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After eight months of steady gains, stock market volatility has again rocked investors this week, with a global sell-off triggered by the prospect of slower global economic growth and rising bond yields. The S&P 500 fell nearly 7% in six days, bringing the index down to levels last seen in July.When stock markets tremble, the advice from financial advisors is simple: Stick to your investment plan.That’s easier said than done. If your financial house is on fire, you want to fight the flames or flee as surely as if your actual home were ablaze, behavioral finance experts say. To stand back, watch and periodically throw more money on the bonfire is tough even for the most seasoned investor, let alone your average 401(k) holder.“You’d think that a high-net-worth individual is more sophisticated, that they are not going to panic like an investor with ,000 at stake? Not true,” says David Thomas Jr., founder and chief executive officer of Equitas Capital Advisors in New Orleans.Still, Thomas says, “You can be smarter than your emotions, but that’s an acquired skill.”Here are some ways to sidestep the natural emotional triggers that can be costly during the next market correction or crash. 1220
After living in California’s Bay Area for eight years, Andrew Sanchez moved his family to Hawaii’s countryside“There are those obstacles,” he said of living in a metropolitan area. “There’s incredible amounts of traffic, pollution, crime. You know, serious things.”Sanchez and his wife are both teachers and wanted to save money and live a slower pace of life with their children. They say those were big factors in moving out of the big city.“We wanted to have an opportunity to spend more time with them and we wanted to make the right steps to watch them the best life they could,” Sanchez said.Now more people are looking to do what the Sanchez family did -- leave the big city for a smaller suburb.“It’s not surprising given the pandemic we are experiencing,” said Lawrence Yun, chief economist of the National Association of Realtors.He says due in part to the COVID-19 crisis and more companies allowing employees to work from home, there’s an exodus from downtown areas across the country.“People will say, ‘Why am I living so close job center when I can have perhaps a better affordability -- housing affordability out in the suburbs,” Yun said.According to a recent Harris Poll survey, nearly one-third of Americans are considering moving to a less densely populated area because of the coronavirus outbreak.Yun says this could impact the real estate market.“Before the pandemic, there was a housing shortage,” he said. “We knew that homebuilders needed to build significantly more to fully satisfy the demand.”Looking to help to meet that demand is housing developer Brain Levitt.“People are coming to Colorado because of lifestyle choice,” he said.Levitt is the president of Nava Real Estate Development. His company recently finished a 196-unit development called Lakehouse area outside of downtown Denver.He says a third of buyers are from out of the of area.“What we are finding, just because the cost of living or maybe new job opportunities or even just the lifestyle -- getting out of the city and getting to a place where you can work and play, it just seems like it’s attracting a lot of people,” Levitt said.That attraction of living away from a big city, however, does come at a cost.“It really required me to check my entitlements,” Sanchez said.Back in Hawaii, Sanchez said his family did have to give up several amenities when moving out of a big city.In the end, however, it was well worth it.“My kids are safe,” Sanchez said. “And you can’t put a price tag on that.” 2501
After briefly becoming a Category 2 storm on Monday, Hurricane Sally weakened back to a Category 1 storm overnight as it threatens to swamp Mississippi, Alabama, and the Florida panhandle.In its 8 p.m. CT update, the National Hurricane Center said Tuesday that Sally currently has maximum sustained winds of 85 mph and is currently moving toward the Mississippi and Alabama shores at 2 mph.The NHC said the hurricane is about 70 miles south of Mobile, Alabama, and 70 miles southwest of Pensacola, Florida.At 9 p.m. CT, a sustained wind of 58 mph with a gust of 73 mph was reported at Petit Bois Island, Mississippi, the NHC said.The overnight weakening is a welcome sign to forecasters. On Monday evening, NHC forecasted that Sally could produce winds of up to 110 mph before it made landfall.NHC warned that even though the storm slowed down, it will still produce a "life-threatening" storm surge in the central Gulf Coast region of the U.S. The NHC says "historic" flash flooding is possible as it makes landfall.The agency expects the Alabama coast to see the most flooding, including Mobile Bay.Hurricane conditions are expected as early as Tuesday, and the storm is currently projected to make landfall by Wednesday morning. 1239
After relocating most of the Republican National Convention to Jacksonville, Florida, President Donald Trump announced he has canceled the Jacksonville portion of the GOP convention for next month due to the spread of the coronavirus in Florida."I looked at my team and I said the timing for this event is not right, just not right with what's happened recently, the flare up in Florida,, to have a big convention," Trump said Thursday. "It's not the right time. It's really something that for me I have to protect the American people. That's what I've always done."A few convention activities will remain in North Carolina, Trump confirmed.Trump and Republicans opted to pick up and move most convention activities from Charlotte to Jacksonville after North Carolina’s governor would not commit to easing social distancing mandates for the convention.Trump said he still plans on delivering an acceptance speech during the convention week.While the Democratic Party hasn't officially canceled its Milwaukee convention for next month, it is encouraging delegates to stay home. The party plans on "anchoring" the convention there, hosting speeches and events with a limited number of surrogates. 1203
Allergan has recalled almost 170,000 sample packs of birth control pills because of a packaging error that could put consumers at risk for unintended pregnancy.According to the recall, four placebo capsules were placed out of order in a sample pack of Taytulla and the first four days of therapy had four non-hormonal placebo capsules instead of active capsules."As a result of this packaging error, oral contraceptive capsules, that are taken out of sequence, may place the user at risk for contraceptive failure and unintended pregnancy," The recall states. "The reversing of the order may not be apparent to either new users or previous users of the product, increasing the likelihood of taking the capsules out of order."Allergan says they are notifying customers by recall letter and is arranging for return of all recalled sample pack product with the lot #5620706 Exp. May 2019. Consumers who have the sample pack product with the associated lot number should notify their physician to arrange a return. Consumers with questions regarding this recall can contact Allergan by phone at 800-678-1605 8 a.m. to 8 p.m. Monday through Friday. Consumers should contact their physician or healthcare provider if they have questions.Click here for more information. 1308