A family member recently recommended I take all my money out of the market while it's in flux, but I'm glad I ignored their advice
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- A family member recently sent out a group email sharing some advice they'd gotten from a financial adviser: Because the market is in flux, they were moving their retirement funds from the stock market to a more stable money market account.
- They recommended that everyone on the email chain do the same, but that advice didn't sit right with me.
- I talked to my own financial adviser who said I should stick to my plan — leaving my money in the market for the long haul.
- This reminded me of an important truth about retirement planning: No two retirement plans look alike.
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A few weeks ago I received an email from a concerned family member. This person had recently spoken to their financial adviser, and together they decided that the best thing for this person to do in today's financial climate was to take their money out of any stock market investments and put it instead into a money market account where it would be a little more secure and less susceptible to the whims of drastic market dips.
In the email, this person also suggested that I (and everyone else on the chain) would be smart to do the same with our own money. I'm not a financial planner, but I have been writing about personal finance for quite a few years now and I've spoken to many financial planners over the years, and this suggestion didn't sit right. In fact, I was fairly certain that my family member was wrong, and that financial experts would agree with me.See the rest of the story at Business Insider
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