Financial Experts: Despite Wall Street Turmoil, Don't Withdraw Investments, 'Keep Calm'
Don't panic - that's the advice for people concerned that their life savings are being flushed away.
New York City banker Ferdinand Orellana told INSIDE EDITION: “People say: ‘Oh my God, sell, sell, sell’ but in actuality when you see that everything is down, in some cases there is an opportunity to buy.”
The markets opened down nearly six percent on Monday and within minutes, the Dow Jones industrial average plummeted by 1,000 points.
Stock prices in the U.S. and across the globe are plunging following massive sell-offs in China. The Shanghai Index fell 8.5 percent and on Wall Street the mood was grim.
But to demonstrate how volatile the markets have been, Monday's dip was followed just 20 minutes later with a nearly 500 point rebound.
Donald Trump tweeted his feelings about the situation:
As I have long stated, we are so tied in with China and Asia that their markets are now taking the U.S. market down. Get smart U.S.A.— Donald J. Trump (@realDonaldTrump) August 24, 2015
Markets are crashing - all caused by poor planning and allowing China and Asia to dictate the agenda. This could get very messy! Vote Trump.— Donald J. Trump (@realDonaldTrump) August 24, 2015
Experts say the average 401K retirement accounts lost about $6,000 during last week's big losses and more on Monday.
Last week, Warren Buffet lost $3.6 billion and Amazon’s Jeff Bezos lost $3.1 billion, while Facebook founder Mark Zuckerberg lost $4 billion.
NBC's Jim Cramer says this could actually be a buying opportunity - if you have the stomach for it.
He said: "If you're looking to put some money to work for your retirement account, I think by the end of the day today, you should make a move."
CNBC's Courtney Reagan says today's wild ride on Wall Street does not mean a crash is coming.
“I would tell worried investors to keep calm and carry on. Markets go up and markets go down and when investors panic and they pull out when stocks are at their lows it's pretty much the worst thing you can do,” she said.
Financial advisor Richard Bregman says hold on tight because there are more roller coaster days on the way.
“Don’t panic. This can go on for a week, a month, years, it is not stopping today,” he said.
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