With half the year behind us, now is a great time to consider what the remainder of 2022 may hold. However, with inflation and economic uncertainty causing many of us to delay or cancel vacations, large purchases and more, it can be challenging to know where to start.

Here are a few tips to help make the rest of the year as smooth as possible:

Deflate Inflation: Travel-related costs have skyrocketed, causing many to delay or cancel vacation plans. But are you overreacting to current headlines? Let's talk if you're wavering on a scheduled trip.

Invest Your Excess Cash: If you have excess cash earmarked for a long-term goal (retirement or college, for example), a downturn may present an opportunity. Over the last three years, the Standard & Poor’s 500 compounded annual growth rate was 9%. Even with all the pandemic-related volatility, that’s still shy of its historical average.

Take a Look at Taxes: Each year, taxpayers can deduct up to $3,000 in realized losses. If your losses exceed $3,000, you may be able to carry them forward into future years. Make sure to speak with your tax professional before making any decisions. 

Embrace Uncertainty: If you’ve delayed a major purchase lately, you're not alone. Economic uncertainty has caused many to rethink their expenditures. When your net worth declines, the "wealth effect" tells consumers to rein in spending. But our portfolio strategy takes into account periods of market volatility.

Practice Patience: The need to take action can push even the most seasoned investors into questionable territory. Instead, try to take a long view of the markets. Remaining patient and taking a break from watching the markets closely may help weather the storm.

Let us know if you ever want to chat about your future goals or current economic conditions. We're always ready to help.

This information should not be construed by any client or prospective client as the rendering of personalized investment advice.  For more information, please visit BushWealth.com for our full disclosures.

Kent Patrick is with Bush Wealth Management.