It is now very impossible to ignore coronavirus at this moment. For that reason, the stock market has been in a very massive drag.
Millions of US dollar investments have been in a spiral downfall. And, at this very moment, it is not quite clear where this is really going. This is because no one knows how hard coronavirus will be affecting our livelihood.
With that in mind, one can wonder how they can protect their money during this gruesome period. All you need to do now is to sit down and re-think your next move. Seek advice from your financial lawyer. But, on the interim, here are some of the things you should avoid when the economy is facing a decline.
Stop Saving Money
There was an announcement from the Federal Reserve highlighting a probable drop of about 0.50%. Therefore, if you have been saving your money in a bid to achieve your goals, you need to keep going.
It doesn’t matter how you got it, maybe you earn extra cash by playing slots at kiwicasinos or online gambling. This will help you if the economy continues going down. You definitely need a cash reserve so that you don’t find yourself slipping into debt.
Sell Your Investments
Sometimes, it is very tempting to ditch some stock activities that are making you lose money. It is not always simple to take that route. This is because the market moves very fast and going and selling off all your investment can massively backfire
Some research indicates that a buy-and-hold investment strategy is there to withstand wide swings in the money market exchange. And it is the best approach for a lot of investors. Nevertheless, you need to keep in mind that active trading hardly produces notable returns.
This strategy is also applicable when playing online pokies or casino games. This is whereby you cannot just succumb and wager all your real money. Rather, you need a strategy for how you can sell off your investment in real money gambling.