UPDATED: Friday, April 13, 2012 - 9:54am
WACO -- Finances are always a hot topic and what you do with your money is most likely a daily concern.
But the stock market crash money is taking that concern to a whole new level.
"It's uh, concerning and uh terrifying," said Stephen Block, a Waco resident.
Patricia Aquino agreed.
"Just a bit concerned about it, I mean, the economy is kinda getting worse. There's a lot of people that are worried right now," said Aquino.
But advisors say to relax. Now is not the time to stress.
Unlike 2008 when GDP shrunk and unemployment went up, this year is still showing some improvement.
"We do have some slow growth with GDP. Another thing in 2008 is we were shedding jobs like crazy in 2008. so far this year it's not great but we've added 1,000,000 jobs," said Josh Satterfield, a Certified Financial Planner as Edward Jones Investments in Waco.
Satterfield said this is also an excellent time to analyze your plans going forward.
Panic is not a good investment strategy and he wants to encourage people to invest in a diversified portfolio that's reflective of your risk tolerance as well as the time frame of your financial goals.
"Someone who is looking at purchasing a car in the next few months probably shouldn't be in the market but for someone who is planning for retirement, it's an excellent opportunity to go out and find some quality companies that fit into a diversified portfolio," said Satterfield.
Even with all of the challenges he believes the economy is still progressing.
"Right now, with all the data that's available, it's certainly not looking like we are going into a double dip recession. There's a lot of positive news. So far the economy is still growing, it's just growing at a slower rate."