5:55 am December 4, 2009, by Henry Unger
It’s nice to know that some age-old advice — “don’t panic” — still works in this financial crisis.
When stocks tumble, investors who remain calm and hold on for the bumpy ride ahead can regain their money over time. But those who panic can end up converting a paper loss into a real one.
The Vanguard Group, a major 401(k) provider, now says the typical retirement saver has more money in their account than they did before the stock market began tumbling two years ago, Associated Press reports.
Sixty percent of participants who CONTINUED TO CONTRIBUTE AND STAYED INVESTED have more money in their accounts than they had before the market decline in September 2007, AP says.
Forty percent still have lower balances. But Vanguard said most of them are less than 20 percent below their earlier peak, AP reports.
Patience truly is a virtue.
How have you fared? Any key strategy that you’d like to pass on?
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