Oct 11, 2008 5:32 pm US/Eastern
Expert Holds Open House For Worried Investors
BOSTON (WBZ) ―
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Financial advisor and Money Matters radio host Barry Armstrong says there's no guarantee the markets have hit bottom.
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When the Dow dropped below 10,000 Marta Murphy decided it was time to re-evaluate her portfolio.
"I've been thinking about doing something because I had money in the market and I'm not putting more money into those accounts, the money's just sitting there," Murphy said. "And I didn't want to see it just dwindle away."
Financial advisor and Money Matters radio host
Barry Armstrong says there's no guarantee the markets have hit bottom.
"When it broke 9,000 no one thought it would do that," Armstrong said. "I didn't think it would break 10,000. So we've definitely seen panicked investors."
Armstrong held a financial open house Saturday to answer questions of worried investors at the Armstrong Advisory Group's office in Needham.
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Armstrong's Advice On Market Meltdown Concerns"Well, I've never seen anything happen like this before," said Rosemary Hempstead.
Hempstead says her finances are fine, but she thinks it might be time to put more of it into fixed rate accounts.
"Probably putting more into fixed isn't the best thing for me to do, but maybe in this climate it is," she said.
"So you are taking money out of the market?" WBZ's Peg Rusconi asked.
"Not as much as I'd like to because it isn't there anymore," Hempstead said.
Murphy says she's put her money into an annuity for now.
"If I see things getting better I would move back into the market," she said.
Armstrong says what's especially worrisome is that no one can answer the question of when will the turmoil end -- the proverbial million dollar question -- except the answer is worth far more than that.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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