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Inflation is scary. Groceries, gas, airfare, car purchases, utilities. In so many areas, your buying power is shrinking as prices continue to rise.
Fear can make you want to do something—anything—to fight back. Thankfully, many of the best moves to counteract inflation align beautifully with time-tested money management practices. Here are three areas where smart strategies become even smarter when prices are rising.
Invest With the Long Term in Mind
Advice about “inflation proofing” your investments often mentions gold, commodities, and real estate . If you already have a well-diversified portfolio, though, beware of short-term strategies that could backfire, says Michelle Gessner, a certified financial planner in Houston.
