This is going to be short and to the point.
(Disclaimer: I’m not a stock broker, nor am I a professional or Certified Financial Planner. This post is based on my personal opinion and not intended to be considered by anyone sane or not, as financial advice; or characterization of anyone in the financial industry. If you think this is about you, it’s all in your head.)
My wife is interested in her retirement account because of the stock market “correction” of the past week. Not wanting to be the Mr. Know-It-All guy that I usually think I am, I called the Retirement Planning guy at the bank and left a message with the bank teller asking for him to contact my wife to tell her how he is going to keep her from losing a lot of money in her account. He calls her but didn’t get her. He left a voicemail stating that “he’s” not worried about the current downturn and that she shouldn’t worry because her account is not exposed to the Asian stocks…and, besides, she’s only lost about 4%.
Her account is not exposed to Asian stocks but according to my calculator with today’s end-of-day losses, she has lost 8% in the past several days. Has nothing to do with Asian stocks — it is a panic sell off disguised as a correction.
When the time is right, we will re-evaluate her IRA, and I think, the Retirement Planning guy, too.
Folks, let us not panic during these sell offs, it happens. In the same consideration, don’t fall for a broker who says, “don’t worry, it will come back.” Yeah? You think maybe before we retire?
Be concerned…it’s not his money, yet.
I’m just sayin’
1 Peter 5:7 Give all your worries and cares to God, for he cares about you.