Financial Advice during Corona virus.....

[Gamecockben1979]

Feel free to add. Thought I would get a positive helpful thread going....

1. Increase your cash flow. Do what you have to do to have more cash in hand. Cash equals time if you get laid off.

2. If you have a job, save like you’re going to lose it. Some are already unemployed, others are getting pay cuts. More may be coming. Plan like you’re next.

3. If you’ve lost your job apply for unemployment ASAP. This is a mess right now but the sooner you get through and get help the sooner you’ll get paid. Good luck.

4. Consider a career change. Truck drivers are in demand. Grocery stores are hiring. It may not be your dream job, but in these times a job is a job. **This may not be beneficial if you’re unemployment pay is worth more, but crunch the numbers.

5. Try to get deferred payments on student loans, car loans, mortgage, etc....You will still have finance charges and still expected to pay, but it gets back to increasing cash flow. Even a credit ding is worth it to increase cash flow...especially if you fear needing basic necessities.

6. Trim the fat. Eliminate any unnecessary bills as quickly as possible.

7. If you don’t have a will, create one. Being hooked up on a ventilator isn’t the best time to try to create one. If something happens to you, don’t leave it up to your family to debate what you wanted. Take matters into your own hands.

Hope this helps. Good luck fellow Gamecocks. These are trying times.

 

[vipercock]

Buy stocks two weeks ago. Still not too late!

 

[viennacocks]

Buy stocks two weeks ago. Still not too late!

I bought two weeks ago and am still buying. Not too late. You could have bought almost anything several weeks back and made money. You have to be a little more selective now. Still lots of bargains out there.

Being home from work has given me more time to research / trade.

 

[Crutcher1]

I bought two weeks ago and am still buying. Not too late. You could have bought almost anything several weeks back and made money. You have to be a little more selective now. Still lots of bargains out there.

Being home from work has given me more time to research / trade.

Serious question: Where are you getting the money to buy? Wouldn't you have had your cash already invested during the bull market?

 

[bucketdad]

This crisis is somewhat timely for a lot of us self employed. Many of us have a good amount of money in the bank ready when we file taxes mid april. If I have to go in to that and make up for it later, let's just say it wouldn't be the first time. Lol. Would be nice if they waived late payment penalties this year tho.

 

[gamecokpride]

Buy stocks two weeks ago. Still not too late!

No offense to the OP's cautionary advice, but this! A thousand times this.
Re: the question about money being tied up, hopefully anyone with investing experience saw the dip coming and sold a good bit, then reinvested while everything's down.
Be cautious when others are greedy, and greedy when others are cautious.
Still lot of great bargains (for example Apple is back above 300 in a month, I'm literally betting on it).

And the poster who mentioned more research time is ON THE MONEY. Never had a lot of luck day-trading..…...until now !!!!!
Hate to be cliché or seem blase, but the US economy is too big to fail.

 

[viennacocks]

Serious question: Where are you getting the money to buy? Wouldn't you have had your cash already invested during the bull market?

A little bit of background. I am 52 and plan to retire at 55.

I have been an aggressive saver and an aggressive investor my entire life. Entire savings, 401k is invested in relatively aggressive stocks and mutual funds.

I have never waivered from my aggressive strategy during the market ups and downs. Well, knowing that I was on track for an early retirement I got nervous when this Covid19 started becoming reality, I dumped everything. I even dumped Apple which I have held for 20 years. The good news I missed the majority of the downside. The bad news is I have a very large capital gains tax bill waiting on me next year.

All that said, I started buying when the market was heading down, at the bottom and on the way back up. I am about 40% back in. I would like to get near 50%

Here are some of the stocks I have purchased in the last month. For the most part, I like beaten down stocks and high dividend stocks.

BA
VRTX
NVDA
EPR
WFC
MFA
WMB
SO
GILD
QYLD (my largest holding along with AAPL)
D
T
All the FANG stocks

 

[SmokinStokesBBQ]

Market hasnt come close to a bottom. We are going into a depression dont be fooled by the fake rallies right now. Wow no chance I would put anything in that house of cards

 

[viennacocks]

Market hasnt come close to a bottom. We are going into a depression dont be fooled by the fake rallies right now. Wow no chance I would put anything in that house of cards

Most experts agree they don't have a clue if we have hit bottom or if there is a greater downside. I have to believe you are making a blind guess.

I personally believe we have hit bottom but it's a guess like everyone else. I do know that I have made about 10% overall in the last three weeks. I will continue to buy on dips.

The only logical way to play this is DCA. It's unlikely you will get in at the very bottom. Keep waiting and you may find yourself getting back in at prices higher than which you sold.

