Advice for Tough Times
Three Essential Tips From Our Financial Experts
- Remain focused on your financial plan and ignore the news of gloom and doom if you can. If your goals are years away, don't worry. If your goals are sooner, think of them in terms of new possibilities instead of sacrifices.
- Live within your means. If you "can't," then you must!
- If you are able, take advantage of the incredible investment opportunities the market is offering.
Jake Koebrich has nearly a decade of financial planning experience, and with his company Life Works Inc. uses "life planning" to focus on aligning his clients' goals with their investment and savings strategies.
- With lowered interest rates, evaluate the current interest rates on current debt obligations to determine if lower rates can be obtained.
- Maintain a fund with six to 12 months of cash to cover basic expenses.
- Check your asset allocation "seatbelt." Now might be a good time to make any changes needed to get you through the difficult times ahead. But talk with an adviser to make sure you are moving investments in your portfolio around for the right reasons.
Lisa Purcell has been with TIAA-CREF, the financial institution geared toward investors from nonprofit, academic, cultural, and other fields, since 1995. She joined the wealth management group in 2005.
- During times of economic downturn, don't panic or make emotional sell decisions with regard to your investment portfolio.
- Do not stop investing in your employer-sponsored retirement plan.
- One way to benefit when a stock goes up is to own it while it's down.
Herb White founded Life Certain Wealth Strategies in 2003 and uses his 12 years of finance-related experience to provide a comprehensive and independent financial planning service for clients.