A financial market is a volatile place that can go up and down quite often. With the growing fluctuation in the current market, inflation has become a growing fear for individuals, businesses, and investors alike. Things like rent, wages, and many other items are growing at an alarming rate.
This makes it more critical than ever to keep a close eye on your portfolio. At Pro 31, a Louisburg accounting firm, we strive to keep our clients in Overland Park, Olathe, and the Kansas City metro area informed about the current state of the market so they can make financially sound decisions. According to Kiplinger, here are a few ways you can keep yourself afloat during a period of inflation.
- Choose Wisely. Make sure you invest in sectors that are most likely to survive inflation. Sectors such as energy, industrials, and materials are all areas in Overland Park that have historically done quite well. According to CPAs in Louisburg, if you stick to investing in these areas, you will have a better chance at keeping a very strong portfolio.
- Consider Technology. Technology companies in Overland Park have less pressure to lower prices; therefore, they can give their customers a price increase without backlash. They are able to pass their price increases onto customers more easily than some other markets. This makes it easier to keep the chain of price, supply, and demand much more consistent.
- Readjust Your Expectations. When you make an initial plan with your financial advisor, know that the plan often needs to change to make way for an evolving market. There are things in your life that change, such as marriage, divorce, job changes, and many other items that can affect your financial future.
At Pro 31, a Louisburg accounting firm that serves numerous clients in Overland Park, one of the key services we offer is life change planning. This is an excellent way for people to be at ease with their finances. It gives you peace of mind that wherever your life takes you, there is a team making sure your financial future looks its very best.
- Reconsider Your Long-Term Strategies. For instance, if you are planning on moving to or from Overland Park, it is not the best time with inflation in the housing market. If you are in no rush, maybe waiting a year or two might be a better option, which could save you dividends. Make sure and talk to one of our CPAs in Louisburg to discuss if moving is the best option for you right now. You may want to take time to consider the market in Overland Park and adjust your move to more of a long-term plan.
At Pro 31 Tax and Accounting, we not only help individuals but also have a staff with experience as small business accountants in Louisburg, making our company a great option for all of your Overland Park financial service needs. Whether it’s helping individuals as a tax accountant or for small business accounting in Louisburg and surrounding areas, we strive to offer the best services for each of our clients in Overland Park, Olathe, Kansas City, and beyond.
We look forward to meeting working with you soon.