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Matthew Murawski of Goodstein Wealth Management Offers Essential Strategies to Deal with Rising Inflation

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Matthew Murawski of Goodstein Wealth Management Offers Essential Strategies to Deal with Rising Inflation

As inflation continues to rise across the country, consumers are having an increasingly difficult time adjusting to rising costs for essential items. Food and fuel prices are soaring without an end in sight, leaving everyday people scrambling for options.

At Goodstein Wealth Management, Matthew Murawski helps clients navigate any financial hurdle, with the goal of empowering people to maintain and grow their wealth. As he explains, there are several important steps that consumers can take now to work towards raising  capital, generating short-term wealth, and weathering the storm of rising inflation. 

Sell Unnecessary Items

One of the fastest and easiest ways to raise quick cash is by selling unneeded items, Murawski explains. This is especially true in today’s fast-paced digital world, where online marketplaces exist for selling common items like clothes and furniture – as well as less-common items like child strollers.

Before recommending strategies to his clients, Murawski often tries the methods himself so that he is better acquainted with the pros and cons of a particular option. Recently, was able to quickly raise capital by selling clothes through the popular resale marketplace, Poshmark.

“I went through my entire closet and sold suits, shirts, ties, shoes – things that I really didn’t need,” Murawski says. “I thinned out my closet, and because Poshmark gives you pre-made mailing labels, I just shipped everything right out of the office.”

As the father of young children, Murawski has an assortment of baby items that are no longer used. To earn additional income, he recommends renting items such as strollers through an app like Babyquip. It is an easy way to make money with items that you no longer use.

Consider Renting Assets

Just as there are opportunities to sell and rent unwanted items, consumers should also consider renting out larger assets to earn additional income. In larger cities, for example, homeowners can rent out their personal parking spots, earning a substantial amount (depending on the city and location). For homeowners in warmer locations, a lucrative new trend has emerged – renting out your swimming pool.

Each of these is a valuable option, although not every person lives in a large city or has access to a swimming pool. A more common strategy is to rent out a room in your home, Murawski says, bringing in a steady monthly influx of cash.

“The truth is that there is really nothing you can do about inflation,” Murawski says. “But by renting or selling certain assets, you can generate consistent cash flow.”

Renegotiate Contracts

Sometimes, the best way to raise money is not to sell items but to renegotiate current contracts. As Murawski explains, many consumers overlook their monthly expenses, failing to reexamine common contracts like car and mortgage insurance.

“I have recently walked clients through the process of revisiting insurance costs, working on bids to lower expenses,” Murawski says. “People often get caught in the small numbers, thinking it is not that much per month and it is a hassle to change. But if you can save 60 dollars a month on insurance, that can make a difference over the next year or two.”

Most importantly, Murawski says, is to prepare for long-term inflation. Although some prices may come back down, the reality is that essential items will almost assuredly remain higher-priced moving forward.

“Rents don’t really come down unless there is a real catastrophe, and although food prices could change, what you often see is that the packaging shrinks – so the prices remain the same but what you can buy gets smaller. It is important to find ways to offset those costs.”

Despite all the challenges that inflation can present, Murawski cautions his clients against sitting out the investment market. 

“So many people are saying to sit out the market, that rates are going up and we are due for a correction, but my best advice is to continue on a steady investment plan,” Murawski says. “If the market gets really bad, you are still buying at lower prices.”

Inflation has shifted the way that consumers approach their financial outlook, but with these guidelines in place, they can navigate the obstacles that inflation creates. In following these strategies, people can also develop better financial habits, preparing them for reaching their goals not only in the short-term, but in the long-term as well.

Matthew Murawski is a financial planner at Goodstein Wealth Management and in his role, he helps manage the firm’s 401(k) clients, as well as his individual clients. He makes sure that they are positioned for future growth by providing individualized recommendations and strategies. He has been in the financial services industry for over 10 years and had previously worked in the small cap venture capital space. To learn more, visit www.goodsteinwm.com

Fazy is a contributor at Kivo Daily and many more notable publications.

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