Dear Valued Clients, Friends & Family
We at Legacy Financial Partners hope this email finds you and your family safe and in good health and spirits! We wanted to provide you with an overview of the developments that have occurred this week relating to the economy and Coronavirus.
- The United States has the best medical care and professionals in the world, and they are working around the clock to develop a vaccine and effective treatments for the virus. Both the government and private sectors are working hard, and a solution will be found.
- Policymakers are moving with extraordinary speed, although not quite as quickly as the never-ending cycle of the “breaking news,” but we think the various leaders of this great country are making the right moves to keep our citizens safe and get our economy back on track.
- Legislation recently approved extended sick leaves, emergency leaves, food aid, support for unemployment insurance, and free testing. Testing in the US has started to pick up rapidly, which is much needed at this time.
- The IRS has delayed Tax Day from April 15th to July 15th for all taxpayers and businesses to file and make payments without interest or penalties.
- As seen with other countries, we anticipate for the next couple of weeks the daily number of infections and deaths in the US will increase until we can begin to “flatten the curve” of the outbreak. This, of course, will enhance the panic and fear we are already facing; however, it should be noted that this is the normal pattern of an outbreak such as this.
- We anticipate the volatility in the markets to continue as they will be fueled by panic, uncertainty, and fear from a 24-hour news cycle and the age of social media we live in today.
- What we are experiencing in the US is temporary and will pass. The more proactive we are with self-quarantine and other restrictions, the sooner the US recovery will be.
- China is already in the process of its recovery. Businesses are opening back up, employees are going back to work, and for two days in a row they have reported no new local cases of the Coronavirus.
That said, here are some thoughts and ideas. Take this time to really evaluate your household budget. Take advantage of the low-interest rate environment to re-finance your home or any financing you may have. Negotiate with your bank or credit union for better rates.
Finally, I just want to tell you how much I appreciate your trust and the opportunity to work together. I know we will come out of this crisis stronger, leaner and probably more efficient.
The good companies will survive and probably lower operating costs and thus increase profits. We have to trust our “investment” managers to do the right thing and hopefully or portfolios will come out stronger as well.
If you have any questions, concerns, thoughts or just want to chat, I am always available. I am in the office every day and am happy to give my opinion and listen to yours.
Please remain steadfast in your faith and belief that there is a light at the end of this tunnel! Once we have contained the virus and flattened the curve of infections, the number of recoveries will start to increase, while the number of infections will decrease. I highly encourage you and your family to practice self-containment, social distancing, and other proactive measures to do your part in helping to contain the virus.
To Brighten Your Day
Just because you are spending more time indoors and at home doesn’t mean you can’t experience art, culture, and community from where you are. Institutions are coming up with innovative ways to bring experiences to you, and we want to help! We are collecting fun and interesting ways you can experience the world from the safety of your home. Below are just a few examples of organizations working to bring the world into your home to help brighten your day:
Discovery Education – Virtual Field Trips
No permission slips required. These virtual events let you visit amazing places and have remarkable experiences. Join them live for new Virtual Field Trips or watch them on demand later. Each no-cost Virtual Field Trip comes with a companion guide packed with hands-on learning activities!
The Metropolitan Opera
During this extraordinary and difficult time, the Met hopes to brighten the lives of its audience members even while its stage is dark. Each day, a different encore presentation from the company’s Live in HD series is being made available for free streaming. The Metropolitan Opera is streaming performances every day during the week.
Our thoughts and prayers are with you, and remember, we are all in this together! Should you have any additional questions, please feel free to contact one of our friendly staff.
Thanks for listening.
Jeffrey A Rittner, CFP®
Certified Financial Planner
“Live, Plan and Invest with a Purpose”
www.legacyfinancialpartners.net | Office: 970.416.0088 | Fax 970.416.0087 | 125 South Howes St. | Ste. 910 | Fort Collins, Colorado 80521
Jeffrey Rittner, CFP® is a Registered Representative / Advisory Associate offering securities and advisory services through Centaurus Financial, Inc. member FINRA/SIPC, and an Investment Advisor Representative, Legacy Financial Partners and Centaurus Financial, Inc. are not affiliated.