COVID-19 RESOURCES

6 Important Questions to Ask About Your Financial Plan During the COVID-19 Crisis

There’s no getting around it: the coronavirus has disrupted the financial world as we previously knew it. With many businesses experiencing shutdowns or slowdowns and a record number of Americans filing for unemployment, the economy has come grinding to a halt.

The market of early 2020 and the market of today look very different. As a result of COVID-19’s impact, the S&P 500 declined 20% in the first quarter of the year—its biggest loss since the Great Recession (2008). Meanwhile, the Dow Jones Industrial Average dropped 23% in that same period—its largest slide since Black Monday (1987).

Seeing this volatility makes many investors feel the need to take action. While the best plan is to follow the financial plan you already have in place (which should have been created with a downturn like this in mind), there are some thoughtful questions you can ask to help strengthen your finances during this trying time.

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Yahoo Finance is tracking the federal emergency stimulus measures and how individuals and businesses can apply for assistance.

In this volatile market, be sure you have a proper, more complete outlook.

The IRS urged taxpayers to be on the lookout for scams relating to economic impact payments. 

The information provided does not constitute an offer or a solicitation of an offer to buy any securities, products or services mentioned. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. Consult your financial professional before making any investment decision.
Disclosures:

The opinions expressed in the article are those of the author and should not be construed as specific investment advice. All information is believed to be from reliable sources, however, no representation is made to its completeness or accuracy. All economic and performance information is historical and not indicative of future results. The S&P 500 Index is a broad based unmanaged index of 500 stocks, which is widely recognized as representative of the equity market in general. Indices are unmanaged and do not incur fees. One cannot directly invest in an index.

Neither Wealth Impact Partners, Valmark Securities nor its affiliates and/or its employees/agents/registered representatives offer legal or tax advice. Please seek independent advice, specific to your situation, from a qualified legal/tax professional.

Securities offered through Valmark Securities, Inc. Member FINRA, SIPC. Investment advisory services offered through Valmark Advisers, Inc. a SEC registered investment advisor, 130 Springside Dr., Suite 300, Akron, OH 44333-2431, 800-765-5201. Wealth Impact Partners is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

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Securities offered through Valmark Securities, Inc., Member FINRA/SIPC. Advisory services offered through Valmark Advisers, Inc., an SEC Registered Investment Advisor. 130 Springside Drive, Suite 300, Akron, OH 44333-2431 · (800) 765-5201. Wealth Impact Partners is a separate entity from Valmark Securities, Inc. and Valmark Advisers, Inc.

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