 

[world famous 3rd base hecklers]

Y'all are doing it wrong...

Follow the money of Congress and see what they are buying...

https://www.barrons.com/articles/na...-microsoft-alphabet-stock-options-51585841541

https://thehill.com/homenews/senate...personal-protective-equipment-maker-on-day-of

https://www.politico.com/news/2020/03/21/coronavirus-trading-house-senate-140260

Nancy has some nice stocks,

V
AMZN - 500 million dollars worth. Who puts that much down?
FB
MSFT
WORK

Buy contactless type stocks like V, MA, AXP, DSF, PYPL, AAPL, GDOT, SQ, FIS, GPN, FIS, ADYEY, RPAY, PAYS, EVOP, VRRM, DEAC, RBGLY, OSTK, NLS, USAT, AMZN, ACIW, ADS, SIRI, PAGS, STNE,NCR, NFLX, WCAGY, FLT, UPS, FDX & EVTC

You want lazy stocks that bring life to your home...

 

[uscg1984]

In the "where do we go from here" category, if you are struggling financially now, once your income gets back to a manageable level (whenever that is), do whatever you can save a "rainy day" fund. Three months of household expenses is ideal, but one month is a heck of a lot better than nothing. Life throws a lot of curve balls and the next one may not be a worldwide pandemic, but it may be a hurricane, flood, or corporate downsizing that disrupts your income flow for a while. Whatever expenses you cut as part of the OP's #6 tip, keep them cut for a while after you start making money again. It's a great time to read Dave Ramsey's or another personal finance guru's stuff.

 

[Gamecockben1979]

With respect to the stock market posters, I was thinking about people worried about paying their bills now, so I wouldn’t be encouraging them to invest right now. @uscg1984 has some solid advice as well in the post above.

Also @SmokinStokesBBQ nailed it. IF you are going to invest I would wait until after a vaccine has been created. These stocks are going to bottom out and they won’t rebound the day after the vaccine is created. There’s plenty of time to make a buck in the stock market, but I wouldn’t be spending huge sums of cash on that right now unless you’re well off and this pandemic can’t touch you financially.

 

[roosterbell]

It's been a good two week stretch for those that have taken advantage of it. I'm buying with some restraint at this point.

The question in my mind is, at what point does the caution vs greedy pendulum swing the other way. It just seems with all the factors in play, we're going to see another major dip in the near future.

It's a crap shoot in this volatile market in my opinion. Just do your research is my best advice.

 

[viennacocks]

With respect to the stock market posters, I was thinking about people worried about paying their bills now, so I wouldn’t be encouraging them to invest right now. @uscg1984 has some solid advice as well in the post above.

Also @SmokinStokesBBQ nailed it. IF you are going to invest I would wait until after a vaccine has been created. These stocks are going to bottom out and they won’t rebound the day after the vaccine is created. There’s plenty of time to make a buck in the stock market, but I wouldn’t be spending huge sums of cash on that right now unless you’re well off and this pandemic can’t touch you financially.

I'm guessing you don't buy into the "buy on rumor" theory?

 

[Gamecockben1979]

No offense to the OP's cautionary advice, but this! A thousand times this.
Re: the question about money being tied up, hopefully anyone with investing experience saw the dip coming and sold a good bit, then reinvested while everything's down.
Be cautious when others are greedy, and greedy when others are cautious.
Still lot of great bargains (for example Apple is back above 300 in a month, I'm literally betting on it).

And the poster who mentioned more research time is ON THE MONEY. Never had a lot of luck day-trading..…...until now !!!!!
Hate to be cliché or seem blase, but the US economy is too big to fail.

No offense taken. However there are almost 10 million Americans out of work and I don’t think they’re thinking about stock options. There are millions more getting a pay cut or furlough.

I do applaud your success and hope it continues. There is money to be made in stocks.

Typically I would agree our economy is too big to fail, but let this situation slide into fall and it’s going to be absolute hell on the US economy.

 

[Gamecockben1979]

I'm guessing you don't buy into the "buy on rumor" theory?

Im fine with it and there are specific examples of it. I just disagree that we are out of the woods on this and therefore have a problem telling people now is the time to buy. I think August would be a much better time to buy. There are more layers to this and some companies are just staying afloat due to bailout cash.

 

[Gamecockben1979]

I want to mention I’m glad this thread has gained some steam and I hope it helps some fellow Gamecocks out financially.

This is a much better discussion than complaining over politics, which I’ve been guilty of myself.

 

[viennacocks]

Im fine with it and there are specific examples of it. I just disagree that we are out of the woods on this and therefore have a problem telling people now is the time to buy. I think August would be a much better time to buy. There are more layers to this and some companies are just staying afloat due to bailout cash.

