As we enter into a time of such uncertainty, I know that it is an extremely trying time for everyone on so many levels. Sheltering in place and not being able to practice is causing tremendous anxiety for many. This feeds into our financial situation and the worry about our cash flows, investments and retirement plans. As a dentist and financial planner, I can truthfully say that I have never experienced anything like this, and I have experienced a great deal in my lifetime.

I want to reassure everyone, however, that things will eventually get better. I’m not completely sure when the bottom of this crisis will occur, but I know it will get better eventually. Investing should be based on when the funds are needed and your aptitude for risk-taking. It also depends on whether you have extra cash to invest or if you are already fully invested.

Another consideration is what you are invested in. Some industries will bounce back quickly, while others (airlines, cruise ships, energy) will take longer to rebound. What is the timeframe for your investments? If the money is needed soon, you should already be in cash. If your time horizon is long, then a buying opportunity will open soon. Again, nobody knows where the bottom will be in the market, but I do suspect there will be more pain for a short time with a great deal of volatility. However, be ready to act quickly so that when the opportunity presents itself, you can take advantage and move on it. There will eventually be an opening for patient investors. In the meantime, be patient, and stay safe.