(CBS DETROIT) – If your financial portfolio is losing value, you’re not alone.
Inflation and a volatile market can create the perfect storm that unleashes pain, but Nichole Baaki of JP Morgan Chase offers advice.READ MORE: Michigan Matters: Pistons’ Rob Murphy on Helping His Hometown
“We have an entire six months to sort of look back and see what does our spending look like,” Baaki said.
“What do our savings, how are we investing? And so, we think it’s a great time for our families to take a step back and look at that. Not just things individually, but the full financial plan.”
Wealth management experts say it’s not wise to make emotional investment decisions, even in times of financial uncertainty.
“The Google searches for just the word recession are higher today, than they were even during the Covid-19 lockdowns of April of 2020,” Baaki explained.READ MORE: Ribs RnB Music Festival Kicks Off This Weekend In Downtown Detroit
“It’s really important in these types of situations, what we would tell our clients and community members is that having a plan, understanding your goals, and really trying to avoid making decisions based out of fear is most important during times like these.”
It’s also important to have a backup plan.
Create an emergency savings fund, with three to six months of expenses put away.
Also, avoid selling out of your longer-term investments.
“If we have individuals or families that want to save or invest more, its like the old mom adage of paying yourself first or setting it up on an automatic basis so money is moving on a weekly basis or a monthly basis into that designated savings account or investment account that’s tied to a specific goal you have,” Baaki said.MORE NEWS: Judge Says Michigan Gov. Whitmer Won't Have To Testify In Abortion Lawsuit
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