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Don't panic, this is not the 2008 recession: experts

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VANCOUVER (NEWS 1130) – With the loonie continuing to tumble and the price of oil at a big low, some financial experts say the worst thing you can do right now is make emotional decisions.

The 2008 financial crisis was very different from what’s happening now, according to Ben Homsey with the Leith Wheeler Investment Counsel.

“We absolutely do not think we’re going into another 2008 type scenario. The economy itself in the United States, for example, is significantly stronger than it was in 2008,” he explains. “Remember that there are a lot of very positive and optimistic things that you could also look at on the other side of the coin.”

Ilana Schonwetter with Blue Shore Financial echoes his comments and both are reminding investors not to act emotionally. They say now is not the time to pull out of investments.

“But it is a time when you need to ensure that you are within your comfort zone. It’s a good time to sort of revisit things with your advisor and make sure that moving forward as things settle down, you are allocated correctly,” she says. “You will come through this okay, you will continue to receive your dividend earnings and the companies will recover as we sort of settle down in the market,”

These financial experts say it’s always good to have a diversified portfolio.