In times of market volatility, having a long-term investment plan is essential for navigating uncertainty. Gradient Investments portfolio manager Tyler Ellegard joins Wealth with Madison Mills to offer his insight on long-term planning.
Ellegard emphasizes that creating an investment strategy begins with understanding your risk tolerance. "At the end of the day, if you're not willing to take on the risk or you don't like the risk, then we need to dial it back," Ellegard explains.
He explains the importance of "trying to develop that long-term goal that meets the risk objectives of what they need ... and the types of the things they want to do," such as travel, for example.
Ellegard specifically advises against timing the market. "When it comes to investing, it's hard to time the market. The more important thing is time in the market because over longer periods of time, we see that the market goes up," he says.
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This post was written by Josh Lynch