SPRINGFIELD, Mo. — With businesses shutting down, layoffs happening, and people getting their hours cut, many people may be wondering what the economy is going to do next.
Local Certified Financial Adviser Stephen Evans says the best thing you could be doing right now is stick to a plan and a budget.
“Well right now, we’re going through the coronavirus pandemic and it’s a very wild time of uncertainty in the market and with your money, what you should be doing is sticking to your plan,” Evans said.
Evans says right now, you can build an emergency plan if you don’t already have one.
“We know that at some point when you retire or you’re going through this, the market is going to crash,” Evans said. “We just have absolutely zero idea of when that’s going to happen. I help my clients build a four-year safe place to put their money so that when this happens, we don’t have to sell their stocks.”
But it’s not like this is the first time we’ve seen a downturn in the economy.
“You know, 2008, we look back at that and it’s just a blip we made it through that,” Evans said.
But 2008 was a bit different than now.
“In 2008, everything was dying. Every industry,” Evans said. “You had a housing crisis. You had a financial crisis. You had a liquidity crisis. The Fed, this time, has done a great job of acting incredibly fast. This is the fastest I’ve seen the government act in a long time. It’s unprecedented and I haven’t seen anything like it in my career. But with technology, we’re still able to do things.”
He says even though everything seems to be uncertain right now, to not let emotions get in the way.
“Emotions are really what hurt you in this because it’s really hard — it’s your money –you’re like ‘I am losing this money,’ and it’s really scary for people but when you plan for it you think about what’s going on you think longterm,” Evans said. “I’m hoping that it ends sooner than later, but it’s always good to have a plan.”
Evans says if you don’t have a plan for your money, or if you’re unsure how to make one, to contact a financial advisor.