Billionaire David Booth shares his advice for investing during the pandemic.

David Booth believes letting tried and true investment principles help you meet your financial goals is the most effective way to invest during the pandemic, according to Business Insider.

Booth is a billionaire and a legendary investor. He is the founder and executive chairman of Dimensional Fund Advisors and a trustee of the University of Chicago. Furthermore, the Booth School of Business is named after him.

His first piece of advice in regards to investing during the volatile and erratic market conditions is to develop a long term strategy you can stick with. He stated that throughout his 50-year investing career there have been similar situations and the best advice is to stay invested and try not to time the markets. The markets will not wait for you and if you miss the opportunity, it might be gone for a while. Briefly, he states have a solid plan to support you during tough times so you can benefit from good ones.

His second piece of advice is to control what you can control. You cannot control market movements, but you can control your risk tolerance. Understanding the amount of risk you should expose yourself to throughout your life will determine the outcome of your investments. Weigh your allocations against potential outcomes and find what works best for your age and financial situation.

Booth's last piece of advice is to leverage the experts. Financial advisors can help you develop an asset allocation strategy that feels right.

Nothing in investing is guaranteed, but it's important to have a solid plan to deal with any environment.

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Economics, Finance and Investing