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You’ve heard it on the news， from your dad， and from your friends in banking： COVID-19 is catapulting1 the U.S. into an economic recession. It’s a tumultuous2 time， but that doesn’t mean you have to approach your finances blindly. We tapped3 Sallie Krawcheck， banking veteran and founder of female-focused financial planning service Ellevest， to answer your questions about investing and money management during the COVID-19 pandemic.
Everyone says we’re on the brink of an economic depression. Is that true？
I started my career as a research analyst covering the stock market. I have always thought that the stock market talks to us and tells us what is happening， though sometimes it’s hard to interpret. The stock market is telling us that we are in a recession， probably a depression. It’s telling us that by the fact that it has declined so much， so fast. It was the worst first quarter in 100+ years， and the fastest move from what we call a bull market （an upward trending， robust， strong stock market） to what’s called a bear market， where we fall more than 20 percent （and our market has been down more than 30 percent）.
Does that mean it’s too late to sell stocks？
The number one and number two questions we get at Ellevest （and they change in order） is： Should I be buying and should I be selling？ Typically， the answer to both is no. If you follow your instinct today and get out， you’re likely going to miss the upturn. The upturn after one of these declines tends to happen before it’s clear that we’re coming out of the recession.
This idea of “If I can see what’s coming， can I take action？” is wrong. What you should do is something called rebalancing your portfolio （meaning buying or selling assets to maintain a desired level of asset allocation or risk）. Let’s say you started off with an investment portfolio that’s made up of 70 percent equity and 30 percent bonds， which is a pretty risky portfolio. With that portfolio， over time you should earn higher returns. Because of what’s going on in the stock market， maybe you’re now no longer at 70-30， you’re at 55-45. Maybe you want to go back to 70-30， which means you want to buy equity and sell bonds. This rebalancing back to your goal can actually force you to make counter-intuitive decisions that you wouldn’t otherwise make.
I literally just got into investing. Should I stop？
I would continue， assuming that you’re in good financial shape （you have an emergency fund and little debt）. Don’t look at your existing balance， because it’s just going to upset you. By investing a percent of every paycheck， buying stocks low and selling them high， you’ll do much better than if you tried to guess the market. Even the people on CNBC， who talk so confidently on when it’s the right time to buy and sell， typically do not do better than average. Remember， we have recovered from every single recession in history. If history is any guide， we will also recover from， this one， even if it’s bumpy. I’m recently unemployed due to COVID-19. What can I do？
It depends on your personal circumstance. Unemployment will be expanded， particularly for people who didn’t have unemployment insurance， like freelancers. But for some people， it will still mean spending through your emergency funds. For some people it’s going to mean， unfortunately， running up credit card debt. If those things are happening to you， stop investing. Instead， go into conservation mode： You need to replenish your emergency fund and pay down credit card debt before you begin to invest again.
What steps can I take to restore financial health？
Sit down and make a list of every area where you’re spending money and where you can begin to cut. Some obvious ones right now are going out to eat and travel. Use those funds to pay down credit card debt. Get rid of unnecessary subscriptions， like Netflix and Hulu. You’re not going to save a million dollars， but it adds up to make a difference.
Everyone is talking about an emergency fund. What do I do if I don’t have one—and how can I start one？
Our recommendation has always been to build up a period of three to six months of take-home （after taxes） pay and put that money in a FDIC insured savings account， which means the government insures that money. You don’t earn a lot on it， but it’s insured. If you have not built an emergency fund， it’s never too late to start one. It’s going to be a matter of what we just talked about： On the other side of all of this， where can you reduce expenses？
If you have savings and credit card debt， use your savings to pay off your debt. This may be a little counterintuitive， but your savings are not earning you anything， and the credit card debt is costing you a lot.
I’ve been saving for a short-term investment... like purchasing a home in five years. Help.
