Financial Advice in a Struggling Economy
The roller coaster ride on Wall Street continues as the stock market rises and then falls in another topsy-turvy day.
The stock market still has a ton of ground to make up after Monday's stunning 634 point plunge that led to newspaper headlines like: "Panic"on the Daily News, "Dow-ner" on the Chicago Sun-Times, and "634: When Will the Free Fall Stop?" on the San Jose Mercury News.
The nerve-wracking roller coaster ride on Wall Street is leading everyone to ask the same question: What should you do with your money? How do you protect your life savings and retirement in an era of total financial and political chaos?
INSIDE EDITION spoke to Richard Coppa, Managing Director of Wealth Health, a financial planning company. He says CD's, Treasury Bills, and Money Market Funds are the safest place for your money right now. But remember, they pay low returns.
"If you're going to be looking for pure safety, I think cash is king. So you're either going to park it in a CD and get the FDIC insurance that some people are looking for," said Coppa.
We asked if you should consider buying gold, which many consider a safe haven, even at over $1700 an ounce.
"It's a safe haven, but the question is, for how long? So I can't, in good conscience, advise that gold is the right place to be at this point," said Coppa.
What should you do about a child's college savings fund?
"I don't think it's time, whether it's a 401K or your taxable account, to be jumping in and out of the market because you're never going to get that right," said Coppa.
Finally, we asked: What's the worst thing you can do with your money right now?
Coppa says, "I think the worst thing that investors can do is panic and be driven by their emotion and just sell out of their portfolio."