SouthCoast Financial Advisor Reacts to Wild Wall Street Ride

The roller coaster ride continues on Wall Street as investors try to adjust to an American economy with heavier tariffs. If you have a 401(k) retirement account, it’s hard not to worry when you see it losing thousands of dollars by the day—or even more.

We invited local financial planner Chris Resendes onto the MGM Show to share his take on the past week on Wall Street. Resendes began his analysis with one word, spelling it out for emphasis:
"R-E-L-A-X. Relax, relax, relax," said Resendes. "Sure, it’s been a rough ride, but the market goes up and down."

Resendes pointed out that as bad as the past week has been, Apple stocks are still ahead of where they were at this time last year.
"People get nervous because the drops are so fast. That’s why people freak out."

Donald Trump is also a big part of the anxiety, Resendes said.
"Let’s be honest. There’s a lot of attention on this administration, so every time something happens, it’s polarizing. It’s just BOOM—in your face, all the time."

Resendes stressed that if you're not close to retirement, you should keep buying.
"This stuff is on sale right now. People who bought Apple stock 20 years ago are chillin’, so why not buy Apple stock today? Twenty years from now, you could be in the same boat."

He referenced how history shows the market tends to bounce back.
"It happened in 2008/2009 and in 2020. People who sold out of fear and emotion lost out big compared to those who weathered the storm."

Resendes couldn’t emphasize enough the importance of working with a talented financial planner.
"The SouthCoast is an area with some really great advisors. Interview them before you pick one, just as you would a doctor, lawyer, or mechanic."