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I want to retire before I'm 50 — I'm in my 30s now — so I asked financial planners how to mitigate risk. In order to make sure I'm managing as much risk now as possible, here's what financial planners say I need to consider if I want to retire early as a millionaire. As I continue to grow my investment portfolio, financial planner Evon Mendrin says that it's a good idea to diversify my portfolio even further to help with risk. Secure the right insuranceWhen planning for the future, it's easy to forget what we need right now to handle any potential financial emergencies. By the time you reach 50, either have a plan for long-term care out of your retirement funds or a long-term care insurance policy in place."

According to financial advisors, your money will lose value over time due to inflation by doing this. Setting financial goals, saving for retirement, and learning more about basic investing can help. Lauren Anastasio, Director of Financial Advice and financial planner at Stash, says there's an opportunity cost to keeping cash. Evon Mendrin, a financial planner, says that too much cash can be a sign that a person doesn't have financial goals or priorities. "Once that bucket is filled, then think about your mid-term and longer-term financial goals.

Persons: —, I'm, Lauren Anastasio, there's, Anastasio, it's, Evon, Mendrin, Nate Hansen, Hansen, " Hansen, Tony Matheson, Roth, Matheson Organizations: Service, Personal Capital, Roth IRA, IRA

Instead of scrambling to time the market, it's smarter to focus on the things you can control, writes financial planner Eric Roberge in an article published by Kiplinger. Which is a shame, considering it's so easy to avoid: Stay in your seat," Roberge writes. Cut down your expenses"If you're truly scared of a recession, pull out your budget and start trimming costs now," Roberge writes. Pay off your high-interest debtIf you do have high-interest debt, now is the perfect time to "start attacking it aggressively," Roberge writes. It's a good time to focus on developing job-related skills and polishing your résumé to make sure you're prepared for whatever comes your way, Roberge writes.

Persons: Eric Roberge, Roberge, —, Kiplinger, Lauren Anastasio, there's Organizations: MetLife, Kiplinger, Service, APR

Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). "Putting this level of expense on your credit card could have a negative impact on your credit score." Though the APR on your personal loan depends heavily on your credit score but can easily be under 10%, whereas the average credit card APR is 17.72%. "Generally speaking, installment loans (personal loans, mortgages, car, or student loans, etc.) Having this schedule may be beneficial for people who otherwise have trouble paying down credit card debt."

Persons: —, There's, Michael Cetera, Lauren Anastasio, Anastasio Organizations: Service

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