Should you invest during coronavirus pandemic?
Ramsey Solutions financial expert Chris Hogan gives tips for investing and managing your money during coronavirus.
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Stocks and other equities have been on a rollercoaster ride because of the coronavirus pandemic. The Dow Jones Industrial Average, along with the S&P 500 and Nasdaq Composite, have hit lows then rebounded, giving would-be investors pause when it comes to their next move.
Even before the pandemic, however, more than 60 percent of adults said they were hesitant to invest out fear of a possible crash, according to a 2019 report from Magnify Money.
Still, experts suggest you keep your cool in the wake of market volatility.
“Investing time horizons stretch for decades,” Greg McBride, chief financial analyst at Bankrate.com, told FOX Business. “Over time, we’ll go through countless elections, crises, national disasters and more. If you change course every time something scary pops up you’ll just spin your wheels. Instead, maintain the long-term focus.”
Here are three apps to help guide your investing:
With the Betterment app, users get access to professionally managed portfolios using a combination of exchange-traded funds, calibrated against their risk tolerance, according to the platform’s website. It costs about $25 per year for every $10,000 you invest.
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The Robinhood app lets users skip trading commissions. You can trade stocks, ETFs, options and cryptocurrency at no cost. Plus, the app features a newsfeed that aggregates stories from investing websites. Since its 2013 debut, Robinhood has amassed about 10 million users.
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Wealthbase offers a more social experience, allowing users to play fantasy trading games with friends in order to learn good investing practices. Those who use this app will see a feed of the stocks their friends are picking and get daily updates of whose winning.
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