Trump’s Tariffs | Financial advisors provide tips to weather stock market storm and uncertainty due to tariffs, global impact
NORTH CAROLINA (WTVD) — Financial advisors are weighing in on the recent stock market volatility since the announcement of widespread tariffs last week by President Trump.
Those experts say the current situation impacts older and younger people differently, and can vary based on someone’s financial situation and long-term goals.
But generally, they say the best thing you can do is to have a plan and try to stick to it.
For older people — or those already retired — financial advisors say you should be strategic with the money you’re using while the markets are in the current downward trend. It’s better to use cash savings if that’s an open, rather than draw from the market.
Advisors also suggest cashing in on any bonds you have in your portfolio first, as those can provide quick, safe access to cash in the short term.
“When the price of stocks goes up, the price of bonds go down and vice versa,” said Gray Pendleton with Pendleton Financial in Raleigh. “When you see stocks go down, bonds would hopefully go up in value or maintain their value. So then you can pick those bonds to sell and that can provide you with income to weather the storm.”
For younger people, or those just starting their financial planning journey, advisors say it’s not a time to panic — and suggest not selling off any assets that are likely to rebound in value, just because of the last five days.
Experts also say it’s important to think big picture and understand that if you’re in your 20s and 30s, you likely have the flexibility to take a hit from the current volatility. It’s also an opportunity to buy into major companies that have taken a recent hit at a discount.
“It always feels like when the market’s going down, it’s never going to stop going down and on the other side, too, with the market’s going up, it feels like it’s never going to stop going up,” said Mike Holloway with Cerity Partners in Raleigh. “But trying to get in and out of the market is really hard to do. And if you look back in the last 25 years, if you missed just the 20 best trading days of the year, you’ve lost two-thirds of the stock market return.”
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