It’s a known fact that the economy is cyclical. This is defined as the fluctuating state of an economy from periods of economic expansion and contraction. It’s also not a secret that some bankers and economists are predicting that we are heading into a recession next year.
As Financial Planners at TrueView, we tell our clients to not panic! We feel that during difficult times is when wealth is built. Regardless of what happens, this may be an opportunity to take advantage to continue creating that wealth.
Here are 5 tips to consider that may help:
1) Credit Cards – Look for credit cards that have discounts to use and get rewards for gas and/or groceries and then pay them off every month. Pay off any high-interest rate cards or switch them to a different card with a lower rate.
2) Save and invest – Continue to save money and invest.
– Once you break the habit of saving, it’s extremely difficult to start again. If you need to, save less than before, but just do not stop.
– When the stock market is down, this may be an opportunity to invest more. You’ll be able to buy more shares of companies at a lower price point.
3) Inflation – with prices on the rise, we are all feeling it at the pump and at the grocery store. Our advice is to remain calm and focus on what you can control.
4) Spend less – Take a look at where you are spending your money and spend less in certain areas right now. Cut out unnecessary costs. Now the weather is nicer, there are plenty of things you can do at little-to-no cost. You do not need money to have happiness and joy.
5) Shop smarter – Shop for groceries in bulk at the big box stores or Instacart, as you’ll end up paying less per item vs. buying in a regular grocery store. Only buy what you need, and you know won’t go to waste.
Have questions or still uncertain about how you can continue to create wealth? TrueView can help! Give us a call or come in for coffee sometime. We’d love to chat with you and create a plan. Visit here to learn more about us or to schedule a meeting.
This material is intended for general use. By providing this content, Park Avenue Securities LLC and your financial representative are not undertaking to provide investment advice or make a recommendation for a specific individual or situation, or to otherwise act in a fiduciary capacity. All investments contain risk and may lose value. Past performance is not a guarantee of future results.
James is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 800 Westchester Ave, 4th Floor Suite N409, Rye Brook NY, 10573, 914-288-8800. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. TrueView Financial LLC is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License Number – 0M83430. 2022-139603 Exp 06/24