FINANCIAL TIPS

FINANCIAL TIPS

Three local financial planners — Gene Emery, Rich Morrow and Michael Creatore — offered these tips for Kelly Pavlik or anyone who suddenly comes into money:

SPENDING

Do: Be conservative.

Don’t: Rush out to buy a fancy car, home or boat.

Advice: “A boxing career is very short. This money has to last a long time.” — Gene Emery, owner of E.R. Emery Agency in Vienna.

PREPARING

Do: Make a plan by deciding about what you want to accomplish with your money.

Don’t: Decide on investments until you set your goals first.

Advice: “Many times people have it backward and start by talking about investment products. You need to start with planning.” — Rich Morrow, partner with HBK Sorce Financial in Boardman.

ACTING

Do: Go slowly.

Don’t: Feel like you are missing something by not having all the money invested in the first few months.

Advice: “The biggest mistake people make is to get impatient. They need to show patience.” — Morrow.

INVEST

Do: Invest mostly in conservative mutual funds.

Don’t: Invest heavily in individual stocks or rush into business partnerships.

Advice: “You don’t want something that will tie up the money for a long time if you might have cash flow needs.” — Michael Creatore, owner of LPL Financial Services in Boardman.