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- At 24, I haven't been investing for long - but I've build my portfolio dollar by dollar, and it's hard to see all that progress disappear as the stock market drops in response to fears about the coronavirus.
- I know I shouldn't check my portfolio right now, but when I did and panicked, I listened to a guided meditation from financial expert JL Collins that helped calm me down.
- My money will be in the market for decades, so I know it will grow in value again. I just have to stay calm in the meantime.
- A financial planner can help you weather this storm. Use SmartAsset's free tool to connect with a qualified professional »
With the coronavirus continuing to spread, markets around the world are plummeting - and that means any investments you may have are likely suffering.
Personally, my investment portfolio has taken a hit. However, I'm doing my best to avoid making any changes to my investment plan - and a guided meditation is helping me get through each new gut punch. Here's how and why I'm leaving my investments untouched during this tumultuous time.
Why I'm ignoring the hype
The news surrounding the coronavirus can be scary, and the stock market's nosedive is almost equally unnerving. As a young investor, I've been slowly building my portfolio dollar by dollar. Along the way, I've done my research to ensure that I'm investing in funds that will allow me to build a balanced portfolio.
As I slowly built my investment portfolio, the market happened to be steadily growing. The upward trajectory of my investments gave me the confidence to keep going.
But I knew that at some point, the market would drop out from under me. Every piece of investment advice I received was tempered with the harsh reality that I needed to be prepared for my portfolio to take some hits over time.
Well, that time has come. The market is dropping, and I've steeled myself to watch my portfolio sink to new lows. I prepared myself for this dark chapter of stock market history by building a diversified portfolio and realizing that this drop was inevitable before I ever invested my first dollar.
I am planning to continue investing for the next couple of decades, and I knew that this drop was going to happen at some point. In fact, my portfolio will likely experience several more drops over the course of my investment career. Volatility is nothing new.
Even with such steep declines, the only logical thing to do is hang on for a long ride. The worst thing for my portfolio in the long-term would be to sell off my investments at rock bottom prices. The best thing to do is simply stay in the market and wait for the recovery.
How I'm tuning out the panic
It is one thing to say that you will ignore the nosediving market, it is another to actually weather the storm and make it through without selling off your portfolio at a loss.
The first reason that I'm able to watch the prices drop without panicking is that I am a young investor. The funds I have invested in the market are intended to fund my retirement, which is decades away at this point. At 24, I have plenty of time to rebuild even if this downswing in the market lasts for a while.
The second reason that I am able to tune out the panic and stick to the plan is that I am not relying on my investments for income at the moment. In addition to the income I earn as a writer, I have an emergency fund on hand. My family and I would be able to survive for at least a year on the savings that I've set aside.
The guided meditation that's getting me through
For me, the best way to stick to my plan is to simply avoid looking at my portfolio. Instead of checking in to see the damage, I am keeping myself busy and avoiding that chore.
I did make the mistake of checking my portfolio earlier this week, but with the help of financial expert JL Collins' guided meditation for when the stock market is dropping, I closed out my account without altering my investment strategy. The 11-minute meditation helped me remember to breathe - and reminded that the "ride may be volatile, but the market always goes up over time."
I highly recommend checking out this reassuring mediation if you are considering making changes to your investment strategy right now.
A financial planner can help you weather this storm. Use SmartAsset's free tool to connect with a qualified professional »
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