Have you noticed an increase in prices lately? Does your financial plan account for inflation? That’s what we’ll talk about on today’s episode.
(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)
How do we deal with inflation? According to Morningstar, inflation is happening across a few industries, including healthcare and food. Just go to the grocery store or a restaurant and you’ll see how the prices have changed in the past year. Whereas for many people, wages are not increasing.
You have to be wise with your money. Are you looking at every angle? Are you making use of safe investment vehicles? Inflation is real. What are you doing about it? Do you have an appropriate level of risk in your portfolio?
While it is important to have an emergency fund of three to six months of expenses, past that where do you have your money? Don’t just lose money safely. Be sure to account for inflation in your financial plan, both for now and for your future.
Listen to the entire episode or click on the timestamps below to skip to a particular segment.
[0:16] – Where’s Brian’s favorite place to eat?
[1:39] – Many restaurants are raising prices.
[3:48] – What do you do about inflation?
[6:27] – You still need an emergency fund.