Newswise — Concerned about the sudden tumble in stock prices?
"Don't worry," says Bill Gustafson, a personal financial planner and director of Texas Tech University's Center for Financial Responsibility.
Stock prices plunged Tuesday as sagging durable goods orders, declining markets in China and a reported assassination attempt on Vice President Dick Cheney sparked a frenzied sell-off.
However, Gustafson warned investors to keep the long-term picture in mind as they weighed their actions.
"From a financial planning standpoint, this isn't something to cause panic," he said. "The market has natural ups and downs and from the standpoint of achieving most long run goals, such as saving for retirement or college funds, this type of thing is going to happen.
"It comes back, in other words," he said.
Texas Tech is a pioneer in the Personal Financial Planning field and played a major role in raising industry standards. A member of the original 20 programs to offer board-certified personal financial planning degrees, Texas Tech helped pave the way for the creation of more than 300 current financial planning programs nationwide.
The college is hosting a celebration honoring the original CFP Board-registered financial planning programs. This four-day-event will take place Feb. 27-March 3.
Visit the program's Web site for more information:http://www.depts.ttu.edu/pfp/2020/
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