That goal is pretty near-term and you’ll need to spend that money soon， so at Ellevest we wouldn’t invest much in the stock market. The reason we don’t is because of times like this [unexpected recessions]. More funds should be in bonds or debt. Whereas stocks are the ownership of a sliver of a bigger company， like IBM， debt or bonds actually owe you money. Debt tends to be less sexy than stocks because the stock market can go up， but for debt you only get back the amount you lent， with interest. Assuming your investments are done like this， you should be okay. It might take 6 months longer to buy your home， but you’ll still be able to do it. Conversely， for a longer-term investment， like retirement， you should have more equity—which is more risk， but typically over time， it’s a greater return.
When do you predict the recovery of our economy will start？
I would expect more volatility in the stock market. I think it will get better before we fully recognize that we’re coming out of the recession. I don’t think we’ll see a full recovery， frankly， until we have some resolution to the virus.
Every downturn feels worse than every one that came before when you’re actually in it. This one feels particularly tough because it’s about our health. But， again， we have recovered from recession every time in history. This time， it may take a little bit longer， but the entrepreneurial spirit of the United States of America will come out on the other hand and drive the stock market even higher.
從新闻以及家人和在银行工作的朋友那里，你已有所耳闻：新冠疫情使美国突然陷入经济衰退。这是个纷乱动荡的阶段，但并不意味着你只得盲目地处理个人财务。我们特邀萨莉·克劳切克——银行业资深人士，女性财务规划服务平台Ellevest创始人——回答您有关新冠疫情大流行期间投资与理财的问题。
人人都说我们濒临经济萧条。这是真的吗？
我职业生涯的起点是股市的研究分析师。我一直认为，股市会跟我们交谈，并告诉我们正在发生什么事儿，尽管有时难以解读。股市在告诉我们，我们正处于衰退，很可能是萧条中。股市下跌得如此之多、如此之快，它是用这样的事实来告诉我们的。2020年头三个月，是一百多年来股市表现最差的第一季度，从我们所说的牛市（行情上行、稳健而强劲的股市）向熊市的转变最为迅速。在熊市里股价下跌会超过20%（而我们的市场现在已经跌了超过30%）。
那是否意味着卖出股票为时已晚？
我们在Ellevest被问到的第一个和第二个问题（排序不分先后）是：我该买入吗？我该卖出吗？通常，两者的答案都是“否”。如果你今天听凭直觉逃出了市场，那么你很可能将错过回升。类似的下跌会有多次，某次下跌后的回升往往发生在确定将走出衰退之前。
“如果能觉察即将发生的事，我可以采取行动吗？”这个想法是错误的。你应当做的是调整投资组合（即买入或卖出资产，以保持期望的资产配置或风险水平）。比如说，你开始时的投资组合由70%的股票和30%的债券构成，这是一个相当有风险的组合。随时间推移，你可能凭着这一组合赚得更高回报。鉴于股市的当前状况，现在你的股票与债券投资比例，也许不再是70%比30%，而是55%比45%。或许你想恢复到70%比30%，这意味着你需要买股票卖债券。这种回到原定目标的再平衡，实际上能够迫使你做出只有这种情况下才会做出的违背直觉的决定。
我才刚开始做投资，该收手吗？
假如财务状况良好（已有应急基金，且债务不多），我会继续投资。不要着眼于现有余额，因为那样恰恰会使你心烦意乱。把每笔薪水的一部分用来投资股票，贱买贵卖，会比试图猜测市场走势效果更好。在美国全国广播公司财经频道（CNBC）上那么自信地谈论何时是买卖股票恰当时机的那些人，即便是他们，通常投资收益也不会好于平均水平。要记住，我们已从历史上的每一次衰退中恢复过来。如果历史可资借鉴，即便前路崎岖艰险，我们也将会从这一次的衰退中恢复。
由于新冠疫情，我最近失了业。我怎么办呢？
这取决于个人状况。失业的情况会增多，特别是对自由职业者那样没有买过失业保险的人来说。但对有些人来说，仍意味着要靠自己的应急基金维持开销。很不幸，对某些人而言，那将意味着信用卡债台高筑。如果遭遇了那些事，就要停止投资。相反，要进入保护模式：你需要补充应急基金，再次开始投资之前，还掉信用卡债务。
为了恢复财务健康，我可以采取哪些步骤？
