DENVER (KDVR) — The FOX31 Problem Solvers are asking: What do these recent stock struggles mean for you?

The stock market woes over the last 24 hours have many people reconsidering their options when it comes to their investments. So why is the stock market taking a tumble, and what should you do?

Some people in the metro area told FOX31 they are worried.

“Inflation is interesting, right? It hits Main Street. It hits the everyday person,” one person said.

But not every person on Main Street understands what’s happening on Wall Street and why.

An explanation: On Thursday, there was a big selloff on Wall Street. This follows an announcement from federal officials to raise interest rates, making it more expensive to borrow money. The hope is to combat inflation.

“I got a stereo piece of equipment that is still on backorder for 12 months,” Wally Darling with Alpha 1 Wealth told us.

He said there are several reasons for seeing such a shaky market, including supply-and-demand and labor costs.

“[Officials] projected labor costs were going to go up 7% in the first quarter. Well, when it came out, it’s almost 12%. That’s 40% higher labor costs. I mean, think about all the drive around town and look at all the hiring bonuses,” Darling said.

Regardless of all these changes in the market and the uncertainty surrounding the economy during this new phase of the pandemic, people around town today tell us they’re not ready to push the panic button just yet.

“I think it’s important for everyone to know where their dollars are going,” said John Taylor, a local realtor. “So of course, I’m always checking my accounts on a daily basis, actually.”

Another man told us he’s been keeping a close eye on his 401K recently, saying: “I look and see where it was a week ago.”

Darling said to keep these things in mind:

Ask yourself, where was the market a year ago? He says we’re pretty much even to where we were last year.

If you’re less than five years from retirement, you definitely need to consider a second opinion with your financial advisor as you don’t want to risk losing your life savings.

Have a written plan that addresses everything from your income, to your market risk, even your estate plan. It will be less of a headache down the road.