Top 3 Reasons You Need An Expense Plan in Recessionary Times
Having an expense plan is always important, but especially so during recessionary times. Today, Michael and Jag go over the 3 Reasons to have a plan.
#1. Understanding what is essential and what is a luxury. Said another way needs versus wants. These can be classified into discretionary vs non-discretionary expenses.
#2 An expense plan is needed is to understand the difference between inflationary and non-inflationary expenses. This is captured also in our Life Arc Plan expense portal, which you can learn more about below. People often panic over inflation, but it doesn't affect all expenses equally. Your groceries and gas bills may go up, but your mortgage and electric generally stay the same.
#3 Know your future value expense budget. Some advisors project a future budget based solely on uniform inflation. But it might not be as hard as you think to meet a future budget when you realize not all expenses are at the same risk of inflation. So this may mean you can take less risk in your investments. You won't be chasing the same returns,
Michael and Stacey can protect you and your family going forward. They are making the Life Arc plan available to any of our podcast listeners. To learn more or get in touch with Michael and Stacey, give them a call at (855) 378-1806 or visit them online at https://www.artofwealthunbroken.com/