你把钱花在了哪些方面，哪些可以开始削减，坐下来列个清单吧。显而易见马上就可以削减的是外出吃饭和旅游。用那些钱还掉信用卡债务。取消多余的订阅，如奈飞和Hulu视频。你不会省下百万美元，但积少成多，情况就会有改观。
人人都在谈论应急基金。要是没有的话，怎么办，怎样开始建一个？
我们一直建议要把3到6个月的实得（税后）薪水攒起来，把这笔钱存入受到联邦存款保险公司保护的存款账户里，这意味着政府保障这笔钱的安全。这笔钱你挣不了几个子儿，但它是保险的。如果还没建立应急基金，无论何时开始都不算太晚。接下来就是我们刚刚谈到的问题：换个角度看，在哪些方面可以削减开支？
如果你有储蓄和信用卡债务，就用储蓄还掉欠债。这或许有点儿违背常理，但储蓄赚不来什么，而信用卡债务却让你所费甚多。
我一直在为短期投资，比如说5年后购房而存钱。帮帮我。
那确实是近期目标，不久后你就要花掉那笔钱，所以，在Ellevest我们不会大量投资于股票市场。我们不那么做的理由是因为有类似目前这样的意外衰退。应当加大对债券或债权的投资。股票是像IBM这种大型公司的一小份所有权，而债权或债券实则是别的公司欠你的钱。债权往往不如股票诱人，因为股市会上涨，而投资于债权只能收回借出的钱款，外加利息。假设你是这样投资的，应该没有问题。买房子可能要多花6个月，但你仍能实现这个目标。
相反，比如为退休而做更长时间投资的话，你就应当拥有更多的股票——这样风险更大，但随着时间推移，收益通常更高。
你预计经济何时将开始复苏？
我预料股市会有更多波动。我认为，在我们充分意识到即将走出衰退之前，经济形势会变好。坦率地说，我认为，在找到解决这种病毒的办法之前，我们不会看到经济完全恢复。
每逢低迷时期，当你切实置身其中时，感受都要比此前的任何一次衰退糟糕。这一次我们感觉尤为艰困，因其事关健康。但是，再说一遍，我们已从历史上的每一次衰退中恢复过来。这一次，或许要稍稍多费些时日，但从另一面看，美国的创业精神将得到发扬，并推动股票市场再创新高。
（译者单位：中国社会科学院财经战略研究院）
Everyone says we’re on the brink of an economic depression. Is that true？
I started my career as a research analyst covering the stock market. I have always thought that the stock market talks to us and tells us what is happening， though sometimes it’s hard to interpret. The stock market is telling us that we are in a recession， probably a depression. It’s telling us that by the fact that it has declined so much， so fast. It was the worst first quarter in 100+ years， and the fastest move from what we call a bull market （an upward trending， robust， strong stock market） to what’s called a bear market， where we fall more than 20 percent （and our market has been down more than 30 percent）.
Does that mean it’s too late to sell stocks？
The number one and number two questions we get at Ellevest （and they change in order） is： Should I be buying and should I be selling？ Typically， the answer to both is no. If you follow your instinct today and get out， you’re likely going to miss the upturn. The upturn after one of these declines tends to happen before it’s clear that we’re coming out of the recession.
This idea of “If I can see what’s coming， can I take action？” is wrong. What you should do is something called rebalancing your portfolio （meaning buying or selling assets to maintain a desired level of asset allocation or risk）. Let’s say you started off with an investment portfolio that’s made up of 70 percent equity and 30 percent bonds， which is a pretty risky portfolio. With that portfolio， over time you should earn higher returns. Because of what’s going on in the stock market， maybe you’re now no longer at 70-30， you’re at 55-45. Maybe you want to go back to 70-30， which means you want to buy equity and sell bonds. This rebalancing back to your goal can actually force you to make counter-intuitive decisions that you wouldn’t otherwise make.
