Jill Schlesinger offers financial management tips for uncertainty

Managing money can be challenging, especially during uncertain times. Economic conditions, job markets, and stock prices are unpredictable, causing many to feel anxious about their financial futures. To help navigate this uncertainty, financial expert David Booth suggests focusing on what you can control. He emphasizes that investing, much like life itself, involves complexity and unknowns. A new documentary titled "Tune Out the Noise" chronicles his contributions to modern finance and investing strategies. To maintain peace of mind and work towards financial goals, follow these five steps, part of a "Panic Protection Plan." First, secure your essential expenses. Save enough to cover 6 to 12 months of living costs, pay off high-interest debts, and maximize retirement contributions. Second, assess your need for cash. If you have upcoming large expenses, like a home purchase or tuition fees, keep that money in a safe account, not in volatile investments. Third, remember your long-term investment goals. If retirement is nearing, keep in mind that funds still need to last for many years. This perspective can help you withstand market fluctuations. Fourth, seek "free money." Review your investment fees and explore lower-cost options, such as switching from actively managed funds to index funds. Finally, don't hesitate to ask for help. A professional advisor can guide you, but ensure they act in your best interest. Research fiduciary advisors through resources like NAPFA.org or AICPA.org. Staying calm and informed will help you manage your finances amid uncertainty.