How to Overcome Fear of Money Issues 0 409

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There are pretty much only two things on the news right now: how many people coronavirus has killed, and how many people are losing their jobs because of it. Apart from the fact that President Donald Trump claimed that coronavirus may end up killing 100,000 Americans, it has wreaked the global economy as well. It is natural for anyone during these hard times to get overly concerned about spending their savings on activities like financing. However, if you are overly afraid of taking any step, it would make you miss many healthy opportunities. This article will tell you how you can use indicators like 52 week low stocks when choosing the right stocks to invest in among several other considerations.

Impact of COVID-19

Before diving deep into this topic, it is essential to first develop an understanding of what the present situation looks like. A few weeks back, the stock markets in the USA were falling faster than they did before the Great Depression. In fact, many experts are claiming that it will be the greatest crash since the Great Depression, and maybe even worse than that. Due to the lockdown, many businesses are unable to sustain the salaries of their employees which is resulting in a high unemployment rate. Millions across the USA are unemployed which has further aggravated the situation. On top of it all, there was also an oil price war among Saudi Arab and Russia which took a toll on the US economy as well. For a while, the price of oil was negative, i.e., sellers were technically paying others to buy oil.

Perks of investments at this time

Needless to say, the present economic situation is gloomy, to say the least. However, if you totally stay out of any investment during this time, you may miss out on scads of fruitful opportunities. It is said, “In every great crisis lies an even greater opportunity.” However, you will need to tread carefully. One of the most prudent investments during these times is to invest in the stock markets. While it is true that the stock markets are crashing, you must also consider the fact that you can get stocks for pennies on the dollar right now. You just need to find a company or business entity that you can bet on to survive this pandemic. In this regard, choosing companies that are virtually unaffected by the pandemic is a good option. For example, investing in companies like Facebook can prove to be a good option in this context.

Considerations

You will also need to make some additional considerations to make sure your investments do not fail. Firstly, you need to realize that while the potential returns are high, the risk is higher too. Hence, you will need to take some additional steps in this regard to make sure your returns stay safe. Also, you need to look at it as a long-term investment. As the market recovers, the stock prices will go up as well. This is going to bring you profits. One of the most prudent steps you can take in this case is to hire the help of financial planners. The efficiency of your investments as well as other expenses can greatly increase with the help of these planners. Also, another suitable step for you will be to diversify your investments. For example, you can significantly mitigate your risks by investing $100k in ten different companies instead of putting all $100k in a single company. You must also consider factors like 52 weeks high and 52 weeks low.

All in all, while it may be a daunting task to invest during these times, the potential benefits outweigh the risks. It goes without saying that you will need to be extra careful with your investments and other expenses. However, if you play it right, you may end up making the investments of your life during these hard times. The famous entrepreneur, Patrick Bet-David, believes that these times are creating legends no one know of yet, but the world will know them in the next five years. You can be one of these legends too. All you need to do is overcome your fears and make sound investments.

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