On social media, the predictions are dire. It was the typical reaction to the stock market plunge online. But is it correct? 10 News asked a certified financial planner.
"You can't use social media to make decisions about your financial future," said Steve Overton, certified financial adviser.
But people did. Just three minutes after the opening bell, the stock market dropping more than 1,000 points, and that's when the panic started. Experts say opportunists are playing on that fear.
"They're trying to make money. One way or another, the folks who are telling you what the market is going to be like in a few years are trying to profit on that somehow," said Overton.
Most people who have stocks have financial advisers to call for advice, but many people who have a 401Ks don't. So it was scary, especially for young people.
"I guess I should research it a little and see where my money is going and if it's making money or losing money," said Jennifer Jason.
Others knew what was coming.
"I said I guess my 401K is going to take a beating," said Steven Pensabene.
DOW PLUNGE: Major indices drop, sparking worries
But don't panic, instead, call an expert.
"They really are in a position to find out what you personally need done in your 401K," said Overton.
So get educated, don't get crazy.
"Chicken Little, the sky is falling! Everyone says so, so it must be true," said Martin Jennings.
If you have a 401K, you already have a financial adviser in the person who oversees the plan for your company. They are there to answer your questions, so don't be afraid to reach out.
