Get Ahead of Inflation
If you’re concerned about inflation, it’s time to get ahead of the problem.
Years ago, my wife and I lived in “tornado alley.” One afternoon, alarms sounded. Clear skies turned dark, the wind howled and serious danger threatened our lives and property! We took swift action and followed safety protocol. Thankfully, the tornado passed over us without causing damage. We were prepared because we had a plan. It prevented panic and the risk of making poor decisions. The Federal Reserve says that the nation’s current state of inflation is transitory. That could mean two months or eighteen months. If we’re proactive we can diminish potential damage. So, let’s get ahead of the problem. Proverbs 21: 5 says, “The plans of the diligent lead to profit as surely as haste leads to poverty.”
Track and analyze your spending. Then create and keep a tight budget. You’ll see where you’re most vulnerable. Stop unnecessary spending so you can build an emergency fund. Brainstorm ways to improve your income. Do you own your own home? Refinance it if you can lock into a lower rate and stay in your home long enough to justify the cost. Do you have credit card debt? Call the company and request a lower rate. Transfer balances, but take fees into account. Do you have investments? Are you retired? Know your risk tolerance and possibly adjust your portfolio. Practice gratitude as you continue to give, save, and reduce debt. Read and listen to God’s Word every day. Ask the Lord to give you the wisdom and discipline you need to prepare for and get ahead of inflation.
In my recent book Seven Gray Swans: Trends that Threaten Our Financial Future, I address other economic threats. My goal is to help you prepare for and survive a volatile economic environment. It’s available now at Amazon.com.