5 Ways to Prepare Yourself for an Economic Downturn
In this episode, Luis talks about ways to help prepare yourself during not so favorable economic times. Recent stock market volatility mainly due to the Coronavirus has caused a lot of uncertainty, however, there are things you can do to stay focused on your goals and not let the negative news affect you. Luis came to the U.S. at age 11 from the Dominican Republic. Growing up in New York City, he noticed the lack of financial literacy in his community and was inspired by his parents to work hard and pursue an education. He founded Build a Better Financial Future LLC and is the host of the On My Way to Wealth podcast. Luis was named one of InvestmentNews 40 Under 40 in 2019 and Financial Advisor Magazine’s 10 Young Advisors to Watch. From participating as an FPA NexGen Ambassador, to speaking at the CFP Board’s Diversity Summit, Luis uses his platform to help spread financial literacy as well as encourage younger and diverse planners to join and thrive in the industry.
In this episode, you’ll learn about the following:
- Why You Should Prioritize Your Emergency Savings
- The Importance of Having a Diversified Portfolio
- Avoiding Lifestyle Inflation
- Why You Should Tune Out the Noise of Negative News