[00:00:00] Because we had a bad, bad year last year, many people do things- I've had people- I was on a bus with someone during Covid, and they sold out of their 401k account because of Covid.
[00:00:13] They sold everything.
[00:00:14] And they thought they were so smart because, "Hey, I'm gonna avoid everything that's happening with Covid."
[00:00:19] And the market tanked at first because of Covid. Then the government came in and flooded the market with a bunch of money. Then the market went right back up.
[00:00:27] And I'm almost certain- I don't know this person, that she did not know what the government was going to do and missed out on this run in the market; right after Covid.
[00:00:38] Do not make any decisions in your 401K account- selling out, becoming more conservative because of what's happening in the market right now; even if you plan to retire next year.
[00:00:50] Because say you're 64, you want to retire at 65, we still hopefully have a 30- 40 year runway, right? So you're not gonna spend all of your 401k in the year you retire. You still have a long time horizon after that.
[00:01:05] You should not be reducing your stock exposure just because you're close to retirement and you're worried about what's happening in the market right now.