It is our last Thrive For[e]ward episode of 2021 and today we are going to round out some of the themes from the past year. We will talk about what has happened and how it might impact us going forward into 2022 and beyond. The biggest topic that has affected us all and one we are continuing to battle is that related to the COVID 19.
When the pandemic first hit the US, we went into lockdown. We saw many businesses and companies shut down. We saw that not all could create the perfect “pivot plan.”
Now, as we head into 2022 we look at the impacts of how this pandemic affected us personally, professionally, and within our communities. We know that everything is connected and what affects one thing, in turn will affect another.
One of the largest impacts is that of our global supply chains. When the lockdowns were lifted and businesses attempted to resume to normal, it led to challenges for manufacturers and distributors who were not able to produce or supply as much as before. This happened for a variety of reasons such as worker shortages and not being able to get materials. As supply is affected, we then seen it affect the demand.
The rising cost of goods in turn challenges the ability to have products be accessible by those that need them. According to CNBC, the pandemic has only served to highlight how interconnected, and how easily destabilized, global supply chains can be. Disruption in one part of the chain has a ripple-down effect on all parts of the chain, from manufacturers to suppliers and distributors with disruptions ultimately affecting consumers and the economy.
Another topic is one of inflation. Inflation fell at the beginning of the pandemic but rose quickly due to product shortages and supply distributions. U.S. consumer prices spiked 6.2% in the past year, the highest inflation rate since 1990 (Source: PBS)
And like a ball of yarn that gets tangled when unwinding we are trying to make sense of it all, which can be a challenge. In our nation’s capital our politicians are working on several bills – infrastructure bill, federal spending, and healthcare as well as other things on the docket. We know that our country’s financial deficit in general helped individuals but as we look to the future, we should ask “how do we establish behaviors to support them and allow them to thrive forward?”
I know sometimes these big picture topics might not make sense to us and seem overwhelming. Our goal at Forethought Planning is for you to feel a bit more empowered by listening to this information and allowing us to be a part of your financial journey. I like include articles of reference to support the topics we are discussing (see below.)
If you have a topic you would like us to explore on the podcast we want to hear from you. Please email us at [email protected] and in the meantime, we hope you continue to join us on this series and invite you to schedule an appointment to our complimentary 30 min Wealth Assessment session to learn more aout how we incorporate these strategies and other’s to assist you through the financial planning process.
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