We’re In A Recession – What Now?

We’re In A Recession – What Now?

The economy has been like a roller coaster, going up and down, up and down due to worries over the pandemic. We are now officially in a recession. The market had a huge loss on 6/11/2020.

What has my roller coaster ride been like? As the economy was falling in March 2020, I had a loss of approximately 18% in my investments. That’s a huge hit! As I experienced from the last recession, my thoughts are that the economy will bounce back. It’s just a matter of time for the economy to get back on its own two feet. My portfolio did recover a little through the April and May months so instead of an 18% loss, I’m down 10%.

As I wrote in my previous article I still believe there are investment opportunities out there even during this pandemic. I made a couple of changes to my portfolio and only time will tell if this choice was good for me.

I invested in more tech stocks

  • COVID-19 forced many jobs to work remotely including mine. Technology played a key factor in making this happen using tools like Zoom, Microsoft Teams, Google, and other collaboration apps. I sold a portion of my non-tech stocks and invested that money in tech companies on the NASDAQ. So far, I am up approximately 6%.

I kept my high performance savings account

  • My high performance savings account interest rate keeps going down and I was thinking if my money can be invested elsewhere to get a better return. I still have it. Even though the interest, at the time of this post, is at 1.15%, it’s a low risk account that I know will continue to make money from the interest. The market volatility is so unknown that I’m not comfortable touching it right now.

I closed my credit cards with annual fees

  • I closed two of my travel cards that I have. I’m an avid traveler who likes to bank on the points rather than getting cash back. Since COVID-19 cancelled all my planned travels and not knowing when travel will get back to normal, I decided to cancel travel cards I can live without and save on my annual membership fees. Plus, I’m not spending as much since I’m working remotely and not going out as much so there’s not much spending on my cards.

One thing to remind yourself is to never panic and don’t make drastic decisions during a financial panic. These are financial changes I’ve made to adjust to the changes in the economy. I kept up on what’s been in the news and made a decision based on what I’ve been observing. Make choices that are right for you and your situation. If you are interested in following my journey, email subscribe to get alerts of latest posts or follow me on Facebook.

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