#happylife: Should I stay put or sell? Financial experts say don’t panic, be smart

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Photo courtesy of Sharon McCutcheon
Copyright KXLY 4 News Now

The coronavirus is affecting everyone’s financial health. Markets have been in a freefall the past few weeks and if you’re shedding a tear looking at your 401K, you’re certainly not alone.

Panic is in the air and it has a lot of people asking, “Should I stay put or sell?”

Financial experts say don’t panic, but be smart.

Though we may not have seen the last of the financial shocks, financial planner Wes Moss, the host of “Money Matters,” says you need to put the market moves into context.

According to Moss, pullbacks in the market are common, happening in 20 of the last 40 calendar years.

Selling now would make your losses permanent. Instead, Moss recommends limiting risk by keeping your portfolio well diversified.

Consumer advocate Clark Howard has similar advice, saying the stock market has had a long, long upward trend. Markets, even after a painful decline, eventually recover.

Howard says the younger you are, the more decline in the market ultimately makes you money because you’re buying everything for sale for what will probably recover many times over in your working lifetime.