{"id":14857,"date":"2020-03-18T13:27:54","date_gmt":"2020-03-18T02:27:54","guid":{"rendered":"https:\/\/www.prosolution.com.au\/?p=14857"},"modified":"2020-03-18T13:59:37","modified_gmt":"2020-03-18T02:59:37","slug":"coronavirus-financial-decisions","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/coronavirus-financial-decisions\/","title":{"rendered":"What financial actions should you take in response to coronavirus?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"250\" data-attachment-id=\"14856\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/coronavirus-email-2\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/03\/Coronavirus-Email-1.png?fit=1000%2C250&amp;ssl=1\" data-orig-size=\"1000,250\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Coronavirus- Email\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/03\/Coronavirus-Email-1.png?fit=300%2C75&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/03\/Coronavirus-Email-1.png?fit=1000%2C250&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/03\/Coronavirus-Email-1.png?resize=1000%2C250&#038;ssl=1\" alt=\"coroniavirus financial decisions\" class=\"wp-image-14856\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/03\/Coronavirus-Email-1.png?w=1000&amp;ssl=1 1000w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/03\/Coronavirus-Email-1.png?resize=300%2C75&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/03\/Coronavirus-Email-1.png?resize=768%2C192&amp;ssl=1 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>Given many people are worried about the unknown consequences of the Coronavirus, I thought it was timely for me to share my thoughts and advice. Like in all \u2018crises\u2019, it is important to not let emotion or fear drive your responses. <a href=\"https:\/\/www.ft.com\/content\/60ccb2f6-d082-11de-af9c-00144feabdc0\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">\u2018A steady hand on the tiller\u2019<\/a> is the best approach when navigating any storm. <\/p>\n\n\n\n<p>I acknowledge that the Coronavirus may have caused significant emotional and health distress to people around the world. I fully empathise and understand this situation and do not seek to downplay its impact. But it is important for me to stipulate that my comments below are only about the financial impacts and considerations, not any health concerns. <\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/webplayer.whooshkaa.com\/episode\/597138?theme=light&amp;enable-volume=true\" height=\"190\" width=\"100%\" scrolling=\"no\" frameborder=\"0\" allow=\"autoplay\"><\/iframe>\n\n\n\n<h3 class=\"wp-block-heading\">We\u2019ve heard it all before! Don\u2019t get sucked in. <\/h3>\n\n\n\n<blockquote class=\"wp-block-quote\"><p>Financial markets are closed. <br>All banks are going bust. <br>The way we conduct global business has changed forever and will never be the same again. <br>Property markets will take decades to recover. <\/p><cite>Statements during the GFC<\/cite><\/blockquote>\n\n\n\n<p>I heard all of the above statements during 2008 and 2009\nwhen I was glued to the TV late at night throughout the GFC. They are all\nalarmist predictions and have all been proven to be wrong. <\/p>\n\n\n\n<p>The human race (and economy) is incredibly resilient and\ninnovative. We have faced many challenges and prevailed. This will be no\ndifferent. In respect to the financial impact on the vast majority of people in\nthe long run, just like with the GFC, I suspect it won\u2019t be that significant. <\/p>\n\n\n\n<p>Once the coronavirus risk passes, I\u2019m sure Australian\u2019s\nwill start spending again to get the economy back to its normal level. I\nanticipate that our spending decisions will be directed towards the most effected\nindustries such as hospitality and tourism, with the same community mindedness\nthat was evident during the recent bushfires. <\/p>\n\n\n\n<p>Our lives are filled with predictions and usually most\nextreme ones get the most airtime. Try not to get sucked in. The best approach\nis to carefully avoid the mainstream media. Worrying has never made any problem\nbetter. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Short term thinking creates anxiety <\/h3>\n\n\n\n<p>When it comes to money and investing, short term thinking\nhas always created anxiety. This is even more true when markets are volatile.\nShort term thinking does not serve you well. It promotes you to either be too\ngreedy (when markets are high) or too fearful (when markets are low).