I do not know how long the economic slowdown will be. I do not know the overall effects the coronavirus will have on our health or economy. I do not know when the stock markets will bottom.

There are many factors in play that are leading to the sharp market declines, not just the coronavirus, so a bit of patience is required. The major US Indices are more than 20% off the highs as of today. However, the bad times may prove to be only temporary. And when the market potentially recovers the question will be what have you done today to prepare for tomorrow? We all know the ‘waiting on the sideline’ strategy is an epic fail, good luck timing the market.

“May you have the hindsight to know where you’ve been, the foresight to know where you are going, and the insight to know when you have gone too far.” — Irish Proverb

What Can You Do?

• Do not panic

• Review your asset allocation make sure it is aligned with your goals, risk tolerance, and time horizon.

• Make sure your dividends are being reinvested and not just swept to a money market account.

• If you contribute monthly to your 401k / IRA and the guidelines permit, up the contribution.

• If you save for college through a 529 plan for your child or grandchild, make a contribution.

• If you have extra money, consider adding to a brokerage account or starting one.

• If you do not have an IRA? Start one today.

In my opinion, this downturn does not compare to the collapse of Lehman Brothers or a GM bailout, but to be clear, I do not know what the future holds. Can we go lower? Yes! How much lower? I do not know. But I have faith in people, America, and the world that this too will pass and when it does, I hope you and your family are better off.