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MONEY MAY: Financial advisor provides best money management practices in 2022

She says the big key when managing your portfolio is diversity.

BEAUMONT, Texas — A lot of factors are putting a dent in our pockets, so it's an important time to be managing your finances.

You don't have to be a financial guru to know inflation is out of control.

"People are getting nervous, but the economy is still strong. People are still spending money," said financial advisor Cat Griffin.

Griffin is a financial advisor for Edward Jones.

She said it can be scary when the market shifts but advises clients regardless of their age to stay calm.

"Ride the wave,” she said. “We like to say stay in the boat, ride out the full market cycle because the markets do come back around, and it is, it is a cycle."

Griffin's advice is to create a financial plan with a goal, target high-interest payments, and invest in your 401K.

The big key when managing your portfolio she said is diversity.

"You want diversity in your investments like you want diversity in your life,” Griffin said.

"We believe being diversified through the different sectors is always a good idea,” Griffin said. “It is very unlikely you would hear an advisor say, ‘We're getting all the way out of this and moving all the way over here.’"

When the going gets tough, she said take a deep breath before making the wrong move.

"Because what we don’t want is for someone to make a knee-jerk reaction to a headline or a circumstance in the world," Griffin said.

If you do react quickly or you're scared about your finances, a consultation with Edward Jones is free.

“But if the goal at the end of the day is to provide a legacy for your children and grandchildren, or to retire in five years spending X amount of dollars a month, it needs to come back to your goals," Griffin said. "So, your plan and your goals need to align. It's okay to be emotional and have those responses with it and be scared. At the end of the day, we need to come back to the fundamentals of what we're doing though."

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