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‘Stick with your plan’: Annex Wealth Management’s Dave Spano advises to stay the course in COVID-19 related market volatility

NEW YORK, NY - MARCH 12: General view of the streets of Wall Street on March 12, 2020. in New York City. The Dow Jones industrial average fell 2,352.60 points, a decrease of almost 10% and the largest since 1987. (Photo by Pablo Monsalve/VIEWpress/Corbis via Getty Images)

Calm amidst challenging times is often a key component of successful people, families, businesses and nations.

Annex Wealth Management President and CEO Dave Spano suggests mainly the same kind of approach with your investments through the current struggles of the stock and other investment market.

“Since 1900, the stock market has had 32 bear markets. Every time, it has come back..no matter what the financial crisis, there will be another side. We are going to get through this, and the stock market will be 33-0 at some point,” said Spano on WTMJ’s Steve Scaffidi Show.

“If you are investing for the long term, if you have a financial plan and you continue to invest, you will be rewarded down the road.”

He says that some type of investments may be different than others in terms of possible tweaking to do with your investment portfolio, but a focus should be upon keeping balance within your long term plan.

“In 401k plans, it’s a little more difficult to move around as if an IRA or individual account, but for sure, rebalancing,” said Spano.

“You shouldn’t get outside your risk tolerance. If you have a plan, stick with your plan.”

He also suggested possibly re-financing homes as an option, too.

“How can you not with these low rates?” he asked.

“Rates are so low. With the debt in this country…the debt was $22 trillion, and it’s going to go up substantially with all the stimulus bills…interest rates are likely to stay low for a long time.”

But his final point was one on a much larger-scale: Keeping health as first priority.

“Let’s get through the public health issue. The market will react to it.”