&nbsp; <\/p>\n\n\n\n<p>Instead, a far superior and more comfortable approach is\nto play the long game. Consider what actions you can take today so that you\nwill be better off in 5, 10 and 15 years. That puts things in perspective and\nhelps you avoid many of the common financial mistakes that people make. And realise\nthat sometimes the most intelligent thing to do is nothing. <\/p>\n\n\n\n<p>The impact of coronavirus on the economy and share\nmarkets is temporary, not permanent. Whether it takes 6 months, 1 year or up to\n2 years to recover, only time will tell. However, history tells us that its\nimpact will not impact on investment returns over the long run. Your decisions\nand actions will. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Supermarkets are a perfect reflection of share market<\/h3>\n\n\n\n<p>A walk down the aisle of your local supermarket is a\nsobering indication of the level of hysteria impacting the Australian and\ninternational share markets. As I write this blog, the Australian market has\nfallen 27% since 21 February 2020 and international and US markets have fallen\nby circa 20%. <\/p>\n\n\n\n<p>But that doesn\u2019t really tell the full story because it\u2019s\nthe level of volatility that has been causing the most newspaper headlines. The\nAustralian volatility index (A-VIX) has ranged between 10% and 20% over the\npast decade. This week it has peaked at 55%, which is similar levels to the\nGFC. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Don\u2019t look at your super balance<\/h3>\n\n\n\n<p>The best thing to do is not look at your super balance.\nThe balance of your super is completely irrelevant assuming you don\u2019t plan to\nretire in the next few months. If you weren\u2019t checking your super balance\nregularly when markets were booming, why start now? <\/p>\n\n\n\n<p>Superannuation investors cannot control markets. No one\ncan. As a superannuation investor, you can control three things (1) the type of\nfund you use (2) the investment option and methodology and (3) the fees you\npay. Assuming you have optimised each of these three decisions for the long\nrun, then all you need to do is close your eyes and know that it will work out.\n<\/p>\n\n\n\n<p>Looking at your balance regularly only create anxiety. Worrying\nabout your balance won\u2019t make it increase. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">The importance of having a cash buffer<\/h3>\n\n\n\n<p>I typically like my clients to have cash savings equal to\nat least 6 to 12 months of living expenses, but often more depending on their\nfinancial position. <\/p>\n\n\n\n<p>Life has a habit of throwing curveballs at us. Therefore,\nit is important to ensure that you have adequate financial buffers in place to\nride out any temporary changes in income and expenses. Similarly, it is also\nimportant to have appropriate personal risk protection insurances in place too.\n<\/p>\n\n\n\n<p>Hopefully coronavirus won\u2019t have any impact on your cash\nflow. However, my suggestion it to use this situation as a learning experience.\nUnpredictable events can occur and if you don\u2019t have the right financial\nstrategies in place to mitigate these risks, they can cause irreparable\nfinancial consequences. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What if your super or investments have fallen by more than the market? <\/h3>\n\n\n\n<p>I was looking at new client\u2019s portfolio that was managed\nby a reputable international stockbroker over the past 5 years. Some of his\nholdings have fallen by 50% in value \u2013 which is way more than the market. This\nis the problem with direct share investing \u2013 there is too much \u2018concentration risk\u2019\nwhich is a drag on portfolio performance (BTW, his portfolio overall hasn\u2019t\nperformed well over the past 5 years and now it\u2019s doing even worse). <\/p>\n\n\n\n<p>If you are in a similar situation you can use this experience\nas a bit of a wake-up call. If your portfolio has fallen more than the market,\nthen its typically an indication that your investment approach or methodology\nis flawed. Whilst you might not want to fix that now (i.e. sell investments if\nwe agreed they are undervalued), it\u2019s something that might go onto your list to\nfix at some time later this year. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What if you plan to sell property this year? <\/h3>\n\n\n\n<p>Some of my clients are currently in the process of\nselling a property, or plan to do so this year, and have asked me if they\nshould change their plans. It is still early days, but so far, the impact of\ncoronavirus is patchy. That is, some higher value properties seem to be\nimpacted more than properties at or below the median value. The heightened\ngeneral level of uncertainly tends to dissuade people from making large\nfinancial decisions, even though it probably shouldn\u2019t, since purchasing a\nproperty is a long-term commitment. <\/p>\n\n\n\n<p>That said, in times of high uncertainty, buyers and\nvendors typically withdraw form the market and transaction volumes fall. The\nbig question is how long the coronavirus issue will restrict people\u2019s usual\nactivities? The answer to that question will inform you about its likely impact\non the property market. <\/p>\n\n\n\n<p>If you can list your property without too much cost (e.g.