Great advice. I’d add that for those who want to continue to add money to the market, select a diversified fund — preferably an index fund to protect your principal — and use income averaging.

Place a certain amount of money into that mutual fund on a specific day of the month. Make the transactions automatic. Then you’re not timing the market, have diversification, and you won’t lose what you put in. If another big recession strikes and others lose 40 percent like the last time, you might not gain much, but you certainly won’t lose.

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