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COVID-19 Financial Advice, with David B. Armstrong, CFA
By Monument Wealth Management Team | Apr 28, 2020 | Featured Articles
Sean Spicer and co-host Lyndsay Keith welcomed Monument President and Co-Founder David B. Armstrong, CFA back to their show Spicer & Co. on Thursday, April 23rd to continue the conversation about investing during the pandemic. Dave offered some COVID-19 financial advice in these uncertain times for retirees and for those considering investing in oil.
COVID-19 Financial Advice for Retirees
Use history as a guide and remember, time is your friend.
In unprecedented times like this, when there aren’t many facts available, the best thing to do is use history as a guide. Historically, regardless of individual situations, time has been an investor’s best friend. For investors 10-15 years out from retirement, this market downturn probably isn’t too relevant to their long-term goals. For individuals living off of a fixed income, assuming they had a plan in place before February, the current situation doesn’t change much.
- Using history as a practical guide – How to navigate decision making in the absence of facts
- This is more critical than anything you’ve done over the past 10 years
Should I Invest in Oil?
Unless you can predict the future, now is not the time to gamble on commodities.
For individuals with disposable income looking for investment opportunities during the current pandemic, investing in oil has become a widely talked about option. Dave says: unless you are a trader in the commodities market, stay away from this investment theme. Unlike stocks, where you can consider factors such as earnings, management teams, and product launches in your investment decision, oil is a commodity and the only things that can be assessed are supply and demand. Since oil is priced by supply and demand, unless you have some really, really great insight into the global market (hint: no one does) then investing in oil is not a great play for most investors.
Missed the last show on COVID-19 Financial Advice? Here it is:
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