MURPHYSBORO (WSIL) -- COVID -19 is making a huge impact, not only on our health and daily lives, but on the economy as well.
"Sure it's tough. It's tough to take emotion out of investing. One of my best friends says the only people to get hurt on a roller coaster are the ones that jump off," explains Matt Duffy, a financial representative with Country Financial.
Duffy explains that at a time like this, it's best to not make any rash decisions.
"This is the roller coaster that we're on. For people that are invested, it's best to maintain your strategy. If your objectives haven't changed, don't panic. Don't make any drastic moves. We've been through times like this before, the market always recovers. We don't know how long, but if your investments haven't changed, it's best to stay the course."
Duffy says avoid those rash decisions not just with investments, but with your money in the bank as well.
"I'm in the insurance business also, and your homeowners' insurance only covers you for a very small amount of cash. So if you take a big pile of cash and put it in your safe, and it gets stolen or your home burns down, there's a chance you're probably not going to get paid very much at all."
Duffy says when your money stays in the bank it's covered. "The banks are going to be okay. Your money is safe at the bank. It's federally insured, don't panic."
While it's impossible to time the market, Duffy says it's never a bad time to start investing.
"It seems like maybe it's a good opportunity right now because the market's down. Still, it's all about your objectives and your long time goals because it is impossible to time the market. We don't know, it could go on down or it could start going up."
The Dow Jones rebounded Tuesday with its best day since 1933.
The Dow climbed more than 2,100 points, or 11-percent on news that Congress was close to reaching a deal on an economic stimulus package.
