Financial Planning During a Pandemic

by | Ask an Expert, Cheyenne Guliker

3

May 2020

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The times that we’ve been experiencing are unprecedented – at least for us. What can we do during these times to make sure that we’re set up for success, and don’t have to worry about what happens if -the worst- happens? These are some of the biggest concerns that my clients have at the moment when they talk to me.

Covid-19 hit us and I don’t want to make the wrong move with my money. Who do I talk to?
A professional and qualified Financial Advisor is one of the primary professionals you should have on your team right now. The world is changing rapidly on a daily basis, and you should be able to depend on your advisor to keep you up to date on the financial health of the world. This is what you rely on experts for. Right now, I am connecting with my clients a minimum of every two weeks to check in with them and keep them up to date.

I want to make sure things are in order if the worst happens. Is now a good time to review my life insurance?
There is never a bad time to have a professional review your insurance portfolio, but a pandemic is an especially prudent time to do so. The world is uncertain and being prepared is at the forefront of our minds. If you’re looking to revise your monthly budget, speak with an Independent Financial Advisor to ensure you are receiving the best value for your money. Revising your insurance plan can be a great opportunity to tighten your family’s budget.

I have investments and notice they are really volatile. What is going on with the markets?
This pandemic is looking to put an end to the longest bull market in history- the longest upward climb we have ever seen. With economic conditions being so unpredictable right now, it is normal to see a drop in the value of your investments as low as 30%. Remember- this is part of the roller coaster journey of investing. Remember to keep an eye on the long term and what your real goals are. Think about life in 2023. If this volatility is truly too much emotional and psychological stress for you, it is important to discuss this with your Financial Advisor as you may be in an inappropriate risk class for your level of risk tolerance.

Contact Cheyenne Guliker

Go to her website, www.amethystfinancialplanning.com for more information or reach out on Facebook at Amethyst Financial Planning!

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About the Author

We’re Passionate ABOUT THE CITY WE LIVE IN

Katie McKay

Katie McKay

Co-Owner, What's On! Chilliwack

Katie McKay excels at her role as business developer at Chewie Media Inc. Her passion for growing companies has not just seen Chewie Media grow in recent years, but all her clients’ businesses as well. She’s the main point of contact for those clients, and loves helping them achieve their goals daily. Katie has a keen eye for what works and what gets in the way and has translated that to developing meaningful user experiences on websites that save time, increase productivity, and expand the reach of her clients. Through websites, SEO, SEM, and hosting, Katie is able to offer her clients a full range of solutions.

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