The global stock markets have dropped the last 2 days in response of fears about the spread of the coronavirus. As the reports of deaths due to the coronavirus expand beyond China, health officials in most countries, including the US, are developing containment and treatment plans. Pharmaceutical companies around the globe are developing coronavirus drugs and vaccines.
Outbreaks of epidemics typically affect the value of your portfolio. In the past it has always been in the short-term. The fear of the coronavirus has caused equities to sell off from their recent all-time highs. There is no reason to expect this outbreak to behave any differently. This sell-off is ok.
Maybe over the Christmas holidays. Perhaps every year on your birthday. Whatever time of the year you choose, take some time to assess your financial situation, annually.
- Is my credit score where it needs to be?
What can you do to improve it? Set a goal to pay down your credit card balances. Don’t apply for new credit.