Here is an excerpt from a recent article in which Christi Staib was interviewed.
The Dow Jones Industrial Average had its biggest single day point decline in its history– at one point down 1,500 points. But, local wealth manager Christi Staib says the percentage of the drop matters more than the points, and corrections in the market are like “breathing in and out.” Her advice to clients? Keep calm and carry on.
“The market is down–doesn’t necessarily mean it’s time to panic or change your plan for the future,” says Staib, with Silver Sail Wealth Advisors. “Look at dollar cost averaging,” advises Staib, “If you’re putting something away every month, being able to live through these downs, allows you to buy in at a lower price.”
Christi advised, “Envision that future you love living into… so instead of buying that next very expensive cup of coffee, know you can put that into savings, knowing later in life, you’re gonna say I am so glad I didn’t buy those extra cups of coffee or whatever you indulge in that you can now have money when you’re older,” and then added, “It adds up.”
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly. Dollar cost averaging involves continuous investment in securities regardless of fluctuation in price levels of such securities. An investor should consider their ability to continue purchasing through fluctuating price levels. Such a plan does not assure a profit and does not protect against loss in declining markets.