Taylor Nissi, a senior VP and wealth advisor at Farther, emphasizes the importance of having a robust financial plan during economic uncertainty. He suggests a three-bucket approach: an emergency fund, a taxable growth strategy, and a long-term retirement plan. During periods of market volatility, individuals should prioritize building their emergency fund, ensuring they save enough to cover at least three to six months of expenses based on their income situation. This financial structure allows for better decision-making amid uncertainty and helps manage investment risks effectively.
"Having a financial plan gives people a reference point to return to during market fluctuations. It can help with decision-making in times of high anxiety."
"We like to say you should have three buckets: your emergency fund, taxable growth strategy, and long-term retirement plan."
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