Experts: Stocks won’t be down forever

Published: May. 4, 2020 at 7:15 PM EDT
Email This Link
Share on Pinterest
Share on LinkedIn

RICHMOND, Va. (WWBT) - Let’s face it, Wallstreet is up and down, and it can seem scary. But several financial advisors say all hope is not lost.

Michael Joyce, of the financial firm Agili, says you have to remember this is a long-term game.

“If I look at all the downturns in the market over the last half-century, in nearly everyone one of them the markets were as high or higher a year later. And certainly, three and five years later they’re a lot higher,” said Joyce. He adds that you should stay focused on that nest egg and saving for it.

If you’ve lost a job or are experiencing financial trouble he recommends doing everything you can to keep your credit in good standing. Work with your landlords or banks about payments. Call the credit card companies directly and see what you can work out.

He says take care of the essentials but also, try to tackle bills that will matter to your credit.

Copyright 2020 WWBT. All rights reserved.

Submit a news tip.