Locals react to stock market, gas prices - WMBFNews.com, Myrtle Beach/Florence SC, Weather

Locals react to stock market, gas prices

(Source: AP Images) (Source: AP Images)

MYRTLE BEACH, SC (WMBF) - As of Friday the Dow Jones was down 530 points and here locally gas prices are close to two dollars.

The simplest piece of advice from one financial planner is to not act impulsively on either of these economic extremes.

For Chris Wohl, the long drive from New York came with one big bonus at the end.

"A dollar ninety nine is big savings, He said while smiling. I wish I could take it home."

Back home, Wohl says he filled up his tank at over three dollars a gallon.

Here in South Carolina, the average is just over two dollars a gallon, and in Myrtle Beach, you'll find prices even lower.

Unfortunately, a look at another set of red numbers is making it hard for Wohl to focus on that money he's saving.

Instead, he's worried about his 401K and investments.

"You're kind of stuck in the middle, Wohl said. Do you sell and lose everything, or do you hold out and hope that it's going to rebound back up and go back into the positive side?

Local financial planner Christopher St. John says don't let the global market ruin your long term plans.

He says it's not a bad idea to calculate your risks, but overall stand strong and look towards the future.

"If you're invested for the long term, you really don't worry about day to day, month to month, or really even year to year, said St. John. You're worrying about the long-term. Where do you want to be 15 years from now, where do you want to be 10 years from now, where do you want to be 20 years from now?"

Back at the pump, Chris Wohl says he'll enjoy his small savings while he can, and hope that the stock market, and his 401K turn it around.

"I think that they'll make it through and hopefully bounce back."

St. John also had one more piece of advice when it comes to savings on gas; don't get too carried away with savings.

He suggests putting the money away for a rainy day or use it to pay off some debts.

Copyright 2015 WMBF. All rights reserved.

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