After an unexpectedly low jobs report the stock market dropped more than 2% on Friday.
Added in with the losses from the rest of the month of May, put the S&P 500 down 9.1% for the month. Nearly all of the gains in the S&P 500 from the rest of the year have been wiped out — the index is only up 1.63% YTD.
If you’re nearing retirement, you just took a significant hit to your portfolio and should adjust accordingly.
However, for those with many years left to retirement the idea of the stock market going down should be soon as a good thing because the same amount of investment will buy more shares at lower prices than they would have at the beginning of May.
It can be difficult to see stocks as being “on sale”, but that mentality can help you significantly in your retirement planning. These great reads will help you, too:
PBS NewsHour | Can You Work Your Way Through School?
NPR’s Planet Money | The World’s Richest Countries and Biggest Economies in 2 Graphics
Care One | Who Pays? Extracurricular Activities and Divorce
Wise Bread | The Secret to Making Tough Financial Decisions
CNN Money | US Sees Decline in Millionaires
Get Rich Slowly | Ask the Readers: Why Don’t People Talk About Money?
One Smart Dollar | Understanding Bank Account Service Fees
Bloomberg | The Countries Where the Most Millionaires Live
My University Money | When Should You Go Back to School?
Consumerism Commentary | 8 Questions Before You Quit Your Job
Young And Thrifty | Seeking Out Affordable Housing As A Young Professional
The Simple Dollar | Playing the Lottery
Free From Broke was featured in the following carnivals:
Financial Carnival for Young Adults – 14th Edition – 20′s Finances | 20′s Finances
Festival Of Frugality: It’s Time to Cast Your Vote
Carnival of Money Pros | misswallstreet.com
Carnival of Personal Finance #363 – Never Forget