I literally just got into investing. Should I stop？
I would continue， assuming that you’re in good financial shape （you have an emergency fund and little debt）. Don’t look at your existing balance， because it’s just going to upset you. By investing a percent of every paycheck， buying stocks low and selling them high， you’ll do much better than if you tried to guess the market. Even the people on CNBC， who talk so confidently on when it’s the right time to buy and sell， typically do not do better than average. Remember， we have recovered from every single recession in history. If history is any guide， we will also recover from， this one， even if it’s bumpy. I’m recently unemployed due to COVID-19. What can I do？
It depends on your personal circumstance. Unemployment will be expanded， particularly for people who didn’t have unemployment insurance， like freelancers. But for some people， it will still mean spending through your emergency funds. For some people it’s going to mean， unfortunately， running up credit card debt. If those things are happening to you， stop investing. Instead， go into conservation mode： You need to replenish your emergency fund and pay down credit card debt before you begin to invest again.
What steps can I take to restore financial health？
Sit down and make a list of every area where you’re spending money and where you can begin to cut. Some obvious ones right now are going out to eat and travel. Use those funds to pay down credit card debt. Get rid of unnecessary subscriptions， like Netflix and Hulu. You’re not going to save a million dollars， but it adds up to make a difference.
Everyone is talking about an emergency fund. What do I do if I don’t have one—and how can I start one？
Our recommendation has always been to build up a period of three to six months of take-home （after taxes） pay and put that money in a FDIC insured savings account， which means the government insures that money. You don’t earn a lot on it， but it’s insured. If you have not built an emergency fund， it’s never too late to start one. It’s going to be a matter of what we just talked about： On the other side of all of this， where can you reduce expenses？
If you have savings and credit card debt， use your savings to pay off your debt. This may be a little counterintuitive， but your savings are not earning you anything， and the credit card debt is costing you a lot.
I’ve been saving for a short-term investment... like purchasing a home in five years. Help.
That goal is pretty near-term and you’ll need to spend that money soon， so at Ellevest we wouldn’t invest much in the stock market. The reason we don’t is because of times like this [unexpected recessions]. More funds should be in bonds or debt. Whereas stocks are the ownership of a sliver of a bigger company， like IBM， debt or bonds actually owe you money. Debt tends to be less sexy than stocks because the stock market can go up， but for debt you only get back the amount you lent， with interest. Assuming your investments are done like this， you should be okay. It might take 6 months longer to buy your home， but you’ll still be able to do it. Conversely， for a longer-term investment， like retirement， you should have more equity—which is more risk， but typically over time， it’s a greater return.
