Planning for Inflation

How does inflation fit into your plan? Without knowing what the future holds, how can you prepare for possible inflation down the line? Brian talks about how to make a plan that works for you.

Right now, it’s hard to ignore inflation. But is it here to stay or will it level out in time? More importantly, what do you need to do about it? Brian talks about the rising costs we’re seeing right now and the trickle-down effect it is causing. 

In retirement, when you’re on a fixed budget you might approach it differently. Or, even if you have a young family, what you spend for something simple like going out to eat can add up fast. Inflation hurts everybody.

If you have money sitting in your bank account, you’re losing money. Without it growing, you are losing purchasing power as inflation rises. It’s important to have a plan for your money. There are safe ways to invest your money that will ensure you earn more than just having it in the bank. While you may want an emergency fund, consider how much you really need in the bank.

You want to understand the difference between what you need now and what is a long-term investment. Also factor in your risk tolerance. There are things you can do about inflation such as making a budget. You have to know how much you’re spending and living on in order to know how much you need.

Listen to the entire episode or skip ahead using the timestamps below.

Honest Takes:

[0:12] What can you do to protect against price increases?

[4:57] Should you have money sitting in the bank?

[7:04] How much do you need?

Today’s Truth:

“How do I know how much to take out of your accounts to make sure you have enough if you don’t know how much you’re spending and living on?”

Brian Bowen

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Brian Bowen – Contact