Prices of stocks continue to fall sharply as new cases of the coronavirus are reported around the globe — but experts say there’s no reason for those who’ve lost money to panic.
Rubina Ahmed-Haq, a personal finance expert, explained that the stock market fluctuates with different political, social and economic events.
This time, it’s the new coronavirus, which has now infected more than 82,000 people globally.
“This is an event just like the financial meltdown in 2008 and 2009, or the SARS outbreak in 2003,” she said. “If you constantly follow headlines, you’re never going to be able to keep your money invested over the long term.”
Ahmed-Haq said those looking to invest in the long term, anything more than five years, should not be worried. However, anyone who needs their money back within a few months should be concerned, she said.
“Most likely you’re not going to see your investment come back in a short period of time. It can happen, but usually when markets are like this, it takes a while for them to recover.”
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