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Post date: Jun 18, 2020 11:9:35 PM
Earning money has become a lot more difficult as the country reels from the effects of the COVID-19 pandemic. People who are stuck at home could easily turn to online methods of investing their money, such as foreign exchange. Still, a lot of people could be apprehensive about the idea considering nobody knows how long this economic slump would last. Financial advisor Scott Tominaga believes that it would be riskier now to invest compared to the pre-coronavirus times. When is it okay for you to invest during this pandemic? Before you decide to invest, make sure you don’t have any ugly debts. Ugly debts are those with high-interest rates or have high repayment plan dues. Investing while trying to repay a serious debt could be too risky for your current finances. One bad investment while you are neck-deep in ugly debt could push you way down the poverty line.
You should also consider your current cost of living before you invest. Are you financially secure at the moment? Do you have your cost of living under control? If you are somewhat on a tight budget because of the pandemic, then you are in no shape financially to make online investments. The last prerequisite necessary for investing today is having emergency funds. This does not mean using your emergency fund as your capital. The emergency fund should be there for emergencies. You could fulfill the first two prerequisites, but having an emergency fund could cripple you financially in the future, especially now that there is an ongoing medical and financial emergency. Scott Tominaga claims that if you have several months’ worth of emergency funds prepared, then you should be in the clear when it comes to investing online.
Scott Tominaga earned his B.S. degree in Business Finance from Arizona State University in 1988. An experienced professional in the hedge fund and financial services industry, his skills involve expertise in middle and back-office, accounting, compliance, and administrative functions within financial services firms. For more information on Mr. Tominaga, visit this page.
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