Recently, a financial reporter reached out to us with a query on Savings Mistakes to Avoid During Times of Inflation. Since the get, WMGNA has said inflation is the black hole of the investment world. The problem with the premise of the reporter’s question is that if we knew “where to be and when” as it pertains to inflation, “market corrections”... interest rates, real estate, tax policy, etc...everyone would know our name (not just in West Hartford-->Dan) and we would be the richest people in the world...unfortunately we are not and have never met anyone who is! Once you feel the suction of inflation the only thing that happens...is getting sucked in. It is too late; gravity is a B! The best way to maximize the realities that exist and make smart choices with your $$$ is to have an Up-To-Date well thought out Plan. Part of that plan is to have an Investment Policy that accounts for the unexpected like inflation...prior to such events! We have found that a Plan that focuses on candid goals and objectives, cash flow, taxes, family guarantees, and risk tolerance, gives folks the best chance for success and by its nature is proactive and considers the potential of a high inflation environment, among other things!
Planning is key. We all want to believe that there is such a person who knows where to be and when...logic dictates otherwise. We only worry about things that we can control! Because as we have said earlier in this article and for over 25 years, if there was such a person, we would all know her name!
Talk soon. Keep The Faith.