NORFOLK, Va. — The volatility in the stock market — and more generally, the economy — is on the minds of many right now.
“Absolutely believe it’s going to impact the city," Michael Iwashchenko said.
“I do pay attention to it," said Gail Parker.
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News 3 talked with people attending Norfolk’s State of the City address Friday about the topic.
They tell News 3 the current situation isn’t something that worries them.
“I’m in it for the long haul, so let’s just see. I’m not going panic, I’m not going to do anything. I’ve actually got friends who are trying to buy in low now," said Iwashchenko.
“It’s life. What’s going to happen is going to happen. You just have to be prepared for it," said Parker.
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The president of Wealthway Financial Advisors in Norfolk, Kevin Zywna, said this is a good time to invest in your company’s retirement account if you haven’t already or to increase your contribution if you’ve already started.
Because stocks are cheaper at the moment, you can get more now than you otherwise would. That will make you more money when the market gets better.
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“If they invest 6% of their gross income, then the company usually matches 3% of that. So we recommend that most everybody invest at least that 6% or whatever it takes to get the maximum company match," Zywna explained. "I think the most important thing for people to remember is to stay calm. Don't make any rash financial decisions."
If you’re retired and have an emergency fund, like a savings account at a bank, he recommends temporarily using it for your expenses instead of your retirement investment if you feel your retirement investment is getting too low.
