By Jennifer Bowman
The falling American stock market should encourage long-term investors to buy into the market not pull out, said a local financial advisor.
Cathy Crosier, a financial planner at Scotia Bank in Trenton, encourages people not to hastily sell all their stocks, but to revisit their goals.
“For someone who has long term goals and some money to invest, they should have big smiles on their faces right now and they should be getting out their checkbooks, because everything’s on sale,” said Crosier.
On Friday, Standard & Poor’s Ratings Services dropped the American credit rating from AAA to AA+, devaluing the American stock market. On Monday morning the market slid and in the afternoon U.S. President Obama spoke to the American people to reassure them America is still a triple-A country.
Crosier said most Quinte residents shouldn’t be concerned either.
Those who are retiring may be concerned, said Crosier. Depending on the situation, they may want to put off retiring for a year.
“Those that need to use their money right now to start retiring, those are the ones that are going to be more afraid,” said Crosier. “And the ones that don’t take the time to educate themselves in market fluctuation and make those appointments with their bankers or financial advisors are the ones that are going to be more afraid and they’ll make mistakes.”
Two people came in to buy stocks on Monday, said Crosier. That’s the kind of thinking she encourages.