News from Wall Street scares South Georgians - WALB.com, Albany News, Weather, Sports

News from Wall Street scares South Georgians

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By Delivrine Registre - bio | email

September 15, 2008

ALBANY, GA (WALB) - Kelly Jenkins of the The Jenkins Group in Albany has been flooded with phone calls. "We have a lot of people worried, and they should be. It's a very uncertain time. The financial and real estate sector has taken a hit that is worse than anyone had expected," said Jenkins.

And South Georgians are reminded of that by the sea of for sale signs that line the roads of many neighborhoods. "A lot of people are afraid retirement funds won't be there because there are so many things happening and with the economy up and down the way it is," said Freddie Harrington.

Analyst say the problems in the financial sector of the market stem from faulty lending. And Jenkins said that is why your portfolio should be diversified. "You don't want to be all in financial in bank stocks. Or you don't want to be in all energy because everything goes through a cyclical period," said Jenkins.

"It's just important to not put all of your apples in one basket because those are the people who are getting hurt the most."

But despite the hits, our decision to pull out should be based on when you are going to need the money. "If you are going to need the money within the next one to three years, the stock market is not where you want to be. But if you got a long term money horizon then you don't need to pull your money out," said Jenkins.

"I am going to try to wait it out and see what happens," said Harrington. Because just as quickly as money is being lost, a profit can be made when the market recovers.

An important part of a diversified portfolio includes cash reserves. Investors recommend that you have six months to a year's worth of expenses saved up out side of your investment portfolio to help you ride-out any financial crisis.

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