(Tuesday, Feb. 6)
The Dow is bouncing back 500 points after plummeting 4 percent over the last few days, and now a local financial planner has some advice for those who are worried about their future.
Kyle Strife of the Nelson & Strife Financial Group says the market dip doesn’t necessarily mean a recession is on the way. He says the market pulling back after months of climbing is often a response to a healthy economy, where more people are trying to buy in.
Strife says the best thing to do if your investment goals involve retirement is to not panic.
"Don't worry about the day-to-day, hour-to-hour changes,” Strife said. “Try not to let your emotions get the best of you. Focus on your goals and if you're really that concerned, sit down and talk with your advisor, do another review, make sure your asset mix is good."
Strife says that with a diverse portfolio and long-term goals, the stock market will mostly rebuild itself by the time you need to liquidate your investments.