065: Why Stagflation Makes Financial Planning More Important Than Ever

Back in the 1970s, we experienced a combination of economic stagnation and inflation. Energy prices were high and the stock market went up and down like a roller coaster, very similarly to what we’re experiencing right now. Back then, it was called stagflation–and we’re hearing that word more and more in 2022. Unfortunately, stagflation can have real impacts on your finances, especially if you’re retired or about to retire, and we’re likely to see high inflation for some time to come. In today’s episode, we discuss why our current economy is directly tied to Russia’s invasion of Ukraine, how media fear-mongering is making the situation worse, and why it’s more important than ever to have a strong financial plan in place. In this podcast interview, you’ll learn: What stagflation is, and why this term is being used to describe our economic environment. Why your dollar is buying you less and less. How the media makes bad economic situations worse. How a solid financial plan stops you from making emotional decisions when it comes to your finances. To get access to today's show notes, including links to all the resources mentioned, visit EGSIFinancial.com/65 How Fit Is Your Retirement Plan?  We can help you manage your finances so you can pursue your goals. To learn more, visit EGSIFinancial.com