LOUISVILLE, Ky. (WAVE) – Local financial experts say the war in Iran has raised some concerns with investors, with many now wondering what to do with investments as the whirlwind on Wall Street continues to affect stocks.
Louisville financial expert Scott Richardson is advising clients to avoid panic-selling, maintain diversified portfolios, and focus on long-term goals amid the war with Iran.
He says diversifying investments with equities, bonds, and cash over the long term is critical, but cashing in your investments now, like stocks or 401-K, isn’t the answer.
“There is a trend that with time, works itself out, more than not,” Richardson said. “I can’t tell you how many times I’ve seen clients that have tried to make decisions on, ‘I want to get out, I want to put it all to cash,’ and I’ve been that barrier that that has helped them think through this and they were glad that they did.”
And whether you’re a new investor, or a seasoned pro, he says the patterns remain the same during times of global conflict.
“Sometimes instead of making wise decisions with a calmer head, we have a tendency to react to the here and now,” Richardson added.
He also advises that if people have concerns or questions, to reach out a professional investment firm.
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