Advice is to remain steady to achieve financial goals
The future of the U.S. economy remains unclear as the outlook depends on which media platform is producing the story. Stocks took a huge dip when the reciprocal tariffs took effect, only to rise dramatically 48 hours later. Both the Nasdaq and Dow Jones Industrial Average ended higher Monday.
The Nasdaq ended the day at 16,831.48, rising .6 %. The Dow rose 312.08 points, ending at 40,524.79. The S&P 500 gained 42.61 points, finishing at 5.405.97.
The ups and downs may be erratic for a while because of tariffs or other changes, according to advisors. However, local stock advisors state no one should shy away from investing.
Brokers say no one should let a short-term event derail a long-term strategy. Stocks and all investments are a long-term strategy so people should expect some temporary declines and setbacks along the way. The best advice is to stay the course.
Here is a rundown of other advice.
Set goals, look at your investment budget, and allow for adapting when changes happen.
The most precious commodity in investing is time. The sooner you invest, the better the long-term result will be. You can start small.
Have a mix of stocks. Many people feel more comfortable with large, or blue chip, stocks but you can do with with smaller company stocks too.
Traditional rules don’t matter as much as they once did. The old rule that older investors should be more conservative doesn’t always apply. Advisors said the type of investments people should make varies with each situation. Some older investors do well with aggressive portfolios. A key factor is whether you need the income now or can wait.
Go with metals and crypto in small doses. Metals can offer a hedge for stock investments but aren’t values are cyclical. They aren’t the best plan for long-term wealth building.
Ask a professional. Professional financial experts, stock brokers, and others are aware of how events can shape financial futures. Talk to them about your goals and expectations so they can help you plan investments to reach all your goals.
Melody Dareing is a freelance writer with work published in nationally in the U.S., Canada, the UK, and Germany. She is a former news director of Adelphia Channel 4 and WBHF Radio.