How you can get ahead of rocky markets and protect your financial future
(25 News) - With so much happening in the world, the stock market and the economy are feeling the effects. But financial experts say there’s no need to panic.
The war in Ukraine, inflation, and the lingering impact of the pandemic have caused widespread concern. But advisers say fear can lead to irrational decisions by those who are still unprepared for retirement., as well as those who have a well-established base but may still feel uncertain.
“People love it when the market is going great, but can they stomach these downturns?” says CEFCU financial advisor Adam Personett, addressing the question he asks when determining a financial portfolio for his clients.
But no matter what’s happening in the world, volatility – or change – is inevitable, and the future unpredictable. Advisors say the best course of action is to set a foundation early on, and not to panic.
“It’s a matter of can your plan withstand the current volatility,” says Phil Cooper, the founder and CEO of 210 Financial in Morton. “Can you personally, emotionally, withstand the current volatility. If the answer is no, adjust for it.”
Cooper recommends finding a professional financial advisor that can talk you through the process and help you prepare the right way. That includes saving up and limiting spending.
Now, a country full of spenders will need to come to terms with making sure they’re prepared for retirement, all while downsizing their risk. An easy way to gain peace of mind is to make sure your money is going into funds like Roth IRAs and 401ks early on.
Professionals add it’s never too late to get started. Their biggest message: adjust for the future
“Have a professional look into your situation saying ‘What if I retire?’” adds Cooper. “‘What will that look like? Will I have enough income going forward?’”
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