MEMPHIS, Tenn. — The coronavirus pandemic has impacted the stock market and job market, leading many people to worry about what they should be doing with money right now.
WREG spoke with a financial advisor who says now is not the time to panic.
Toni Polk is a Memphis financial advisor with Edward Jones. She says now is a good time to reach out to experts who can explain what you’re are seeing in the news and how it affects you.
“A lot of time, we are managing portfolios that don’t even look like what your are watching,” Polk said. “A lot of the indexes that are losing a lot of percentages does not mimic that individual portfolio.”
She says a financial advisor can make sure your investments are aligned with your risk tolerance and your retirement timeline.
Polk says it’s important for those who are worried about their job and next pay check to stick to a budget.
“Because we don’t know when this is gonna end,” Polk said.
She says to budget for the essentials, such as paying your mortgage or rent, car payments, groceries and utilities.
“Things you don’t need would be a new dress, a new outfit, maybe even curbing your take out,” Polk said. “Maybe cooking more at home as opposed to doing curb side.”
Polk says it’s also important to budget the stimulus checks coming to a lot of people.
“A lot of times when we get those big checks, it’s so easy for us to want to go and celebrate, but in these times when we don’t know how long this is going to last,” Polk said. “So it’s really important to stick to those core items in your budget.”
Polk’s three pieces of financial advice for everyone: Don’t panic, hold on to your faith and meet with a financial advisor.
“You need your health physician to tell you your are in good health; the same with your finances,” Polk said. “You need to make sure you are in good health when it comes to your financial picture.”