“Prosperity” and “pandemic” are two words that do not seem to go together. Achieving our financial goals is already a challenge on an ordinary day, but especially so during an unexpected situation similar to what we are experiencing now.
Here’s good news: it is very much possible to protect and grow your money despite the current volatility in the financial markets. Even in the midst of market uncertainty, there are still opportunities to secure your brighter future. To pursue prosperity amid a pandemic, here are tips you can consider:
First of all, don’t panic. Down markets are temporary. Your investments may be subject to increased volatility at the moment, but it has been established time and again that dips in the markets are momentary hurdles. Stay financially disciplined and constantly recalibrate your plans, so you may grow your money with your priorities in mind. It would also help to stay tuned to current events so you can adjust your game plan accordingly.
Check your goals and see what you’ve accomplished so far. Backtrack on your financial objectives and assess which ones you’ve accomplished and which ones you can focus on given the available resources. Seek the assistance of a financial advisor, mentor, or peer, in evaluating options to take in realigning your financial strategy. This may also be a good time to know if your risk profile still complements your investment objectives. Think about the risk you are willing to handle at this time, and adjust to a comfortable level.
Monitor your investments online. Part of evaluating your financial strategy is knowing where you stand now and where you want to be in next few years. Remember to focus on the value of your investments, not the price, as lower prices may unlock higher values as the economy recovers. Withdrawing investments at this point is an easy fix; but staying the course and waiting it out is a far more sustainable alternative.
If you are a Sun Life investor, do keep track of your investments via the My Sun Life Client Portal or Sun Life PH Mobile App. Other financial institutions have also made their online platforms more accessible, so you can receive updates on how your money is doing at this time.
Learn other ways to grow your money. There is a wealth of information available online on how to make your money work harder. Join webinars hosted by financial institutions, read blog posts of financial experts, or watch relevant vlogs on YouTube or Instagram. You can also consult with persons you trust with regard to financial planning. Exhaust all means of available information.
Work on sidelines for extra income. The power of digital is apparent now more than ever, and it’s a gateway to many opportunities to beef up your income. Work on skills that you may offer on the digital space, like freelance creative work, a culinary expertise, or production of goods or items.
Remember: at this time, it is easy to give in to fear by withdrawing your hard-earned money. However, the prospects for economic recovery are within reach and it would be great if you can leverage on them. Now is the time to reassess your priorities, plan your financial strategy ahead, and stay on track towards achieving prosperity. You’ve got this!
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