Quad City financial expert talks about new coronavirus impact on economy
Financial experts are closely following the impact the coronavirus has had on the stock market.
TV6 spoke with Drue Kampmann from True Financial Partners about how 401k’s are impacted.
Kampmann said fear is driving the markets right now due to the global impact that Chinese manufacturing has on the supply chain. He said that while this downturn will have the biggest impact on retirees, now is the time to evaluate their investments.
“Are you losing sleep because of that fear? Those are great times to take a moment to step back and look and see how you're investing," Kampmann said. "Make sure you're properly allocated. Make sure you're diversified in the markets. That way, you're able to sleep at night."
He also said that investment decisions should always be made with the future in mind.
“People take the step and allow that emotion to drive those investment decisions."
If you're in your 20's, 30's or 40's, Kampmann said that this is a great time to buy opportunity for you. For those who are worried, he advises them to look at things objectively.
“Sometimes, you could have a greater negative impact on making changes or selling on that fear, long term, than a short term benefit,” Kampmann said.