In the ever-shifting world of finances, we must arm ourselves with wisdom to weather the storm.
Tom Rotmans, a seasoned financial expert, has some great ideas to stay stronger in times of economic changes.
Tom is the founder of a data-centric consultancy firm, Rotmans Consultancy. He has attained remarkable achievements in the financial and data arena, highlighting a wide range of clients, from start-ups to global giants, including Goldman Sachs Asset Management and Heineken International.
But success was not easy for Tom. “When my journey began, the financial horizon was uncertain,” said Tom, referring to the Great Recession.
Those challenging times taught him to identify opportunities amidst adversity. Using this skill, he developed some inflation survival tips that can help you maintain your financial health.
1- Increasing Expertise and Active Income
Tom advises individuals and businesses to focus on boosting their expertise and active income streams as a primary defense against inflation. This requires continuous skill development, staying competitive, and considering transitions to more rewarding sectors. In an ever-changing job market, keeping your knowledge and abilities up to date can empower you to attract higher incomes, effectively countering the impacts of inflation.
2- Investing in Inflation-Proof Assets
Tom emphasizes investing in assets that have proven resistance to inflation. These “old school” assets have retained their value for decades and act as a reliable hedge against inflationary pressures. Additionally, he suggests exploring commodities in high demand. Investing in these commodities can fortify your wealth against the erosive effects of inflation
3- Optimizing Working Hours with Efficiency
Another key strategy recommended by Tom involves maximizing working hours while maintaining efficiency. In today’s digital age, remote work and collaboration tools enable individuals to minimize time-consuming commutes. By optimizing work hours, you can potentially increase your income without undergoing significant lifestyle changes.
Whether you dedicate more time to your current job or explore side hustles, the key is to make the most of your available time and resources to bolster your financial resilience in the face of rising prices.
4- Generate Additional Revenue Streams
Mostly when prices go up, your pay remains the same. Therefore, Tom advises looking out for a side hustle to earn extra bucks. Unload unneeded items—those clothes or gadgets gathering dust can turn into revenue.
Also, advocate for a raise at your current job or seek higher-paying alternatives. If you’re creative, you could start a little side business. More money means you’ll be better prepared to handle the higher costs.
By following Tom Rotmans’ money-mastering tips, you can stay in control and manage your positions and portfolio efficiently through the dangers of inflation. For more savvy strategies and insights on investments, contact Rotmans Consultancy.