There’s an old adage that goes, “Good things come to those who wait.” This is true in many areas of life, and it’s especially relevant to investing. Making kneejerk decisions, following trends, or falling for “get rich quick” schemes are the antithesis of thoughtful, responsible investing. Rather, a prudent investor is one who takes a long view—whose boat isn’t rocked by the ebbs and flows of the market. And this is just as true for older investors as it is for younger ones.

I will always advise my clients to take a long view when it comes to investing. This advice is relevant no matter if you’re 26 or 86. Older clients sometimes become nervous when they see the stock market dip. They occasionally tell me that they’re worried it won’t bounce back within their lifetime. But I never share their trepidations. The average bear market—defined by a decline of 20% or more from recent market highs—lasts between nine and fifteen months. Furthermore, minor market dips and corrections are even briefer.

The “doom and gloom” of the media might convey that we’re heading for a terrible recession, or that a current slump will drag on for years…but they are rarely correct. Take the market crash of 2020, for example. With the COVID pandemic picking up steam, the media was nothing but doomsaying and dire predictions. However, this crash only lasted a month and a half. Anyone who pulled their money from the market in a panic likely had to buy back in at a loss. But those who stayed the course and didn’t touch their investments were rewarded with steady growth, which has continued ever since.

To think long-term and resist acting rashly, I suggest taking a few steps:

Unplug

Doomscrolling through newsfeeds doesn’t do you any good. Instead, limit your media consumption so you’re not constantly inundated with bad-news predictions.

Look to History

If you start panicking about a market slump, it could be helpful to scroll through articles that discuss the stock market’s history. Google topics such as “stock market historic growth,” “stock market trends over time,” or “average time for stock market to bounce back.”

Follow Your Plan

If you have developed a solid plan with a financial advisor, you can do one simple thing: trust the plan. A prudent and comprehensive plan is meant to endure highs and lows, bulls and bears. Your plan should also include funds that are not affected (or affected very little) by the market. For example, I always suggest that my clients develop a robust emergency savings account to get them through lean months, or even years.

Talk to a Trusted Expert

When in doubt, give your trusted financial advisor a call. They should be able to walk you through any market troubles and remind you of why your current plan is a good one. In some cases, they may decide it’s a good idea to rebalance your portfolio or make minor adjustments, but they should never make any extreme moves during times of market turmoil.

Taking the long view is what wise, prudent investors do. No matter your age, this type of big-picture investing will help you reach your goals and live comfortably. In my experience, those who make quick decisions based on dire predictions are rarely rewarded in the long run.

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