Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Secrets of 6 top financial advisers

Some of the financial planning profession's most respected veterans reveal their favorite strategies for tough times.

2 of 7
BACKNEXT
The secret to staying cool in this market
The secret to staying cool in this market
Years in business: 23
Client assets: $50 million
Known for: Leading planner voice in the Latino community
Know what you can control

Louis Barajas - The coach
Louis Barajas, Wealth Planning Santa Fe Springs, Calif.

Obviously, it's okay to feel upset. If you're really interested in helping yourself, think about what is within your control - and what isn't.

You can control how much money you're spending. You can control whether you're becoming more valuable at work. You can't control your office being shut down. You can control whether you put a résumé together and start looking for a job.

You're saying, "I've lost $50,000. I've lost $100,000." You can't change the event. What you need to focus on is the outcome you want. I've gone through this with a lot of clients: "What was the money for?" I ask. "For my retirement," they say. "I just wanted to play golf a couple of times a week and travel once in a while."

And we've sat down and looked at their portfolios. A lot of times they're still on target for that retirement. Or maybe instead of playing golf three times a week, they're going to be able to play twice a week. The feeling of having lost control of outcomes is what creates panic and fear. Don't forget that you do have options.

NEXT: The secret to creating the right mix

Last updated December 10 2008: 1:46 PM ET
More Galleries
11 tasty treats to bring back from a business trip Nothing is as crowd-pleasing or pragmatic as edible souvenirs. We've found foodie gifts that are both delicious and distinguished in 11 popular business destinations. More
15 women who founded $1 billion startups Meet 15 women behind some of the world's hottest startups. More
Here are 27 ads Russian trolls bought on Facebook and Instagram The House Intelligence Committee on Wednesday released some of the ads a Russian troll farm purchased on Facebook and Instagram during and after the U.S. presidential election. More

Special Offer