Financial pros offer smart investment tips during the coronavirus crisis investinyou (In partnership with acorns.)
There are a lot of advantages to being a professional investor, but according to Brown, there are advantages to being an individual investor. Unlike the pros, individuals don't have to answer to quarterly earnings reports. "As an individual investor, I only answer to myself, as that is decades away."
For young investors, volatility is the source of future returns. Cash should be saved in savings accounts where it will be the most liquid. Young investors should take on as much risk as they can tolerate. However, older investors may want to sit on more cash, as they will likely need to start withdrawing soon. "Risk is all about how much you can afford to lose, and young people have a long period of time.
McClanahan reminded investors that when they invest in stocks, they are investing in companies. Every year, some companies fail, she says, but most are successful, and unlike the 2008 crash, this market crash was started by a global pandemic. Just because a company's stock price plummeted doesn't mean the company was in bad shape, she says.
Risk is all about how much you can afford to lose, and young people have a long period of time. They can take more risk, and ideally, in the long run, it is going to make a lot of money for them.What do I do if I need to take a loan or withdraw from my 401? According to Braxton, the first thing everyone needs to do before taking out a loan is to determine exactly how much money they need to live. You don't want to take out more than you need, because not only are you the borrower in this case but you are also the lender. The next thing you'll have to do is check with your employer to see how much you can take out and what the interest rate on repayments will be. from your 401 and delay repayment for up to one year.
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