With half the year behind us, now is a great time to consider what the remainder of 2024 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 go as smoothly as possible.
1. 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 a Peak Wealth client who is wavering on a scheduled trip or a home remodel.
Continue learning more about how the federal reserve fights inflation and a strategy you can use to do the same.
2. 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 due to stock market fluctuations, the "wealth effect" tells consumers to rein in spending.
Peak Wealth’s portfolio strategy takes into account periods of market volatility. Learn more about the trade offs of risk and return in our post on investment risk tolerance.
3. Revisit Goals
During times of uncertainty, you might question the benefits of investing. To stay on course it’s good to focus on the outcomes you desire. Imagine living a certain lifestyle during retirement, paying for a child’s education, or building your vacation home. Put up photos that remind of your goals. This will inspire you to maintain behaviors that move you forward. By revisiting what’s important, you can ignore negative headlines and continue making progress toward your goals.
Continue learning more about using goal-setting to realize your dreams with Peak Wealth Planning.
4. 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. After all, daily market changes are the price to achieve long term stock returns. Remaining patient and taking a break from watching the markets closely may help weather the storm. It’s best to focus on the expected long term returns from your investments.
Final thought.
Are you comfortable with your progress towards future goals? Does the current economic condition have you rethinking your investment strategies? If you have a net worth over $2 million and need help from a wealth manager, the Peak Wealth Planning team can assist you.
Peak Wealth Planning specializes in helping high-net worth individuals and families plan for the future.
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About the Author
Peter Newman is a Chartered Financial Advisor (CFA) and president of Peak Wealth Planning. He works with individuals nationwide that have accumulated wealth through company stock, ESOP shares, real estate, or running a business. Peter applies his unique background to help clients achieve their specific goals and enjoy peace of mind.
Peak Wealth Planning offers personalized concierge services to meet your wealth management needs, including financial planning, investment management, ESOP diversification, retirement income, insurance, and estate planning. As a fee-based financial advisor based in Chicago, Peak Wealth Planning serves a select group of clients in Illinois and across other states.
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