AMNA NAWAZ: Well, for more now on how the market volatility could affect your wallet, I'm joined by Michelle Singletary.

She's a personal finance columnist for The Washington Post.

Michelle, welcome back.

And I know how people navigate this moment really depends on who they are and where they are in life.

Let's take it group by group here.

For people who are close to retirement, for the 70 million Americans who invest in a 401(k), what should they be doing or not doing in this moment?

MICHELLE SINGLETARY, Personal Finance Columnist, The Washington Post: I hate to say this because the inclination is to do it, but don't look.

Just don't.

I have not looked at my portfolio since the Trump administration announced these tariffs because the market started to slide then.

When you look at the actual numbers, the natural tendency is for you to panic.

And you can panic and scream, but don't act on that.

And that's one thing.

And then, when things calm down, if they ever in the short term, you might need to revisit.

Perhaps you have too much risk in your portfolio.

But for many seniors, they're going to have 10, 15, 20, even 30 years left in their retirement.

And so you have to keep your eye on that, that your portfolio still needs to have growth in it so that you can buy the things that you need in your retirement years.

AMNA NAWAZ: What about for folks who've been weighing a big purchase, a house or a car?

They have been watching rates falls.

They have been waiting for the moment to jump.

Should they keep waiting?

MICHELLE SINGLETARY: I think if you had the money together, you knew that this -- you are in the market, you crunched the numbers, it was going to be OK, you're not going to be in trouble, go ahead and make that vehicle purchase now.

Don't wait.

You can see the flip-flop that's going on.

But if you already knew that you were stretching into that car, then I would not do it.

Fix it up if you can before you jump in, because if this flips back the other way, you could lose your job with a new car note on your books, and you don't want that.

AMNA NAWAZ: Michelle, I want to ask you to help us navigate some messages we have heard from the president directly, because, over the last few days, as the trade wars were ramping up, President Trump repeatedly online delivered this kind of message.

On Friday, he posted: "This is a great time to get rich."

This morning, he posted: "This is a great time to buy."

Who is he talking to with these messages, as the global and U.S. markets were plunging?

MICHELLE SINGLETARY: I don't know who he's talking to, because he's not talking to the regular people.

Maybe he's talking to his billionaire buddies who can buy another yacht, but he's not talking to the rest of America and the rest of the world really.

It's easy for him to say that.

He doesn't have to worry about the food on his table or even the roof over his head.

You're playing with people's money.

And the thing that bothers me the most is that it - - people lose their confidence in the economy and the market.

And when they lose their confidence, they pull back.

They're scared.

They're spooked.

And that's what really concerns me.

Lots of people jumped out, and they may not get back in.

And they need that growth, because one of the biggest dangers to your portfolio to your future is inflation.

And if your dollar is not invested in a sound way, then you could lose the value of that dollar that you might want to put in your mattress.

And so I think he's being too flippant in those comments about what's happened.

And I think that has angered a lot of people and concerned a lot of people.

I have heard from retirees and even young adults who are like, what should I do?

That's not how you want to lead.

AMNA NAWAZ: Michelle, we know, for most Americans, even the existing tariffs will be felt in some way as prices will go up.

In the 30 seconds or so I have left, what's your one piece of advice to everyday Americans about navigating this moment?

MICHELLE SINGLETARY: I think, if you were already struggling living paycheck to paycheck, or you're not sure about the security of your job, like the federal workers, you pull back, you budget tight.

You're going to cancel that vacation.

You're going to cancel that major project that you might have had on board.

If you're still OK, you have got a good amount of money saved, then I would go ahead and do some of the things that you were going to do, but be very cautious about that.

Just watch that budget, because it's still going to be a tough ride for a little while.

AMNA NAWAZ: All right, Michelle Singletary, personal finance columnist for The Washington Post, great to speak with you.

Thank you.

MICHELLE SINGLETARY: No, thank you.