Wall Street Weakness Could Be Your Strength - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

Wall Street Weakness Could Be Your Strength

Kyle Vest, Edward Jones Kyle Vest, Edward Jones

Even in a bearish market, there's still opportunity to get ahead on your retirement investment.   Weakness on wall street can actually help strengthen your nest egg in the long run.  That's according to one local financial adviser.

Kyle Vest says your 401K should be safe as long as you don't have all your money in a single fund. And he recommends more than just staying the course through market turbulence.  "The most important thing you could do right now is add to those investments, because really the markets are down in value, things are cheap, things are on sale.

And you know the old addage, you want to buy low and sell high. Well things are low and the market's down a couple thousand points from the high," says Vest.  If you're contributing about five percent of your salary to your 401K, Vest recommends knocking that up to six percent if you can.

He also warns against acting on an emotional reaction to sudden drops on Wall Street, and stresses meeting with a financial expert before making any big decisions.   That's something Vest says your financial adviser will probably do for free.

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