When do you predict the recovery of our economy will start？
I would expect more volatility in the stock market. I think it will get better before we fully recognize that we’re coming out of the recession. I don’t think we’ll see a full recovery， frankly， until we have some resolution to the virus.
Every downturn feels worse than every one that came before when you’re actually in it. This one feels particularly tough because it’s about our health. But， again， we have recovered from recession every time in history. This time， it may take a little bit longer， but the entrepreneurial spirit of the United States of America will come out on the other hand and drive the stock market even higher.
從新闻以及家人和在银行工作的朋友那里，你已有所耳闻：新冠疫情使美国突然陷入经济衰退。这是个纷乱动荡的阶段，但并不意味着你只得盲目地处理个人财务。我们特邀萨莉·克劳切克——银行业资深人士，女性财务规划服务平台Ellevest创始人——回答您有关新冠疫情大流行期间投资与理财的问题。
人人都说我们濒临经济萧条。这是真的吗？
我职业生涯的起点是股市的研究分析师。我一直认为，股市会跟我们交谈，并告诉我们正在发生什么事儿，尽管有时难以解读。股市在告诉我们，我们正处于衰退，很可能是萧条中。股市下跌得如此之多、如此之快，它是用这样的事实来告诉我们的。2020年头三个月，是一百多年来股市表现最差的第一季度，从我们所说的牛市（行情上行、稳健而强劲的股市）向熊市的转变最为迅速。在熊市里股价下跌会超过20%（而我们的市场现在已经跌了超过30%）。
那是否意味着卖出股票为时已晚？
我们在Ellevest被问到的第一个和第二个问题（排序不分先后）是：我该买入吗？我该卖出吗？通常，两者的答案都是“否”。如果你今天听凭直觉逃出了市场，那么你很可能将错过回升。类似的下跌会有多次，某次下跌后的回升往往发生在确定将走出衰退之前。
“如果能觉察即将发生的事，我可以采取行动吗？”这个想法是错误的。你应当做的是调整投资组合（即买入或卖出资产，以保持期望的资产配置或风险水平）。比如说，你开始时的投资组合由70%的股票和30%的债券构成，这是一个相当有风险的组合。随时间推移，你可能凭着这一组合赚得更高回报。鉴于股市的当前状况，现在你的股票与债券投资比例，也许不再是70%比30%，而是55%比45%。或许你想恢复到70%比30%，这意味着你需要买股票卖债券。这种回到原定目标的再平衡，实际上能够迫使你做出只有这种情况下才会做出的违背直觉的决定。
我才刚开始做投资，该收手吗？
假如财务状况良好（已有应急基金，且债务不多），我会继续投资。不要着眼于现有余额，因为那样恰恰会使你心烦意乱。把每笔薪水的一部分用来投资股票，贱买贵卖，会比试图猜测市场走势效果更好。在美国全国广播公司财经频道（CNBC）上那么自信地谈论何时是买卖股票恰当时机的那些人，即便是他们，通常投资收益也不会好于平均水平。要记住，我们已从历史上的每一次衰退中恢复过来。如果历史可资借鉴，即便前路崎岖艰险，我们也将会从这一次的衰退中恢复。
由于新冠疫情，我最近失了业。我怎么办呢？
这取决于个人状况。失业的情况会增多，特别是对自由职业者那样没有买过失业保险的人来说。但对有些人来说，仍意味着要靠自己的应急基金维持开销。很不幸，对某些人而言，那将意味着信用卡债台高筑。如果遭遇了那些事，就要停止投资。相反，要进入保护模式：你需要补充应急基金，再次开始投资之前，还掉信用卡债务。
为了恢复财务健康，我可以采取哪些步骤？
你把钱花在了哪些方面，哪些可以开始削减，坐下来列个清单吧。显而易见马上就可以削减的是外出吃饭和旅游。用那些钱还掉信用卡债务。取消多余的订阅，如奈飞和Hulu视频。你不会省下百万美元，但积少成多，情况就会有改观。
人人都在谈论应急基金。要是没有的话，怎么办，怎样开始建一个？
我们一直建议要把3到6个月的实得（税后）薪水攒起来，把这笔钱存入受到联邦存款保险公司保护的存款账户里，这意味着政府保障这笔钱的安全。这笔钱你挣不了几个子儿，但它是保险的。如果还没建立应急基金，无论何时开始都不算太晚。接下来就是我们刚刚谈到的问题：换个角度看，在哪些方面可以削减开支？
如果你有储蓄和信用卡债务，就用储蓄还掉欠债。这或许有点儿违背常理，但储蓄赚不来什么，而信用卡债务却让你所费甚多。
我一直在为短期投资，比如说5年后购房而存钱。帮帮我。
那确实是近期目标，不久后你就要花掉那笔钱，所以，在Ellevest我们不会大量投资于股票市场。我们不那么做的理由是因为有类似目前这样的意外衰退。应当加大对债券或债权的投资。股票是像IBM这种大型公司的一小份所有权，而债权或债券实则是别的公司欠你的钱。债权往往不如股票诱人，因为股市会上涨，而投资于债权只能收回借出的钱款，外加利息。假设你是这样投资的，应该没有问题。买房子可能要多花6个月，但你仍能实现这个目标。
相反，比如为退休而做更长时间投资的话，你就应当拥有更多的股票——这样风险更大，但随着时间推移，收益通常更高。
你预计经济何时将开始复苏？
我预料股市会有更多波动。我认为，在我们充分意识到即将走出衰退之前，经济形势会变好。坦率地说，我认为，在找到解决这种病毒的办法之前，我们不会看到经济完全恢复。
每逢低迷时期，当你切实置身其中时，感受都要比此前的任何一次衰退糟糕。这一次我们感觉尤为艰困，因其事关健康。但是，再说一遍，我们已从历史上的每一次衰退中恢复过来。这一次，或许要稍稍多费些时日，但从另一面看，美国的创业精神将得到发扬，并推动股票市场再创新高。
（译者单位：中国社会科学院财经战略研究院）