UPDATE: Commonly Asked Financial Questions

The following are financial questions that we’ve been receiving lately from clients. We thought we would share our responses with you. As always, please contact us with specific questions and concerns. We’re here to help!

What should I do about my 401K and other investments?

If you can handle a reduction in pay for a few paychecks, consider increasing your contributions while the market is lower. Maintain your risk tolerance.

What should I do with my stimulus check?

Use it to live on if need be.
Pay down debt.
Add to your emergency fund.

Is now a good time to buy life insurance?

Now is a good time to buy life insurance because of more lenient underwriting. They are often not requiring labs or even doctors records if you have a clean history, though they may still conduct a phone interview. Every insurance company has different rules during this time, so please reach out if you are interested.

What should I do if I can’t pay my rent or mortgage?

Rent: Every landlord is different, so reach out to him or her and ask the question.
Mortgage: Most lenders are allowing a 90-day deferral and up to 6 months. Please call your mortgage company for details.

Will our financial system survive?

Simple answer…yes!

Here’s a link to the last set of Common Market Questions that we recently weighed in on. You can get the most accomplished financially during this time by working with your financial advisor, accountant or other industry professional. Do not hesitate to reach out!