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When times get tough, managing your wealth may seem daunting or even impossible. An economic downturn can pose a lot of uncertainty, for example. But there are plenty of ways to safeguard your financial well-being when it comes to investments, says Andrew D. Burish, managing director and financial advisor at UBS Financial Services Inc.

“Make sure you have a financial plan in place,” says Burish. While a rainy day can occur at any time, being prepared early can make all the difference and dissuade you from panic selling if you hold investments in stocks. “For those with a financial plan, if you don’t have a liquidity strategy in place, we would recommend minimizing your withdrawals from your investments to prevent a permanent impairment of your portfolio,” says Burish. “You can make tweaks to the portfolio, but history will show that as long as you stay invested, your portfolio will weather the storm.”

Andrew-Burish

Andrew Burish