Today on Talking Texoma, Shana Jackson is talking with Dusty Sternadel, a local financial advisor with Ameriprise. Dusty explains that it is normal to feel a little nervous about money situations right now. She says that we have been through this before with the swine flu, the dot com bubble, the financial crisis in 2008, and even going as far back as The Great Depression.
She continues by saying that this is normal and that we should not let fear base any decisions on taking money out of the market. It’s frightening to get statements that show a large loss of money. She explains that the statement may show a lower balance, but the only way you lose that money is if you sell out of that investment right then.
Dusty and other financial advisors try to guide investors to keep money invested and to base decisions on short-term and long-term goals. This will help lead to more significant returns despite losses.
Dusty states that she has been a financial advisor for about 10 years. She went through training and learned from a mentor that people often ask when the right time is to invest. He says the answer is based on when you have money available and on your short-term and long-term goals. He says that investment decisions should not be based on fear.
Lastly, Dusty adds that down turns in the market are normal. What she loves most about them are that up turns follow down turns and that the up turns last longer than the down turns. She suggests that now is the time to reach out to your local financial advisor.