As we navigate this difficult time together, your health and safety are most important to us. We encourage you to take appropriate steps to be safe, help one another, and ask for help if you need it.
There’s no denying it, the next few weeks are likely not going to be easy. The virus count will probably continue to rise and market volatility will likely continue. We also expect to see a massive Federal stimulus bill passed. The details are unknown but should give help to the many companies and individuals who are struggling. The Federal Reserve has also taken many steps to keep the credit markets and financial system functioning. We are all in the same boat, but we are confident that together we will get through this.
Be safe, but also don’t forget to move around and clear your mind. Take a walk outside if you can, stand up and stretch throughout the day. Avoid 24-hour news for a period of time (if not all day) and allow your mind to be at peace, at least once a day, using whatever method works for you – prayer, music, reading something uplifting, or listening to online meditations.
If you haven’t already, please read or reread our prior communications from the past few weeks. Many of you have commented that you’ve found them useful, helpful, and comforting.
HOW ARE YOU?
We’ve heard from some clients, but we want to hear from you too. How are you feeling? Do you need anything – food, answers to questions, etc.? Can we help? How are you dealing with this situation the best you can? Send us a message.
YOUR ODYSSEY TEAM
Our team is feeling good and trying our best to follow all the CDC guidelines. We are doing our part by washing our hands, keeping our distance if, and only if, we need to leave home. We are all working from home this week, but continue business as usual – we are here for you. Call our office phone numbers to reach us. And note, one of us will check mail and stop by the office as needed each day.
Timing is everything… Anne and baby Holden are also doing well. Anne had perfect timing as it came to her maternity leave. She and John are making the most of this situation by staying home and bonding with their new baby.
- The Atlanta Journal-Constitution is offering free subscriptions. Check out AJC.com.
- The US Federal AND Georgia Income tax deadline has been moved from April 15 to July 15. If you have a refund go ahead and file to get your money back.
- Avoid scams – phone calls, emails, texts. There are plenty of them out there. They may sound and look real, but DO NOT click on email attachments or links from anyone pretending to be from a federal agency. They only use US Mail.
We thought we would share some answers to questions we’ve had or we think you’re having. Please share questions with us and we’ll do our best to get you an answer.
Q: I see some trades in my accounts. Why is this happening?
A: This is rebalancing. This is done intentionally to rebalance your portfolio's holdings to be in line with the targeted percentage of each fund (asset class). Your stock funds have declined the last few weeks, but your bond funds have provided safety as expected. By making some rebalancing trades you are selling some of the bond funds (sell high) so you can buy more of the stock funds (buy low).
Q: What actions can/should I be taking to help my finances?
A: As we’ve mentioned in the past, control what you can control.
- be safe, stay home, stay healthy
- minimize spending to keep cash for future spending needs
- invest more now (buy low), but only if you have excess cash
- consider a tax strategy called tax loss harvesting if you have a taxable account (non-retirement). Contact us for more details.
Q: Should I sell out of my portfolio? I’m scared it is going to get worse.
A: We know we may sound like a broken record, but we do not recommend this. We realize this whole situation is scary and the cause of this decline is different from others, but market declines reacting to slower economic activity is not new. A recovery will occur, we just don’t know if it’s in a few weeks or few months. Our nation’s medical experts are doing everything they can to slow the spread of the virus, Americans are doing their part, the Federal Reserve has been taking actions to help, and now we need Congress to step up to do what’s necessary to help our country. Being patient and disciplined in a time like this is the key to success as an investor.
LASTLY - Please do not hesitate to contact us for help. We are your Odyssey family and we are here for you. Together, we will get through this. If you need anything - give us a call.
PHOTO: PATRICK SEMANSKY/ASSOCIATED PRESS