Financial resources available amid volatile stock market

FRESNO, Calif. (KFSN) -- Wall Street saw wild swings on Monday as investors were left reeling after President Trump announced sweeping tariffs.

The S&P 500 is now flirting with entering 'Bear Market' territory.

That's when stocks fall 20% from their peak.

"When stock prices take a hit like this, it affects people's openness in terms of their wallet and how free they are to spend," Fresno City College economics instructor Aaron Pankratz explained.

Despite the market drop, the president remains confident.

"Now what's going to happen with the market? I can't tell you, but I can tell you, our country has gotten a lot stronger, and eventually, it'll be a country like no other. It'll be the most dominant country economically in the world," President Trump said to the media.

Pankratz says you shouldn't try to sell off your investments.

"A financial advisor I've talked to says this is a great time to buy more because now stock prices are on sale," he stated.

But the market remains uncertain.

Many are seeing their retirement accounts decline, but experts say it's important not to panic.

"If you're considering things like selling your 401K to make current expenses, we don't want to see you do that because you can have a tax of up to 30% and the 10% penalization, so you can lose up to 40% of your own money," former financial advisor, Samuel Molina said.

Molina is now CEO of the Academy of Financial Education, a local nonprofit that provides financial resources.

"We want to provide people with an opportunity to put a strategy together to reduce their expenses and put themselves on a plan to reduce their overall debt as well," Molina stated of the nonprofit.

The nonprofit has partnered with an app called Groove to provide free financial assistance anytime.

"This is one of those credible applications that they can use to get financial resources, track their expenses, and make sure they're staying on track to reach their financial goals," Molina explained.

If you need financial advice, you can contact The Academy of Financial Education through their website or call (559) 473-6096.

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