Apr 14, 2020,08:00am EDT
By Megan Gorman
Originally posted here
As the Covid-19 crisis continues, each generation is assessing the personal financial impact this pandemic is causing. From short term liquidity to long term issues like retirement planning, it can feel like your personal finances have been turned upside down.
While everyone is experiencing financial challenges, one generation has weathered its share of financial storms – Generation X or Gen X. This generation, now in their 40s and 50s, doesn’t ask for coddling and they certainly don’t whine about being in a crisis. But while they have been hit with numerous crisis over their adult years, how they react during this crisis will be key to their overall financial success.
“While this current crisis with Covid-19 feels different somehow than past crises, in many ways things aren’t so different,” says Lindsey Bell, Chief Investment Strategist for Ally Invest. “Gen Xers will remember that during the market crash of ’08, the months following 9/11 and even the Dot Com bust, there was a sense the world was on the brink of disaster and that things would never quite return to normal.”
For many in their 40s and 50s, this financial crisis can bring opportunity for their investment portfolios. Taking advantage of this opportunity requires having a focus on strategy, understanding your current financial weaknesses and taking proactive steps if you have the financial flexibility.
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