Being afraid of making a bad decision can lead to making no decisions at all, which can be just as harmful to your financial health.  You must remain aware of your target goals and continue to keep yourself directed toward them.  As your goals and the markets evolve, so will your plan and your decisions.  Managing your finances and investments is not a one-size-fits-all approach.  Working with a financial professional can help guide you to develop a custom approach that is unique to your specific preferences and goals.

At Good Life Financial Advisors of West Virginia, our goal is to align your investments and goals.  Our transparent process not only provides you with clear picture of how your investments are working, but also allows you to provide a clear picture of where you want to go.  Working together, we can simplify the process to achieve your financial success!

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