December 20, 2008

Don't panic

with your 401(k). This offers some money tips. Bottom line--get a grip, keep putting your money into the market and don't cash out if you have a long planning horizon. Getting out when the market is down is the worst part of market timing because you lock in your losses.

This week I received a call from the Morgan Stanley office downstairs to let me know that I have a new broker which was their way of telling me the MS babe who has been advising me for the last several years hit the road. This means my account is on its sixth or seventh advisor in the last three years. I probably move my account to USAA but otherwise stay in the market.

Posted by LMC at December 20, 2008 09:51 AM | TrackBack