3. Review your asset allocation
The COVID-19 pandemic and its financial crisis have caused some wild swings in the stock market, with the Dow Jones Industrial Average (DJIA) up hundreds of points one day and down hundreds of points the next. So, if you like to take risks, the current situation might be your opportunity to become a millionaire.
However, if you just want to safeguard what you already have, you should make sure your money is allocated the way you want, among stocks, bonds, and cash. If the stock market’s recent volatility frightens you—or if you are close to retire, you might want to opt for a more conservative portfolio.