That is why you hedge your bet and buy on the dips. Look at stocks like BA. They were down over 75%. Could go lower but the downside is already priced in the stock. We know their earnings are going to stink.

 

[Gamecockben1979]

That is why you hedge your bet and buy on the dips. Look at stocks like BA. They were down over 75%. Could go lower but the downside is already priced in the stock. We know their earnings are going to stink.

For what it’s worth I do think Boeing is a great stock to hop in on.

 

[viennacocks]

For what it’s worth I do think Boeing is a great stock to hop in on.

I bought at $137, $112 and $92 several weekly's back. Sold for a very nice gain last week. Looking to buy again if it dips below $120.

 

[fowl_mood]

Somehow, though I have been in the market a long time, and given Ackman's ugly, ugly setup and hedge play, I lack the spirit. I will buy if I think it hits bottom, but I'm not gonna play this I don't think. Two people I know are probably dying today and I'm just not into it. I understand people protecting their family by doing it, but not for me at this point.

 

[world famous 3rd base hecklers]

With respect to the stock market posters, I was thinking about people worried about paying their bills now, so I wouldn’t be encouraging them to invest right now. @uscg1984 has some solid advice as well in the post above.

Also @SmokinStokesBBQ nailed it. IF you are going to invest I would wait until after a vaccine has been created. These stocks are going to bottom out and they won’t rebound the day after the vaccine is created. There’s plenty of time to make a buck in the stock market, but I wouldn’t be spending huge sums of cash on that right now unless you’re well off and this pandemic can’t touch you financially.

There will never be a vaccine for coronavirus... It will be like AIDS, no longer a death sentence, they have a vaccine to control it..

The flu shot contains molecules derived from the influenza; flu virus, which your body uses as a model to build up its defenses against the real flu.

Influenza tends to switch the molecules around, helping it evade your body’s defenses. That's why we need a new flu shot every year; other kinds of vaccines often work for decades because their bugs don't change so often.

These vaccine will help the antibodies provide protection against infection with the viruses

The best we can do is control the coronavirus.... Thank you China!!!

 

[Gamecockben1979]

There will never be a vaccine for coronavirus... It will be like AIDS, no longer a death sentence, they have a vaccine to control it..

The flu shot contains molecules derived from the influenza; flu virus, which your body uses as a model to build up its defenses against the real flu.

Influenza tends to switch the molecules around, helping it evade your body’s defenses. That's why we need a new flu shot every year; other kinds of vaccines often work for decades because their bugs don't change so often.

These vaccine will help the antibodies provide protection against infection with the viruses

The best we can do is control the coronavirus.... Thank you China!!!

I hope you’re wrong but I can concede you may be right.

I do think China should be blown off the map. They knew about this and allowed people to travel in and out of their country. They did not give the world a heads up like they should have. They have blood on their hands.

Had China killed 16,000 Americans (and rising) any other way, we would have already invaded them.

 

[world famous 3rd base hecklers]

Whatever you do, don't buy biotech stocks... They have crushed too many dreams...

Look at Cardinal Health or the Lysol company Reckitt Benckiser

https://www.cnbc.com/quotes/?symbol=RBGLY&qsearchterm=Reckitt Benckiser

http://www.rb.com

 

[gamecock1999]

Tip for anyone in truly dire straits: Keep in mind that creditors cannot reach your IRA/401k. May be tempting to draw those down to try to keep the house of cards from tumbling, especially with the new law allowing up to $100k withdrawal without penalty, but it may be better to ultimately default/declare bankruptcy and preserve as much of the nest egg as you can.

As for stocks, if the S&P is worth 2800 in the middle of a possible depression that we haven’t yet shown the political will to remove ourselves from, then it seems like you should have already been “all-in” when it was 3300 and everything was great. In other words, the current rally seems a little overly optimistic to me.

 

[Sending an SOS]

For anyone who is investing right now, unless you are in it long term, you are taking a major risk. To guess that this market has it a bottom is like throwing all of your money on a single number at the roulette table. Are there day trading opportunities? Sure - it’s an extremely volatile market where money can be made (and lost). But I would not speculate at all with huge sums of non-disposable income. It’s a big risk.

If your time horizon is 5-10 years or more...well, go for it. But that’s easy to say given an environment where unemployment is increasing and others are getting furloughed with a lot of uncertainty remaining.

Good luck. I’ll just hold the course I was on.

 

[Rollerdude123]

Good luck. I’ll just hold the course I was on.

I automatically put my money into several mutual funds 3-4 times a month. I don’t try to time anything. Steady and sure.