Here are 3 financial planning tips for the second half of 2022. With half the year behind us, now is a great time to consider what the remainder of 2022 may hold. However, with inflation and economic uncertainty causing many of us to delay or cancel vacations, large purchases, and more, it can be challenging to know where to start.
Here are a few tips to help make the rest of the year as smooth as possible:
- Deflate Inflation – Travel-related costs have skyrocketed, causing many to delay or cancel vacation plans. But are you overreacting to current headlines? Let’s talk if you’re wavering on a scheduled trip.
- Embrace Uncertainty – If you’ve delayed a major purchase lately, you’re not alone. Economic uncertainty has caused many to rethink their expenditures. When your net worth declines, the “wealth effect” tells consumers to rein in spending. But our portfolio strategy takes into account periods of market volatility.
- Practice Patience – The need to take action can push even the most seasoned investors into questionable territory. Instead, try to take a long view of the markets. Remaining patient and taking a break from watching the markets closely may help weather the storm.
Let us know if you ever want to chat about your future goals or current economic conditions. We’re always ready to help.