Personally, I’ve moved most of my investments into money market funds and plan on buying the dip, just like the multi millionaires. Other than that, I’m getting stocked up on shelf stable foods, and trying to get to know my neighbors a little better.
There is also a risk that the tariffs will cause huge inflation. You could be left in the dust if you aren’t in the market. My guess is that we’re going to see this dip followed by 10%+ inflation. https://en.wikipedia.org/wiki/Stagflation
It’s possible, for sure. I tend to stick to the less risky plays with money market funds, bond funds, and sometimes the inflation ETFs, even before this. Right now, not including my 401k (which maybe I should update as well), I’d say about 80% of it is in money market funds, maybe slightly more. If it starts going the other way, I’ll definitely need to move to the inflation ETFs ASAP.