Greg’s article focuses on how to handle your finances during uncertain times, especially in the midst of a pandemic. With more than 25 years of experience, Greg is a passionate money coach, financial planner, and author dedicated to helping people retire with confidence. Holding several financial designations, he is committed to making complex financial concepts simple and actionable.

Greg emphasizes that these are challenging times, with significant impacts on society and the market due to the coronavirus. The fear and anxiety people feel are normal, especially when seeing drastic fluctuations in the stock market. His primary advice is to stay calm and understand that these situations are what financial planning is designed for.

Historically, the market has rebounded following pandemics. For instance, after SARS, Bird Flu, Swine Flu, Ebola, and Zika, the markets saw significant returns. Greg’s point is that we’ve dealt with such crises before and emerged stronger, and the same will happen with COVID-19.

However, people often underperform because they react emotionally instead of sticking to a plan. Greg suggests seven strategies to help navigate these times and prepare for future market fluctuations:

1. Tax-Loss Harvesting: Sell investments at a loss to offset taxes on future gains or ordinary income. Buy a similar investment to maintain your portfolio balance while waiting out the wash-sale period.
2. Rebalancing: Adjust your portfolio periodically to keep it aligned with your goals. This involves selling assets that have performed well and buying those that haven’t, ensuring you buy low and sell high.
3. Roth Conversions: Convert traditional IRA funds to a Roth IRA when asset prices are low, paying taxes at the lower rate now to benefit from tax-free growth in the future.
4. Increase Equity Allocation: Historically, the market bounces back after significant declines. Increasing your equity holdings during a bear market can lead to higher returns when the market recovers.
5. Update Your Retirement Plan: Regularly reassess your retirement plan to align with current market conditions, ensuring your asset allocation supports your long-term goals.
6. Structured Notes: Consider structured notes, which are complex investments that can offer downside protection and upside potential, aligning with your retirement plan’s projections.
7. Savers Invest More: Take advantage of lower market prices. Increase your 401(k) contributions or other investments now to buy more shares at discounted rates, benefiting from potential growth.

In summary, while these are indeed challenging times, adopting strategic financial moves can help you not only get through the crisis but also come out stronger on the other side. You have three choices: sell and lock in losses, stay the course, or implement these strategies to thrive post-pandemic. Greg recommends at least staying the course and suggests taking proactive steps like Roth conversions, portfolio rebalancing, and increasing your investments to position yourself for future success.