Stay Positive Even While Market Swings, Brentwood Financial Adviser Urges

As the stock market continues its roller coaster ride, people are on edge when it comes to their wallet.

Brentwood native Chellie Campbell knows all about the frustration and fear that comes with a bear market recession. She has been working out of her home office in West LA since the early '90s consulting with locals on what she brands as financial stress reduction.

“All we hear in the news is that we should be afraid and most people are driven by fear, which simply makes everything worse. … [The media] should reinforce that America is fine and that we go through cycles of booms and busts. During times of recession we shouldn't be trying to sell everything. If anything, we should be spending more,” Campbell said.

Campbell urges her clients to take a positive perspective on daily finances. She suggests having three budgets—low, middle and high— and picking one at the beginning of every month. This will let you save when they need to, she says, and spend when you want. 

“When people hear the word budget, they often hear the word 'can't,' ” she said.

Campbell argues that finances change and by creating three different budgets instead of only one, spending freedom can be worked in when cash flow increases. 

Always pay toward your future, she adds. Putting money away is something that few people do these days. Credit card debt takes up most of what most people used to save and although Campbell argues that it's important to pay off revolving debt, it's also important to maintain savings. Putting a chunk of your paycheck in an IRA or something similar allows you flexibility in a volatile market, she says. It also allows you to stay afloat should you get sick or injured or laid off from your job. Having no foundation to fall back on can result in sleepless nights spent stressing over finances.

Pay bills with joy, she urges. “When people look at the bills they have to pay, they often see it as money being taken away from them. They should look at their bills with a level of gratitude that they can pay their bills. Tell yourself 'thank goodness I have the money to pay my mortgage, electricity, Internet and so forth.' It's what I like to call praise and pay,” Campbell said.

She also encourages clients to tip up when they go out to restaurants and cafes. She says that by giving more, you get more in return.

By staying positive, Campbell believes the benefits will be spread throughout the community. By allowing yourself to spend more, you can help others around you, she says. For stockholders, Campbell stresses that it’s not a good idea to begin selling off assets when the rest of the country is doing the same. Stocks are long-term investments and should be treated as such, she said.

Small-business owners should be directing funds to marketing and advertising, Campbell says. Getting more customers and reaching out should be their No. 1 concern.

All in all, Campbell says that the key to surviving an economic downturn is staying calm and having a positive outlook on matters.

To learn more about Campbell’s financial advice check out her website.