MONTGOMERY, AL (WSFA) - Brian Mogren felt that sinking feeling when the stock market plunged more than 500 points Thursday.
"It was distressing to see it go down like that," said Mogren.
We know what happened but why?
"A perfect storm. The debt deal between the president and congress didn't turn out the way people had hoped. You have the debt concerns in Europe and there are concerns about the overall economy," said Ameriprise financial advisor Yvonne Messer.
Including Thursday's drop the Dow has been down around 10% from its recent high.
Although troubled by what's going on, Mogren plans to stay in it for the long haul.
He admits it's easier said than done but believes it's the practical thing to do. At 43 he's no longer looking at retiring at 55. Mogren has pushed it back 5 years.
"I see this as a buying opportunity and if you watch the market everyday you'll drive yourself crazy. I don't do that," said Mogren.
The odd thing about the economy is companies are sitting on lots of money. Apple, for example, reportedly has around $76 billion in cash, and just today, the July employment reports turned out a bit better than expected, 117,000 jobs created last month.
Financial advisors like Messer define the long term as 10 years and beyond.
In short sit tight, keep cool and hang on.