Here's Charles Schwab's thoughts on the current market environment:
So what do I say when people ask what they should be doing now with their savings and investments?
I say don't do anything rash . . . stick with your investing plan. That approach has paid off in the past and I'm confident it will again in the future.
But that may seem easy to say and harder to do for many of you and I know there is no piece of advice that applies to everyone. Each of us has our own time frame and our own comfort level with risk.
I also say, don't ride the roller coaster alone. There are people you can trust to help you find your way through this. Reach out to your most trusted advisors to get reassurance about your personal situation. Every one of us approaches these periods differently. This is the time to talk about your particular concerns with someone you trust. Ask questions. Share your opinions and concerns, and get their advice.
The bottom line is that it's not hopeless—there are things you can do. And as a nation, we will get through this and come out healthy and strong at the other end.
I like Chuck.
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