On A Financial Treadmill? Milwaukee Advisor Offers Tips to Get Ahead

Brookfield, WI  It’s a familiar sight: the gerbil on a treadmill, running as fast as he can but barely keeping up.  Unfortunately, in today’s economy, many people find themselves in the same fix as the gerbil, struggling on a financial treadmill and barely keeping up – or even falling behind.


“Inflation has slashed our buying power to its lowest level in 20 years,” said Kevin Reardon, president of Shakespeare Wealth Management. “Price increases leave us with fewer dollars at the end of the month to pay bills and save for important goals like retirement.”


Consider the following:

  • Housing values have declined the past 12 months while peoples’ desire for larger houses have them paying higher monthly mortgages, annual property taxes, utilities, insurance and upkeep.

  • Energy prices – especially gasoline (up more than 80%) have jumped dramatically in the same time period

  • Utilities have risen at a faster pace than the Consumer Price Index (CPI)

  • Food costs have gone up at an almost double digit rate over the past 18 months

  • Healthcare costs have risen more than twice the CPI over the last several years


“Meanwhile, there’s been an only modest increase in wages during the same time period and, in worst case scenarios, people are making less today than they were 10 years ago while the cost of living continues to skyrocket,” Reardon added.


In view of these facts, Reardon offers the following tips to ease the financial pressures:


  • Live in a house you can afford, not a house that boosts your ego




  • Drive a more fuel efficient car. Check your driving habits and combine errands or carpool to reduce your miles

  • Set the thermostat a few degrees lower in the winter and a few degrees higher in the summer to shave dollars off your utility bill

  • Cut food costs by clipping coupons, limiting stops at fast food places and reducing dinners out to a few times per month

  • Understand your health plan choices and consider a higher deductible plan to save money in the long run

  • Call your cable TV company and either disconnect your service or select a cheaper package


“Each of these involves a conscious lifestyle decision,” said Reardon. “Remember the gerbil on the treadmill. Working hard without moving forward is a race simply not worth running.”


About Shakespeare Wealth Management, Inc.

Shakespeare Wealth Management provides unbiased financial solutions to successful individuals, businesses and organizations.  We are a Fee-Only™ Registered Investment Advisor committed to helping you and your familyachieve your goals.  Shakespeare will assist you in managing all aspects of your Wealth, including: Investment Management, Financial Planning, Estate Planning, Tax Management, Insurance Planning & Review, Charitable Planning, and Succession Planning.  For more information, please visit www.ShakespeareWealthManagement.com.