Are You Freaking Out About Stocks Right Now? Do These 4 Things
Check your stocks right now and you might be in for a shock. The 2018 market has been fluctuating quite a bit, plunging as far as 1,000 points in one day early in the year.
Just looking at the ticker can set your heart racing. If only opening a stock app on your phone counted as cardio at the gym!
Whether you’re new to stocks or have been in the game for a while, it’s easy to feel a bit of alarm at the news these days.
Don’t panic! We’ve got four tips that will help guide you through these turbulent times. Sit down, take a deep breath, and keep reading!
1. Look Into A Higher-Interest Account
Want to take a break from stocks right now? Have you considered opening up a higher-interest bank account?
Many banks offer low interest rates on their accounts. Sometimes the rate is as low as 1 or 2%.
Online banks, though, are a different matter. There’s fierce competition for your business and you could end up with a higher-interest account.
2. Look Over Your Budget
When you’re feeling antsy about stock market panic, it’s a great time to look over your budget.
You do have one, right? Or are you one of the two-thirds of Americans who don’t have one?
Whether you’re a budgeting pro or don’t have this essential finance skill down pat, now’s a good time to look into it.
Some easy budgeting hacks – start couponing, see what unnecessary services you can cut, and cook at home instead of eating out.
3. Take Care Of Your Debt
Got credit card debt or student loans hanging over your head? That’s not a great feeling – and even worse when coupled with the way stocks are right now.
Instead of panicking about the state of the market right now, focus on paying down your debt.
Several credit card accounts can have compound interest as high as 20% – some even higher. Spending money on your credit card debt can sometimes guarantee high returns.
4. Take A Break From News Of Stocks Right Now
If panicked headlines have got you stressed out, take a break from stock market updates. This is especially great advice for those who are younger investors and have a while before you need to cash out your 401K.
It’s tempting to constantly check on the stock market right now, especially with apps and notifications. Just turn them off and focus on more relaxing things.
Socialize more. Take up a new hobby. Start a new exercise routine.
If you’re really worried about money, you can always take up a fun side job. Something like walking dogs or babysitting can help you get away from stock market news and bring in some cash.
Don’t Panic About the Market Right Now
With these four great tips, you’re sure to be in a better place both financially and mentally.
We understand that investing in stocks right now can be stressful, especially with all of the recent turmoil. That’s why we’ve got stock loan solutions that can help you navigate this rough time and gain a better perspective.
Ready to look into stock loans? Contact us today and we’ll use our expert knowledge to guide your finances to the next level!