Planning For Uncertainty
Jul 28, 2022![Renee Collins CPA CFP Retire Ready Too](https://kajabi-storefronts-production.kajabi-cdn.com/kajabi-storefronts-production/blogs/34817/images/ApMWBx9vScCtH3aVCuxr_Copy_of_Copy_of_Copy_of_Host_Renee_K._Collins_Founder_Retire_Ready_Too.png)
In an effort to cool off the economy, on July 27, 2022, the Federal Reserve Board increased interest rates by .75 points. When the Federal Reserve Board increases interest rates it has a ripple effect that will eventually increase the interest rates on automobiles, mortgages and credit cards.
Now is a time to get back to the basic money management. Here are some tips to manage your money during these uncertain times:
==> Spend with intention. Pay attention to where your money is going, spend on those things that you need and defer your wants until later in the future.
==> Add money to your emergency fund. Advisors recommend saving 3-6 months of basic living expenses. However, if you are a business owner, you may consider saving closer to 9-12 months. Decide what is best for you and your family.
==> Continue to invest in the stock market. If you are saving for a retirement that is 10+ years away and your portfolio is well diversified. Don't allow the dip in the stock market to force you into making rash decisions.
==> Look for investing opportunities. There will be investing and wealth building opportunities regardless of business cycle.
Mentions in podcast: