PITTSBURGH (KDKA) – It happens every time.
When the market crashes, some smart investors zoom in to buy.READ MORE: 1 Juvenile Dead, 1 Injured After Shooting In Pittsburgh's Marshall-Shadeland Neighborhood
“Buy more,” says financial advisor Rick Applegate. “Buy more. Buy on these dips.”
If you are not about to retire, this is the time to increase your contribution to your 401-K or 403-B, Applegate told KDKA money editor Jon Delano on Monday.
“Eventually, when the market does, and it will, turn back around, you’ll have a lot of units that you bought at a lower price which are going to rise.”
There may be companies with product lines more valuable now because of coronavirus, manufacturers of needed medical supplies and household disinfectants, and even Amazon who can deliver to homes when many self-quarantine.
But that’s not all.READ MORE: Pittsburgh Man Benjamin Fleming Pleads Not Guilty To Manslaughter After Deadly Hawaii Vacation Fight
“It’s very possible that the coronavirus is going to push us into a recession, and therefore what we need to look ahead to is not just buying stocks due to the impact of the coronavirus but due to an economy that will definitely slow in a recession,” predicts Applegate.
And what are those possible investments?
“Home improvement stores, alcohol, tobacco, the things that people consistently need to buy, the baby diapers, the things like that at home that have to be bought.”
With some predicting a recession as a result of this coronavirus, clearly there is an opportunity to make money in the stock market.
But timing the market is not for the faint of heart.MORE NEWS: Pittsburgh Police Warn Of Severe Consequences For Roaming Packs Of Off-Road Vehicles
You may want to consult a financial expert.