…yes, that said Financial Quote of the Day. Believe it or not, I’m not kidding.
Like many who have jobs and kids, I am one of those that actually has a 401(k). Unlike many that have jobs and very young kids, though, I have taken the bizarre (and poverty inducing) step of actually starting a 529 plan for my little honey’s college education. I figure that hey, if she doesn’t go to college, I’ll buy a boat, and give it my daughter’s name or something. But I do believe in being prepared, thanks to a little peach of a post that I caught some time ago.
Lately, though, I’ve been a little in the dumps, because I actively LOOKED at what my various little investments were doing, in light of the recent ups and downs in the stock market. Ugh.
Then came this article on the market from the Washington Post, which actually not only handed out some good advice, but provided the title to this here post, above. Here’s a bit from the article:
The recent stock market plunge has whiplashed many investors and left them wondering what to do about their portfolios.
But in times like these, don’t panic. Instead, you want to think about the three D’s, says Erik Davidson, a chartered financial analyst and senior director of investments at Wells Fargo Private Bank in Denver.
Good advice in there, but the key thing that the article mentioned was this gem of a phrase:
Whatever you do, “have a programmed approach that keeps you buying during the downturns,” Seely said. “Think about something other than what the market did today.”
Think about something other than what the market did today.
I like the cut of that phrase, and I would like to subscribe to your newsletter.