Episode Details

I am joined by Harry Stout, author and host of FinanciaVerse Podcast, as we continue our Intentional Money Matters Series on the BetterWealth Show. This episode is being recorded just as Russia has invaded Ukraine. This event has the stock markets reeling, commodity prices soaring and energy costs on the rise. So the question for you is – What Actions Should You Take to Better Manage Your Money in Uncertain Times?

1. Stay relaxed but increase your focus on money matters. Events like this have happened in the past and will in the future. You need to manage through them.

2. Implement better digital hygiene. A cyberattack could happen. You should revisit your passwords and use of multi-factor authentication to protect your digital presence.

3. Lock your credit reports to keep them accurate and free from tampering.

4. Inflation is likely to increase – take a careful look at your living expenses to see where you can reduce the impact of this silent tax.

5. Look to better manage your consumption of energy. Energy costs will likely spike in the short-term and increase in the long-term as the transition from carbon fuels takes place.

6. Revisit your investing and saving risk appetite and adjust your holdings accordingly. For example, bitcoin has lost 50% of its value since its November 2021 high. Do you want to stay the course?

7. Keep investing – dollar cost averaging works.

8. Be sure your emergency fund is adequately funded. Adjust is needed.

9. Validate all your insurance coverages to make sure they are up to date. Adjust coverage amounts, deductibles and coinsurance amounts consistent with your emergency fund assumptions.

Be sure to check out Harry’s podcast or buy a book:

The FinanciaVerse Podcast - https://www.financialverse.com/fvpodcast

FinancialVerse.com https://www.financialverse.com/

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