BAY COUNTY, Fla. (WJHG/WECP) – In recent days the stock market has taken quite a plunge resulting in some people becoming panicked and wondering what this means for them.
This comes after the Dow, Nasdaq and S&P 500 saw their worst day in two years.
The Dow tumbled more than a thousand points and recently released numbers indicate signs of unemployment rising.
Alex Astin is a financial advisor with Burns Estate Planning & Wealth Advisors. He said people should not be overly concerned.
“One don’t panic,” Astin said. “Panicking being an emotional seller or buyer in the market doesn’t end up working out very well for the most part.”
He also urges people to consider their future including retirement plans.
“Especially if you’re still working. You’ve got to keep contributing to that retirement because you don’t want to just buy in markets when markets are good,” said the financial advisor. “Don’t be afraid of markets going down and putting into the market because guess what, you’re just buying at a lower cost and if you don’t retire for 20 years 30 years that’s a lot of time for that to recover and grow.”
Also Astin recommends investing if possible.
“If you have some extra cash, you have the time frame and the risk tolerance to put some of that money to work, buy a little bit now, buy a little bit two weeks from now. Don’t have to jump in all at once because we could continue to see these markets go down,” he said.
The financial expert said it is important to remember that the market fluctuates and that the market is still up for the year.
Be sure to seek professional financial advice if you have concerns.
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