TRAVERSE CITY -- The stock market plunge has many folks in panic mode, wondering what they should do with their money in such an unstable market.
7&4's Kate Fox spoke with a local financial expert who is busy calming fears of clients and while deciding the best way to handle the ups and downs on Wall Street.
Co-Founder of Front Street Investment Management in Traverse City says this recent stock slide is reminding investors of the 2008-2009 recession and creating serious uncertainty.
Tank says people make knee- jerk reactions based on "short-term" news and they usually end up being the wrong decisions.
He says the smartest move is to use this as a learning experience for next time around -- and to remember to always keep a long-term outlook on the market.
Tank says, "You have to go back and look at overall financial picture, identify what your capacity for risk is and really what your tolerance for risk is and make sure you've go a portfolio that can essentially withstand these stresses."
Tank says for some this could mean building a far more conservative portfolio that might not make as much money.
For other clients, the ability to take risk might be there, which is a sign that their portfolio is situated properly.
To check out even more advice from Tank you can check out the video above.
