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Protect your nest egg

The Personal Capital survey found that 58% of Americans are putting away more into their short-term savings and retirement savings, but with the economy in such a volatile state amid high inflation, your 401(k) or IRA could be at risk.

A Gold IRA is a great alternative to protect and grow your nest egg. Unlike the U.S. dollar, which has lost 98% of its purchasing power since 1971, gold’s purchasing power remains stable over time.

American Hartford Gold is an industry leader in precious metals, offering physical delivery of gold, silver and platinum, as well as retirement accounts like IRAs, 401Ks and TSPs. They have an A+ rating from the Better Business Bureau and are a three-time winner of Inc. 5000’s Best Gold Company award.

While inflation is increasing everyone’s expenses, precious metals won’t be affected — so a Gold IRA might be the best thing to preserve your retirement.

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Deal with your debt

“Regardless of the number on your paycheck, avoiding high-interest debt and saving a meaningful percentage of your income can put you in a better spot in the long run,” says Lacey Cobb, director of advice solutions at Personal Capital.

Depending on how much interest you pay on your credit cards, a personal debt consolidation loan could save you thousands.

A debt consolidation loan puts all your existing debt into one payment that’s often at a lower interest rate than you’re currently paying. You’ll still have to make monthly loan payments, but they should be more manageable and the lower interest rate means you’ll pay less overall.

Credible is a free online services that shows you the best options so you can save a ton in interest. Checking rates won't affect your credit score, plus it's free.

Take control of your money

Once you’ve got your debt under control, think about how to make the best use of your money.

While investor sentiment may be low right now, Craig Birk, chief investment officer at Personal Capital, advises against panic selling your investments.

Consider investing your money in real assets outside the stock market. Alternative investments have traditionally been exclusive to ultra-high-net-worth individuals, but new platforms are making it easier and cheaper to buy in.

Contemporary art, for one, has outperformed the S&P 500 by 131% for the past 26 years, and it has a near zero correlation to stocks according to Citi. Masterworks lets you invest in shares of individual works — just select which shares you want to buy and they will handle the rest.

Similar to art, fine wine has historically offered a great hedge against inflation and a more stable investment than stocks. With new platforms like Vinovest, you can take advantage of the money to be earned from fine wine, alongside wealthy collectors like Bill Koch and LeBron James.

Another option is real estate, which has actually demonstrated its resilience in times of rising interest rates despite rising mortgage rates.

Origin — a private equity firm — offers bundled real estate investments by acquiring and operating multifamily properties. Their team provides accredited investors with the opportunity to access this lucrative asset without the responsibility of property management.

Plus, because Origin’s founders invest company capital in all the funds they offer, you know they’ve got skin in the game too and can trust that your goals are aligned.

Kiss Your Credit Card Debt Goodbye

Millions of Americans are struggling to crawl out of debt in the face of record-high interest rates. A personal loan offers lower interest rates and fixed payments, making it a smart choice to consolidate high-interest credit card debt. It helps save money, simplifies payments, and accelerates debt payoff. Credible is a free online service that shows you the best lending options to pay off your credit card debt fast — and save a ton in interest.

About the Author



Moneywise Editorial Team

The Moneywise Editorial Team is a group of passionate financial experts, seasoned journalists, and content creators who are deeply committed to providing unbiased, relevant, and accurate financial information. With years of combined industry experience, our team is dedicated to maintaining the highest journalistic standards and delivering informative and engaging content. From personal finance and investing to retirement planning and business finance, we cover a broad range of topics to suit the financial needs of our diverse readership. You can trust the Moneywise Editorial Team to empower you with the knowledge and tools necessary to make wise financial decisions.

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The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.