Each new year is a chance for revitalization and to start anew. We can leave behind our bad habits or at least try to develop healthier ones! While we may not accomplish everything that we set out to do in 365 days, it’s best to use the beginning of each year to reflect on our lives and see where progress needs to be made.
Even though hope for a return to the “normal” life we once knew was high after 2020, these expectations were sadly not met. Unfortunately, things will not improve in 2023 either. However, this isn’t an excuse to be discouraged! Rather than lamenting our current financial situation predicaments, let us take stock of ourselves and identify where improvements can be made.
To ensure our overall success, we must look at what is working and not working in our lives. This includes evaluating financial, physical, and emotional health to make concrete improvement plans. It’s especially critical now that the economy may experience some bumps this year – your financial stability will also impact your mental and physical well-being.
You’re in good company if you don’t feel secure about your financial circumstance this year. A shocking quarter of Americans presume their wealth will decline, while 40% predict it to remain the same. Fortunately, around one-third of people anticipate that things will improve your financial confidence – and here’s why.
Inflation a Major Concern
Financial insecurity is a major worry for most Americans, especially those from older generations like Baby Boomers and Gen-Xers. Unequivocally, 70% believe that inflation will be the reason for their financial downfall. Prices have risen to 40-year highs and could rise further; this means an immense burden on many households–perhaps yours too!
Washington is overlooking the impending inflation crisis, even attempting to trivialize it. You may have already noticed slight increases in grocery costs over recent months. However, small fractions of a cent per item might seem insignificant, but these will eventually culminate in staggering bills at checkout. We must pay attention and take measures before this situation spirals out of control.
Have you felt the sting of increasing gas prices at the pump? It may be hard to fathom that these costs could rise further. The same goes for those looking to purchase a car or house – many are being priced out due to skyrocketing expenses. When will this agonizing trend come to an end?
Rising Debt Complicates Matters
The devastating consequence of inflation is that many families struggling to make ends meet will be forced into debt to get by. This increased debt can take years for them to pay off and cause long-term financial insecurity…
This debt dilemma is not limited to households; corporations and governments continue to issue massive debt, taking advantage of the scant interest rates while they last. This skyrocketing sum of money flooding the economic system can be likened to a ticking time bomb waiting to go off.
With the imminent rise of interest rates, many debt instruments could be rendered worthless as their issuers will no longer have access to funds for rolling them over. Our economy is in a precarious position due to the staggering amount of tens of trillions worth of debt which can only continue if this game of musical chairs keeps playing out indefinitely.
However, if the music suddenly stops playing, those who own debt instruments like US Treasury Bonds and high-yielding corporate bonds could experience severe financial losses. These stats can make you less financially confident, but read on!
Are Your Savings and Investments Safe?
Keeping your money out of the government’s grasp is becoming increasingly difficult, as you know what you have in your bank account. They’ve recently set their sights on retirement accounts, which is especially worrying if you’re not a high-net-worth investor.
With so much attention being paid to these types of investments, it will soon be that most people face scrutiny and have their funds targeted.
Tax laws changed in 2021, so the money you acquire through services like PayPal, Zelle, and Venmo must be reported to the Internal Revenue Service. This policy has a fairly low threshold of $600 or more.
With this new policy, Congress and the Biden administration do all they can to maximize government revenue. Are your savings at risk of being exploited too? These lawmakers have gone further than ever to generate more funds – could you be the next victim?
Make sure to create realistic financial goals for your Financial freedom!
Protecting Your Savings Is Paramount
In this day and age, it is critical to ensure the safety of your investments. Consider alternate options like precious metals when devising a Financial plan for protecting your portfolio in the long term. This can help secure your finances no matter the tumultuous times ahead.
Gold and silver have been integral to many investors’ portfolios for centuries. Not only do these precious metals gain in value during times of financial instability, but they also act as bulwarks against inflation – plus the security that comes from possessing a tangible asset that won’t simply vanish into nothingness.
With the impending devaluation of cash reserves and retirement savings invested in stocks and bonds, gold and silver are emerging as strategic assets protecting against inflation. Case in point: from 1970-1979, when inflation was at an all-time high, gold and silver averaged annual gains of over 30%. Investing in these precious metals can be the difference between financial security or devastating losses for some individuals.
If those figures were to be experienced again this decade, precious metals investors would undoubtedly feel content. Though they may initially appear too good to be true — a year ago, who’d have thought annual inflation rates of 6.8%? – here we are today, having no choice but to take action against the escalating prices. Refusing to secure your funds from inflationary pressure results in losing money yearly as each dollar’s buying power dwindles– so what will you do?
Don’t let your hard-earned money become the victim of the ever-rising inflation. Reach out to Mynt today and learn how gold and silver can protect you against it!
With years of experience in precious metals, their experts have helped thousands of customers like you unlock the advantages of these investments. So don’t hesitate – call them now and join the thousands who have benefitted from gold and silver over time!
Get help in your Financial planning, Grow your financial future and feel confident!!
