Join Lynn Kitchen on Fridays for the “Money Talks” for Women “LIVE” Podcast, “Let’s Talk Money”
Every Friday at 3 PM EST, let’s connect LIVE and 📞 TALK!
Watch Episode 1, “Let’s Talk Money” (Airdate: January 20th, 2023)
The 3 Inflation Mistakes Most Women Make
1. One common mistake is called “Denial”. Often the shock of change is so swift that it makes investors overly smug, thinking this is just a small nothing and it will “blow over”. Some investors feel numb, and hide from the facts. I remember vividly hearing from a number of clients while I was an active professional money manager that they were not listening to the news nor were they opening their brokerage and bank statements, because they could not bear to see the negative numbers in reality in their declining net worth. Its common because people feel they have “missed the boat” and they feel helpless. This couldn’t be further from the truth.
NOW IS THE TIME TO GET PROACTIVE and take action to adjust for more inflation ahead.
2. The second common mistake is to succumb to the emotions of fear and panic. It’s normal to experience these emotions and investors, being human, are not exempt from reactions to fast changing price movements and sudden re-evaluations in the economy.But its important that those emotions do not cause panic selling indiscriminately or fear-based reactions that are not well thought out.
Now is the time for thoughtful re-evaluation, rebalancing, and double checking that your assets are strong enough to withstand further inflation and even to prosper during inflation.
Being a student of business cycles gives us as women the ability to check our emotions so that we can be ready to step up and buy assets when the time is right. With heightened awareness and discipline, we can smartly deploy our current purchasing power to get set for the next wave of wealth creation.
3. The third common mistake is Over-purchasing (Increasing Debt) or Hoarding. It is erroneos thinking that future price increases mean this is the last chance. Many people buy high ticket items in a FOMO mentality (fear of missing out) and often overextend themselves on debt. The opposite is also typical where people hoard supplies similar to what occurred during the pandemic.With interest rates going higher during inflation, this is the time to decrease debts. The cost of borrowing money is the #1 key inflator. That cost alone will erode your future buying power more than any other factor. It’s important to reduce debt now more than ever. In addition, putting off purchasing large ticket items allows you stretch your dollars and increase your savings.
Watch now and enjoy the inaugural episode of Lynn’s live weekly podcast “Let’s Talk Money” learn, laugh, ask questions, find out about financial clinics, and more.
Do you want to earn more, learn more, and build wealth faster in 2023? We’ll talk about money, share stories, and laugh and learn. Ask me your money questions. I’ll also discuss a range of Money Topics, including:
- “The 3 Inflation Mistakes Most Women Make”
- “How to Know What I Need in Retirement”
- “Investing After 60”
- “What are the 10 Best Income Generating Investments?”
- “…and more!”
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