\nadverting expenses and\/or tenant vacancy), then there is no harm trying to sell\nit, since you will probably be competing with fewer properties. But don\u2019t\nadjust your price expectation too much, unless you have to. If you don\u2019t get a\nfair price, pull it off the market and try again in 6 to 12 months. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">What if you are planning to buy property?<\/h3>\n\n\n\n<p>Of course, if vendors withdraw from the market, then\nthere will be fewer properties for sale and less to chose from. That could make\nit difficult for you to find the <em>right<\/em> one. <\/p>\n\n\n\n<p>However, that definitely doesn\u2019t mean you should stop\nlooking. Sometimes other people\u2019s fear works in your favour. <\/p>\n\n\n\n<p>In 2008, I was contemplating purchasing a house in the Melbourne blue-chip suburb of Prahran. They were asking $1.6 million, which was above my budget. On the morning of the auction (which I clearly remember was on 1 October 2008, only two weeks after US investment bank <a href=\"https:\/\/en.wikipedia.org\/wiki\/Lehman_Brothers\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Lehman Brothers collapsed<\/a>), I was contemplating not even bothering attending the auction. This was a time if high uncertainty, volatility and worry \u2013 right in the middle of the GFC. But I did end up attending the auction and I purchased the property for $1.21 million. The property is worth well over $3 million today. <\/p>\n\n\n\n<p>Sometimes that best time to buy property is when everyone\nelse is frightened to do so. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Should you invest more? If so, when? <\/h3>\n\n\n\n<p>If you do have some spare cash which you earmarked for\ninvestment, now might be a perfect time to begin. <\/p>\n\n\n\n<p>However, I do not recommend you try and \u201cfind\u201d some cash\n(including borrowing it) or completely change your predetermined investment\nstrategy. I would regard that as short-term thinking (or speculation), and that\nis not advisable.<\/p>\n\n\n\n<p>However, if you are sitting on some cash, the best\napproach is to invest it in small and regular traches to take advantage of a\nfalling and volatile market. That is exactly what I have been doing with my\nmoney over the past few weeks. <\/p>\n\n\n\n<p>You must approach any investment decision with a long-term lens. My advice is to seek diversification (don\u2019t take large sector bets \u2013 as we don\u2019t know what the economic impact will be) and skew towards markets with the lowest valuations. Stick to low cost index funds and use various rules-based, value methodologies. Us and <a href=\"https:\/\/wealthcoach.com.au\/stage\/evidence-based-investing-reduces-risk-and-maximises-returns\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"evidenced-based approach (opens in a new tab)\">evidenced-based approach<\/a>.  <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Toilet paper and a major change by the banks<\/h3>\n\n\n\n<p>We predict that banks will soon require applicants to\ndisclose how much toilet paper they own in the asset section of the loan\napplication. The banks feel that a reasonable level of stock indicates financial\nprudence and good planning. But too much stock suggests that the applicant\nmight be completely irrational. <\/p>\n\n\n\n<p>Of course, I\u2019m kidding in respect to the above! In times\nlike these, we all must keep our sense of humour. Despite regular and loud\nprotests by my sons to the contrary, I still think my jokes are funny. \ud83d\ude0a\nUnderstand that human behaviour can be completely irrational at times. Markets\nwill rise and fall. It\u2019s not the end of the world. Stay safe and stay calm. <\/p>\n   ","protected":false},"excerpt":{"rendered":"<p>Given many people are worried about the unknown consequences of the Coronavirus, I thought it was timely for me to share my thoughts and advice. Like in all \u2018crises\u2019, it&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"__cvm_playback_settings":[],"__cvm_video_id":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[30],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What financial actions should you take in response to coronavirus?<\/title>\n<meta name=\"description\" content=\"Coronavirus financial decisions. What actions should you take as a result of coronavirus? 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