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Coronavirus and the markets

  • 15-03-2020 9:13pm
    #1
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭


    I have a KBC SIVEK account. I’m wondering should I close it or sit tight? Markers are going into meltdown tomorrow


Comments

  • #2
    Enter name here
    Registered Users Posts: 411 ✭✭Enter name here


    If you can afford to ride the storm out do so. If not then close it. Buying blue chip shares at the moment cheaply is going to offer some serious rewards down the track.


  • #3
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    It’s not a substantial amount of money so I might just stop further lodgements if that is possible.


  • #4
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,981 Mod ✭✭✭✭Jim2007


    Gael23 wrote: »
    It’s not a substantial amount of money so I might just stop further lodgements if that is possible.

    What age are you and how is your health? These are the things that should determine your approach.

    If you are older, heading for retirement and in need of the cash within the next five years, then an exit might be a consideration.

    On the other had if not, then you continue doing exactly as you are doing, change nothing. The dollar cost averaging strategy works because you get to buy more for the same money. Fail to buy more in a down market and your strategy is dead.

    If you have a 20 year horizon then the last thing you want is rising prices! You want to be able to buy as much as you can as cheap as you can. Your ideal situation is for prices to stay depressed for the next 15 years and only start rising then.


  • #5
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    Jim2007 wrote: »
    What age are you and how is your health? These are the things that should determine your approach.

    If you are older, heading for retirement and in need of the cash within the next five years, then an exit might be a consideration.

    On the other had if not, then you continue doing exactly as you are doing, change nothing. The dollar cost averaging strategy works because you get to buy more for the same money. Fail to buy more in a down market and your strategy is dead.

    If you have a 20 year horizon then the last thing you want is rising prices! You want to be able to buy as much as you can as cheap as you can. Your ideal situation is for prices to stay depressed for the next 15 years and only start rising then.
    I’m 29 and the money is potentially a house deposit or a portion of it within the next 5 years. There’s €6000 there currently and I add €300 a month. I could reduce that and have it as longer term saving.


  • #6
    Jim2007
    Moderators, Business & Finance Moderators Posts: 9,981 Mod ✭✭✭✭Jim2007


    Gael23 wrote: »
    I’m 29 and the money is potentially a house deposit or a portion of it within the next 5 years. There’s €6000 there currently and I add €300 a month. I could reduce that and have it as longer term saving.

    So you don’t have a 20 year horizon and the money is needed in the short term... well it’s a bit late now, this is not something you should have been doing from the start.

    If you need cash in the short term, say five years then equities are never the best choice. I’d definitely stop all further contributions and the 6k already in the market - nobody can say what will happen in a short period.


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  • #7
    Gael23
    Registered Users Posts: 12,086 ✭✭✭✭Gael23


    It’s lost 5% so far this morning


  • #8
    Shedite27
    Registered Users Posts: 9,359 ✭✭✭Shedite27


    Gael23 wrote: »
    It’s lost 5% so far this morning

    You probably gained that between 7-8pm Friday. It was fake money


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