BATON ROUGE, La. (WAFB) - It’s easy to get scared when you see the stock market slide for a week straight.
In fact, this has been one of the worst weeks for the stock exchange since 2008.
But don’t let those fears drive your money-making decisions.
“If you’re at home and you’re worried about your investments, don’t be," said Fred Dent, a certified financial adviser. “This will pass, it’s sort of like some glue has been thrown into the system a little bit and the only solvent for it is time, and that time will eventually pass and then we’ll be worried about something else and yet the market will continue its long term march forward.”
Dent urges people to stay the course. If you have a financial plan, stick to it. Now is not the time to stray. He also says if you can, invest more while the prices are down, especially if you are on the verge of retirement.
“A husband and wife who are 65-years-old, one of them will live until age 90. That’s 25 years,” Dent said. “They’re going to need that money in 20 to 25 years, so to go to cash right now and not be invested to protect against inflation would be a mistake.”
The bottom line is, Dent says, is do not cash out your investments. This slump will pass.
If you have any further questions, you are urged to reach out to a financial adviser.