'My long-term plan takes into account extreme volatility that averages out over the long run. For the time being, I'm willing to ignore the short-term market swings and contribute my monthly savings as I always do'
An emergency fund is built for unexpected expenses and needs.Using my emergency fund to invest right now would be kind of like selling a lifeboat on the Titanic right as the captain of the vessel is yelling, "Iceberg!"
Sure, I could probably get an amazing rate, but that's because the probability of needing the lifeboat now is higher than ever. I'm not saying that the current market is the Titanic, and I'm certainly not a proponent of selling any equity or bonds during this time. I just don't see a reason to sell my lifeboat right now, no matter how attractive it might seem.changed in regards to my financial plan.
I'll admit, a plan does need to be flexible. But, when I built this plan, I figured there would be years when the market would drop by 30%. I also hoped there would be years when the market would rise by 30%. My long-term plan takes into account extreme volatility that averages out over the long run. For the time being, I'm willing to ignore the short-term market swings and contribute my monthly savings as I always do.Disclosure: TD Ameritrade is a partner of Insider, Inc.'s business development team, which is separate from its editorial department. We may receive a commission if you open an account.SmartAsset's free tool matches you with a financial planner in your area in 5 minutes.
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