Whether you anticipate your income will drop or not, it's a good idea to review your budget and make some adjustments to reduce expenses for the next three to six months. Make sure to capture any money saved in your emergency fund if you can. These changes aren't forever, so figure out what you can reasonably do in the short-term. If we've worked together for some time, you likely already have a well-stocked emergency fund.
I have to admit this market has literally taken my breath away several times over the last few weeks. I managed client money through the Great Recession when the market dropped 57%, but the last few weeks have been something else! If you're freaked out and want to stop the bleeding in your portfolio, I get it. I have those same feelings. Our brains are wired to want to take action and protect us from loss.
If you get out when the Dow is at 19,000, are you going to buy back in when it hits 15,000? What if it then goes to 12,000? Are you going to get back out to stem losses or buy more? And then maybe the market eventually recovers and gets back to 30,000.
Even if you invested every dollar right before the Great Recession hit and the market dropped 57%, your money still would have come close to doubling over that 10-year time period.
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