El Paso financial planner offers advice on managing your money during the pandemic
EL PASO, Texas -- Millions of Americans have lost their jobs and others have seen their 401k accounts plummet. Despite this, an El Paso certified financial planner is urging all to stay the course with investments.
"We recommend people just sit tight, continue to conserve their money and save and hopefully we will be riding out of this and unemployment numbers will start to decrease and the economy will get back to work," Michael Duchouquette said.
He added that the average investor does not need to concern themselves with the daily ups and downs of the market, but rather focus on long-term financial goals.
"Our advice always is to stay put," he said. "We have no idea when the bottom will hit or the top will hit and we want to make sure our clients don't make emotional decisions that are going to be lasting. We want to make sure that we stick with the plans we have in place."
Duchouquette says the stock market has bounced back significantly since hitting "bottom" in late March. He says investors are now wondering how the market will recover and when.
He believes economic recovery will depend on how businesses are allowed to reopen and how comfortable Americans are leaving their homes and returning to a normal life.
Duchouqette recommends using this time as an opportunity to save as much money as possible and to educate yourself about your finances. Some economists recommend you save enough to be comfortable if you were to lose your income for a period of three to six months.
