ALPHARETTA, Ga -- Panic or stay put? That's what many people are asking themselves after another depressing day on Wall Street. One financial analyst said whether you are young or close to retirement, don't panic, there is nothing you can do right now but wait.
Jeremiah Thompson, Vice President of Oxygen Financial, Inc. in Alpharetta, said the market will rebound. "If you run for the hills every time things kind of get bad a little bit, you tend to miss the opportunity that comes when we do have rebounds," he said.
Thompson said if you are young, stay true to your long term goals, and if you're near retirement, you should already be more conservative with your investments.
He said be as diversified as possible. "Having all your eggs in one basket is never really a good thing unless you know something that everybody else doesn't know," Thompson said.
He also warned investors to be careful what news you listen to. "There's a lot of bad news," he said. "A lot of people are screaming that the sky is falling and bad news sells."
Thompson said always remember history. "The market historically speaking, rebounds," he said. "We have a vibrant economic system here. There are things that have happened and I fully expect will happen that will bring our economy back."
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