Rising to the Challenge of Inflation

Inflation has been a hot topic lately, with prices having risen by an average of almost 5% in 2023.

This reality has left many feeling the pinch.

However, I want to assure you that there are measures you can take to counter this and still live your best financial life.

Increase your income: I know, I know. Get ANOTHER job? The current labor market is tight, so it’s often easier said than done.

I’m not talking about tacking on another 9-5 or a midnight job (although that’s a valid option). Employers want to retain valuable staff – if you can make a compelling case, you may be able to secure a salary raise that aligns with inflation.

Reduce your spending: If you can’t function without your morning drive-thru coffee stop, trust me, I hear you.

But, consider this: your spending habits can be an effective way to stave off the impact of inflation. Prioritize needs over wants, stick to a grocery list, and opt for cheaper alternatives (like making your own coffee in the mornings). It can make a significant difference!

Invest wisely: Investments can also be a shield against inflation. If your investments have yielded 8.5% or higher returns over the past year, you’re already beating inflation.

If not, consider options like Treasury Inflation-Protected Securities (TIPS) or Series I Savings Bonds (I Bonds). Both of these options offer returns that rise with inflation. However, be aware that each investment has specific rules and limitations.

We’re here to support you in navigating these challenging times (which we’ve had a LOT of these last three years). Feel free to >>book a free consultation here<< or call us at 330 836 7800 to discuss your financial situation and potential strategies.