A financial planner says every investor should do 4 things while the market is in free fall

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• I'm a financial planner, and I'm advising my clients to do four things while markets plummet in response to the coronavirus pandemic.
• First, don't make decisions based on fear - your emotions should never drive your financial decision making.
• It's also wise to leave your investments alone for the foreseeable future and stick to your long-term plan. Hold fast to your goals and stay the course.
• If you have money and you're not worried about covering your bills, now is a good time to be charitable to friends, family, and those in need.
• SmartAsset's free tool can find a financial planner to help you take control of your money »

Almost every investor is on edge and scared stiff right now. The nervousness and anxiety stemming from the coronavirus tailspin are eating into investors' confidence.

Panic selling is happening in the financial markets, while panic buying is happening in the supermarkets. Who isn't scared of market volatility and the eventual losses?

It doesn't have to be this way for you, though. If you're concerned about your investments, there are five things you should do now before making any decisions.

Set your emotions aside and stick to your long-term plan

Obviously, we are human beings and emotions are part of our nature, but right now it's important to control your emotions as they relate to the stock market.

Market selloffs can raise fear and emotions among investors, which is why it's important to take a seat and think calmly over the whole investment process that you have undertaken. Communicate with your financial planner and have a healthy financial discussion. Investing and emotions cannot go hand-in-hand.

One thing that the 2008 recession taught investors is that it is better to have an investment strategy and stick to long-term goals. Uncertainties will always be there, but they will wear off with time.

Emotional buying and selling will distract you from the strategy of building wealth. A slow-and-steady strategy will ensure that you meet your long-term financial goals.

Never lose perspective on what drives you to invest. Regardless of the weight of market declines and volatility, sick to your perspective. Adhere to your goals.

Leave your investments alone

As a financial adviser, I'm daring you to leave your investments alone. The coronavirus is inducing market turbulence. But before long, things will improve.

In times of uncertainty, it is good to examine your goals and align your investments. During such periods, it's not wise to change your strategy. Wait for things to settle down before making any adjustments to your investments.

Some investors would take the words of 18th century British banker Baron Rothschild seriously. His words - "Buy when there's blood in the streets, even if the blood is your own" - may not help. The statement is centered around panic buying and taking advantage of a good deal. Remember that panic investing with the aim of taking advantage of a "deal" is not always prudent.

Stay off social media

One of the most tragic things about social media is the speed at which inaccurate, alarmist news travels. If you're the type of person who tends to read and react immediately, kindly keep off social media.

If you have a diversified portfolio, there's a higher chance that not all of your stocks will dip with this scare. Some will lose, while others will gain. Diversification is key in investing.

If you have to get on social media, try to do some research on the stats and information you're seeing. Epidemics have hit the market severely in the past, and an evaluation of past epidemics reveals that financial and economic markets eventually return to normal.

Be charitable

If you have money, help friends, family, and even the homeless. Find out what local shelters need and help get them money or supplies.

If you order takeout or delivery from a restaurant, please tip generously. Your tip could help these businesses stay afloat during the crisis. Wash your hands and support others in overcoming the coronavirus.

Stay informed and aware of the spread of the virus. Stay calm and keep focused.

Time and again, pandemics have caused market corrections. It is wise to have a candid conversation with your financial planner about the best way forward. Remember that selling stocks and assets during this time is not advisable.

Want help with your money? SmartAsset's free tool can help find a qualified professional near you »

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