As President Donald Trump’s sweeping tariffs create turmoil in financial markets, a personal finance pro shared guidance on why you shouldn’t check your 401(k) right away or make any rash financial moves.
“Go ahead and panic. Scream, cry; you can even curse,” Washington Post columnist Michelle Singletary said Thursday as Americans saw drops to yearslong investments in their retirement and their kids’ college education.
“To see the market drop on a policy that many economists think is wrong, it hurts your heart and it hurts your head,” she said.
That said, she said not to make any snap decisions.
“Please feel what you need to feel but don’t act on those fears, particularly if you have a long time before you need that money that is invested,” Singletary said.
She said “don’t look at your portfolio” and keep investing. She said she thought of people who pulled money out of investments during the Great Recession and then didn’t put it back in when the market improved.
“Settle yourself in for some pretty tough times,” she said.
Singletary said she teared up earlier in the day as she considered what drops in the market mean for ordinary people who “don’t come from money” or “have super yachts” or “hang out with billionaire buddies.”
“This is real for us and this is scary, and I’m right there with you. But I’m trying to keep my feelings in check so I don’t make a mistake,” she said.
As always, it may be helpful to speak with a financial expert about your own situation.
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