With a recession looming due to a mandated shutdown of our economy, there are many people worried about their health, job, and financial future.
The key to getting through these difficult times, both from a health and financial perspective, is to stay calm, try to get a good night’s sleep, and maintain your physical and mental health as best you can.
These are indeed unique circumstances. In 2009 we had the “Swine Flu”, in 1997 the “Bird flu” and in 1968-69 the “Hong-Kong flu” but none of those heath threats had a significant impact on our economy and stock market. The Federal Reserve Board and Congress has enacted policies and legislation to get our economy and the unemployed through the next several months which is a significant positive. The truth is each recession and/or health crisis is different. Once the number of new virus cases subsides and people get back to work, we anticipate the economy will snap back with the stock market following suit as it has in the past. It may take a few years to be back to where it was in late February, however over the long run, we believe that staying the course with the appropriate asset allocation will prove beneficial.
What are we doing at Mendel Money Management? We are working diligently to stay abreast of the virus, economic, and market conditions. Thankfully, we have been transitioning our business for several years to be able to seamlessly work remotely and we have been doing so since March 11th. We are busy servicing client requests, communicating with clients, contacting and analyzing companies to make sure they have the financial strength to withstand this current sharp economic downturn to come.
Ultimately, we are here to serve and take care of you. Feel free to contact us via text, email, or phone with any questions or concerns. I have little doubt that we will make it through this together as we did in 2001-2003, 2008-2009, and all prior recessions.