Raw Video: Financial Crisis Impacts Local Families
MILWAUKEE - Stock markets tumbled Monday after the House failed to pass a bailout plan.
It caps off months of pain for Milwaukeeans who have their savings invested.
The bailout was meant to help banks and financial institutions. Meanwhile, average Milwaukeeans are watching their accounts shrink.
Tari and Rich Matiszik have their money in several different accounts. That includes a 401K, Roth IRA and a 403B. It's become too tough for them to even look at their statements.
Click on the link under related content to see an interview with Tari and Rich Matiszik.
"You keep contributing and the money goes down, down, down, so we don't look at them anymore," Tari says.
The couple estimates they've lost $25,000 in this financial crisis. It's money they've saved for retirement and their daughters' college funds.
Still, they're not panicking.
"I really think this is not going to last," Rich says. "We're going to have an upturn and I don't know if it'll be a big one or a small one, but over the long term, we're going to be just fine."
Mark Oswald, managing partner at Annex Wealth Management agrees with that assessment. He says if you've ridden the market this far, it's not time to get out.
Click on the link under related content to see an interview with Mark Oswald.
"Everybody has to decide for themselves, 'how much more can I take,' and if you can weather the storm and your time horizon is long, take advantage of these markets right now," he says.
It's an ideal time to buy low and hopefully sell high in a few years.