Don’t Sell Stocks Out Of Fear
By early March, the stock market dipped over 20% lower than it was in February. Stocks are guaranteed to dip during quarantine, but you may not want to sell yours out of fear. Reducing stocks may feel better now, but Ric Edelman of Edelman Financial Engines says that it’ll cost later.
“It will lock in their losses and cause them to incur taxes, as they likely still have profits on their taxable accounts,” Edelman told CNBC. People invest to buy low and sell at a higher price; by selling stocks and retirement holds out of panic, you’re doing the opposite.
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