Plenty of people seek advice on what to do with their money - WDRB 41 Louisville News

Plenty of people seek advice on what to do with their money

People are now looking for advice from financial advisors on what to do with their money.  Fox 41's Valerie Chinn talked to people in Louisville about their plans for their 401k's.

Jesse Bishop said, "It's upsetting, I don't know whether to stay in or get out.  Seems like people have different opinions." 

Jetta Atchley says the the downturn in the market, "scared me a little bit."  But she says she does not have a lot invested in the market.  She's not afraid of it for herself, but how it affects the economy as a whole.

Johnathan Hoyer's idea of what should happen next is, "In my opinion if it ain't broke don't fix it."  He believes the best thing to do is leave everything alone and hope for the best.

Financial advisor Mark Lamkin of Louisville has been busy with customers asking for advice.  He says people need to stay invested, because a rebound is coming, although no one knows when.

He says you need to stay invested to take advantage of it.  As for the bailout package -- Lamkin says a recovery plan is needed to put liquidity back into the banking system.

But Herbert Williams told Valerie Chinn his impression of the market was, "not good," and he says things have to straighten up quickly."

And Johnathan Hoyer went on to say, "I was going to start looking at stocks and so forth...decided at this point to hold off."  He's going to wait until after the election, and see what direction a new administration takes.

Financial advisors say say people should not panic, and should not take their money out of banks.

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