TUCSON, Ariz. (KOLD News 13) - As the coronavirus spreads to other nations and closes in on worldwide pandemic, Wall Street exposes its skittish nature.
It dropped by 1030 points on Monday. 1700 points since last week.
Every 401-K account holder will likely think twice before taking a peek at the damage done by the precipitous drop.
But it’s a day Gina Rowsam has been preparing for for most of her adult life.
“We’ve planned for something like this,” Rowsam said. “Even 20, 30 years ago, I was thinking about a day like today.”
She took early retirement at age 55 and has never looked back.
“It’s not luck,” she said. “It’s preparation and planning and being disciplined.”
That’s why she’s playing pickleball on the new Pima County courts in Green Valley rather than planning her next financial move.
“I don’t get super excited,” she said. “Don’t let your highs get too high or your lows too low.”
She says she tried to find that Goldilocks moment.
Tough to do on a day when newspaper and on line headlines all scream Wall Street.
“These are headlines,” said Edward Jones Financial Advisor Eric Pudlo. “Headllines have an effect on your emotions.”
That can lead to bad decisions.
“You need to try to keep your emotions in check and sometimes that can be difficult,” he said. “But the big thing is sticking to your long term goals.”
The coronavirus may be a short term issue or it may continue indefinitely making financial decisions difficult.
“Personally, do I think it’s a good idea to get out of the market when its volatile like this,” he asks. “No."
There are short term hic-cups which iron themselves out over time.
No matter what the age, the advice is still the same.
“You want to have your money working for you for the long term,” Pudlo said. “You want to take the long term perspective.”
Advice which Rowsam feels is sound advice.
“I’m not going to do anything,” she said. “I’m going to stay put, stay the course.”