LATELY, IT FEELS LIKE EVERY HEADLINE is shouting some version of the same thing: “Recession incoming!” “Market in freefall!” “Investors flee in panic!” In these uncertain times, many are rethinking their investments.

Fear and uncertainty can be paralyzing—especially when they creep into your investments as a physician. Whether you’re hearing whispers of recession or watching your retirement accounts dip, it’s easy to feel like doing nothing (or pulling all your money out) is the safest bet. While that might protect from losses, the fear of loss would be replaced by fears of not keeping up with inflation, not having enough to retire, or anxiety about when to get back in the market. We have been lucky enough to have a largely upward trending stock market for many years now. But that’s the exception, not the rule. The truth is, uncertainty is a given in the market. What matters is how you respond. And the best way to invest confidently in any market— calm or chaotic—is to match your investments to your goals and timelines.

Let’s break it down.

Understand your timing 

The first step to calming your investment nerves is organizing your money by when you’ll need it. Group your financial goals into three buckets: short, intermediate and long term. This approach allows you to take smart risks when appropriate and stay conservative where it matters most.

If you’re planning to use the money within the next one to three years—maybe for a house down payment, an emergency fund or a practice buy-in—your number- one priority should be safety. You don’t want to gamble with these funds. Instead of chasing returns, focus on preserving what you have. Sticking this money in a high-yield savings account, a money market fund or a short-term certificate of deposit can give you peace of mind and quick access when you need it, without the rollercoaster ride of the stock market.

For goals that are a bit further out—say, three to 10 years—it’s time to find a healthy balance between growth and stability. Maybe you’re saving for a major vacation, a wedding or a home renovation. In this case, you can afford to take on a little more risk, but you still don’t want to be too aggressive. A diversified mix of investments, such as a balanced mutual fund or an intermediate-term bond fund, can give you the chance to grow your money while protecting against too much volatility. As the timeline shortens and your goal gets closer, you’ll want to slowly reduce risk and shift more funds into stable assets.

Now let’s talk long-term— those big-picture goals like retirement or a young child’s college education, which are 10 or more years away. This is where the magic of the market really works in your favor. Over time, the stock market has historically trended upward, even though there are plenty of bumps along the way. By investing in a diversified portfolio of stocks, index funds or target-date funds aligned with your timeline, you give your money the chance to compound and grow in a meaningful way.

Look for the opportunities 

When the market dips, many investors instinctively panic— but downturns can offer hidden opportunities, especially for health care workers who have a relatively stable income source.

If you’re not planning to use your invested money anytime soon, this could be a great time to buy while prices are low. Think of it like a clearance sale on high- quality companies. You can also take advantage of tax-loss harvesting, which involves selling investments that have lost value to offset capital gains and reduce your tax bill. Just remember to follow the IRS’s wash-sale rule to avoid penalties— don’t repurchase the same or a substantially identical investment within 30 days.

Diversify based on goals 

For those nearing retirement, it’s especially important to revisit your asset allocation. If you’re planning to retire within the next five to 10 years, it’s wise to start reducing your exposure to market risk. A larger cash cushion— enough to cover one to two years of expenses— can act as a financial buffer during turbulent times.

You may also want to consider a “bucket strategy,” where your funds are divided into three categories: short-term needs held in cash, medium-term needs invested in stable assets like bonds, and long- term investments that continue to grow in stocks. This layered approach can provide peace of mind while ensuring your money is working efficiently over time.

At the end of the day, the market will always be unpredictable. But by focusing on what you can control— your goals, your timelines and your planning—you can take back your power and make smarter decisions, even in uncertain times. •