Coronavirus, Markets and Economies: Five Little Things You Can Do Today

Coronavirus, Markets and Economies: Five Little Things You Can Do Today
Share on facebook
Share on twitter
Share on linkedin

In our last post, we shared five little things worth knowing as we navigate through a coronavirus-inspired bear market. Basically, the future is uncertain … but markets have always prevailed over time. Your best bet is to build and maintain a globally diversified investment portfolio, and sit tight during the downturns. Then again, it’s hard to do nothing during a crisis. Today, we’ll cover five little things you can do, that should serve you well in the long run.  

  1. You can tend to your personal hygiene. Normally, washing your hands doesn’t directly relate to your financial well-being. But the cliché, if you don’t have your health, you don’t have anything, rings especially true in a pandemic. The sooner we get this thing under control by each of us doing our part, the faster markets are likely to recover. 
  2. You can create (or review) your financial plan. Here at The McClelland Financial Group, we build financial plans assuming some bad, or even awful years will happen. We use Monte Carlo analysis to explore each client’s range of possible outcomes, from worst- to best-case. This helps them more realistically determine the level of investment risks and expected rewards they’d like to pursue. If you’ve never engaged in this sort of planning, this might be a great time to do so. If you have, but you’re having your doubts, you could re-run your numbers. 
  3. You can revisit your discretionary spending. While we hope you won’t need to overhaul your lifestyle (and in some cases, there may be some bargains to benefit from), you can make prudent decisions about your spending. Most notably, you may want to postpone making major discretionary purchases if they would require you to sell stock holdings at a loss. 
  4. You can rebalance your investment portfolio. Rebalancing returns your portfolio to its intended asset allocation. For example, if you’ve planned for a portfolio that’s 50% bonds and 50% stocks, you may currently be holding too many bonds and too few stocks. By selling some bonds and using the proceeds to buy some stocks, you’re effectively buying low and selling high. Or, if you have cash to add to your stock portfolio, you’re again buying stocks at bargain prices. 
  5. You can maintain a positive outlook. Suffice it to say, there are elevated levels of negativity out there. The popular press and social media feeds on fear. But what good does it do you? We’re not saying you should be naïve, but if you let your emotions overtake your reasoning, you’re far more likely to hurt than help your financial well-being. 

One great way to remain positive is to listen to our “Think Smart” podcasts, including “How Are We Dealing With Concerns Over Coronavirus?” And let us know if we can assist.

Related articles

Fee Rates: Bad Marks for Canadian Fund Fees Podcasts

Fee Rates: Bad Marks for Canadian Fund Fees

Morningstar has given Canadian fee rates an official thumbs down. Find out why we are getting such poor marks. What goes into making up a fee rate? Why is unbundling your fees advantageous and how do we stack up? Listen today as Senior Financial Advisors…

Read More →

The 5-Hour Rule Used by Bill Gates, Jack Ma and Elon Musk “You just walked in the door from an exhausting day at work. You’re hungry and spent, just wanting to catch your breath for a …

Read More →
Webinars & Virtual Events

China Unbound

May 16, 2022 12:00pm China Unbound Prize-winning author/reporter Joanna Chiu joins us to discuss her discoveries across China in “China Unbound”. The controversial topic of …

Read More →

Financial Planning Advice from Canada's Top Financial Advisors

Sign Up To Receive Email Updates On The Financial Industry And Complimentary Workshops.

By providing your e-mail address you provide The McClelland Financial Group of Assante Capital Management Ltd. with your express consent to send you electronic communications. If you choose to discontinue receiving e-mails, you may withdraw consent by contacting [email protected].


Get actionable financial insights from the TMFG team.

Copyright Assante Wealth Management. © 2022

Disclaimer | Assante advisory services are offered through Assante Capital Management Ltd. Assante Capital Management Ltd. is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada. The services described may not be applicable or available with respect to all clients. Services and products may be provided by an Assante advisor or through affiliated or non-affiliated third parties. Some services and products may not be available through all Assante advisors. Services may change without notice. Insurance products and services are provided through Assante Estate and Insurance Services Inc.

We have a team of advisors each specializing in varying portfolio sizes. Please let us know the approx. amount of your investable assets to help us to direct you to the advisor that is best suited to you.