Plan, don’t panic
If the prospect of a “downsized America” has you wanting to readjust your financial plan, consider hiring an advisor to help get you on the right track. Finding a financial advisor that suits your specific needs and financial goals is simple with Vanguard.
Vanguard — an investment management company — offers hybrid advisory services that combine advice from professional advisers and automated portfolio management to make sure your investments are working to achieve your financial goals.
With a minimum portfolio size of $50,000, this service is best for clients who already have a nest egg built up but are ready to grow their wealth with a variety of different investments.
All you have to do is set up a consultation with a Vanguard advisor, and they will help you set a tailored plan and stick to it.
Take more steps to reduce debt when rates are high
As O’Leary indicated, you may have to downsize — particularly for items that require borrowing money.
When rates are high, it makes sense to reduce your monthly costs so as to pay down your debts as quick as you can, while also increasing your savings.
You can reduce the cost of essential bills like home insurance and auto insurance just by taking a closer look at what’s available.
Do not assume companies charge the same price for the same benefits. The index for motor vehicle insurance has increased by 15% since March 2022, according to the U.S. Bureau of Labor Statistics.
BestMoney is a platform where you can compare the home insurance rates.
Simply answer a few basic questions, and the platform will quickly show you the top insurers in your area so you can find the best deal for the coverage you need.
Similarly, OfficialCarInsurance can help you find and compare car insurance rates quickly and easily.
When you fill in a bit of information about yourself, bestmoney.com will provide you with a list of car insurance options near you.
There are essentials you need to include in your budget, so make sure you aren’t overpaying on these monthly bills amidst high inflation.
Paying down debt amidst high interest rates and multiple bills can be daunting. But you can actually save money by consolidating your debt with a personal loan from Credible.
Credible makes it easy to find the right loan to streamline your debt repayment at an affordable rate. Their online marketplace of vetted lenders provides personalized personal loan offers based on your needs.
As a result, you can pay off your debt at one interest rate, instead of juggling multiple balances every month.
Debt repayment isn’t the only place you could be saving money in the current financial reality.
Find inflation-resistant investments
Inflation-resistant investments such as real estate can act as a solid safeguard against economic volatility. The good news is that, unlike in the past you don’t have to be an accredited investor to make your mark in real estate.
If you’re interested in a residential-focused real estate portfolio and want flexibility in how much you invest, Cityfunds allows you the freedom to invest in real estate in hot housing markets in major U.S. cities including Miami, Los Angeles, and Nashville — without the headache of being a landlord.
Here’s how it works: The company allows you to invest in portfolios of owner-occupied homes. In exchange for the cash, Cityfunds secures an interest in the home's future value. As the home value appreciates, so does the value of Cityfunds equity investment alongside the homeowner.
With a community of over 10,000 users, CityFunds allows you to benefit from the $20 trillion home equity market across various cities.
So you can invest in the housing market of a city you love for as little as $500, without having to deal with high home prices, an expensive mortgage or the hassles of being a landlord.
If you are an accredited investor looking to add a larger real estate position to your portfolio, you also have the lucrative potential of commercial real estate open to you.
First National Realty Partners — a private equity firm that specializes in commercial real estate — stated that in times of market stress, there’s an opportunity to acquire high-quality properties at a discount.
With FNRP’s platform, accredited investors have access to institutional-quality, grocery-anchored commercial real estate investments. And since the investments are necessity-based, they tend to perform well during times of economic volatility and act as a hedge against inflation.
Using proprietary technology, FNRP’s team of experts vets every deal against a rigorous set of investment criteria and manages them in-house, which means you get to enjoy your quarterly returns without worrying about the quality of your investment.
