|Last week, we covered three additional tips you can follow to financially thrive even during inflation, including:|
Tip #4: Having Liquid Reserves
Tip #5: Having Cash On Hand
and Tip #6: Buying Real Assets
Read the full article here.
|To conclude the series on protecting your finances during uncertain times, including inflation, here are the last four tips that will help you find security:|
Tip #7 Patience
Be patient, especially with yourself.
Financially speaking, many of you have been on cruise-control or long ago handed the keys of your NestEgg to a Financial Advisor that only sees from one particular lens.
Now is the time to embrace a bigger picture. In doing so, you’ll most likely have to educate yourself with a new way of thinking, different concepts, terminology and thought processes.
Don’t be hard on yourself for not knowing answers to questions you’ve never asked.
Tip #8 Don’t Go It Alone
Never forget that investing is a Team Sport.
While taking inventory (TIP #1) don’t forget to include your team of advisors. If your accountant, financial advisor, CPA and attorney aren’t all on the same page, or if you don’t like how your book is being written, perhaps begin interviewing advisors. At the very least you may gain a different perspective.
Tip #9 Get Active
Be active while being patient. This is no time to sit by and hope things will return to normal. We are all on a different path and whatever was considered “normal” is no longer in the cards.
Pay attention to the marketplace. How do you know if it’s a good time to buy? Start with the basics from Tip #3.
In the case of stocks, prices are primarily tied to revenues. For real estate, consider land, material, and labor costs. For commodities like silver, look at production costs.
Generally speaking; If you can purchase something for less than it costs to produce it, chances are you are on to something.
Tip #10 Get Good With The Basics
Inflation is both the single biggest threat and best ally to your financial picture.
Learn to understand the basics. This will require Tip #7.
Two excellent resources for this are 1) The Creature From Jekyll Island, by G. Edward Griffin and 2) The New Case for Gold, by James Rickards.
I hope these tips are more than just food for thought and that you’ve found a few actionable steps to help secure your financial future.
Few things would make me happier!
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