If you need funds...
While selling your stock might seem like a good option for a quick infusion of cash, experts warn against it. “Don’t sell now,” says financial planner and investment advisor, Steve Kruman. “People who are being induced into panic are selling, and somebody else is buying those shares for when prices recover. The stock market always has fluctuations. It comes down to risk tolerance. You have to be prepared for volatility and be diversified.”
This may also be a tempting time to take money out of your super fund but you should only do that if necessary.
On a final note, however, the crisis we’re in is unprecedented, and many of the traditional personal finance rules no longer apply. “For example, it’s OK to use up more of your credit limit than usual on your credit cards if that’s what it takes to buy food for your family,” Palmer says. “You can focus on rebuilding your credit later after the crisis passes.”
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