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Financial advisor shares economic advice amid rising inflation

An Edward Jones financial advisor shares how to manage the growing inflation and changes in the market.

PHOENIX — An unpredictable economy and soaring inflation have the nation facing the growing possibility of a recession.

Some experts, like Phalen Booker, suggest several things to do financially to better prepare for the future, after weeks of inconsistencies on Wall Street. 

Booker said saving is your best bet.

"We're seeing a pretty substantial correction in the market. Right now, is not necessarily the time to be panic selling or being fearful of the market, it's more of a chance to be a little more balanced, a little more careful about how you invest," he explained.

Booker, a Financial Advisor for Edward Jones Investments said don't let a disjointed market make you fearful of investing. So, how do you do that?

Survey your current financial status or portfolio

"This is a good chance to offload some of those riskier assets and go to things that are more quality-based and have shown that they'll go in the long term," Booker added.

Ask for help

"Reach out to somebody that has some knowledge of money, budgeting or any of those things and sit down, figure out a plan and see what you can put back."

Stick to some kind of savings plan

"If you constantly save a little bit paycheck, after paycheck, after paycheck, it eventually adds up and then when the time comes and you have a nice little chunk of money, you can put it into the market."

Booker added while it may seem obvious that every little bit helps, the real boost comes from building a modest portfolio, pinching pennies and capitalizing on company matches.

"Any chance that you get to save and you don't have to think about it, that's the benefit of having a 401K or employee plan, the money is taken out of your paycheck and you don't even see it and so as long as that money is growing and being put to the side, leave it the way it is," he explained.

Experts add that the market's stability really depends on whether the Federal Reserve can keep our nation out of a recession.

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