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Reader is your wallet feeling a little lighter these days? Yeah, mine too. Inflation is hitting us all hard, and it's time to really understand its wide-ranging effects. It's like that persistent, low-grade back pain that just won't go away.

You're probably seeing it at the grocery store, at the gas pump, and maybe even in the costs of supplies for your practice. And it’s not just a feeling. As I recently discussed in The Washington Times, many economists are predicting that inflation isn't going to cool down as quickly as we'd hoped. The article highlights ongoing supply chain issues and strong demand as key factors keeping prices elevated. Basically, we're all stuck in a financial purgatory, and the exit sign is blinking dimly.

But before we dive into understanding inflation I wanted to share a quick highlight from my week! Yesterday, I had the pleasure of attending the OPA Interaction Conference, where I connected with so many amazing physiotherapists – students, recent grads, and seasoned pros alike. It was fantastic catching up with classmates and even my old preceptor, Margaret (yes, from Unit 6!). And a huge shoutout to Jenn and Maren from Jane.app – they were absolute rockstars, showing me some seriously cool features that are going to revolutionize our practice workflows. More on that later in the newsletter! 😉

What Does This Mean for Us? (Besides "Panic!") 😱

As healthcare professionals, we're not immune to the effects of inflation. Here's how it can hit us, and let's be honest, it's not pretty:

• Increased Expenses: Everything from groceries and gas to housing and childcare is getting more expensive. This puts a strain on our personal budgets. Remember when a latte was a treat, not a necessity? Yeah, those days are gone. Now it's a battle to afford the basics.
• Practice Costs: If you own a practice, you're likely seeing higher costs for supplies, equipment, and even rent. This can impact your profitability and ability to invest in your business. It's like trying to run a marathon with lead weights strapped to your ankles.
• Delayed Financial Goals: Inflation can make it harder to save for retirement, pay off debt, or achieve other financial goals. That dream vacation? Yeah, that's now a "maybe in another decade" kind of thing.

Let's get real for a second.

Official inflation numbers are often debated, and that’s why resources like Truflation exist. It uses real-time data to provide a more accurate picture of inflation. This site will allow you to see the real-time effects of inflation, and how it affects different categories.

The point is, the numbers aren't looking great.

And while governments and central banks are trying to fix things, it's going to take time.

We need to take control of our finances.

So, what can we do?

Here are some strategies to help weather the inflationary storm, and keep your sanity intact:

1. ​Budget Like a Boss (Or at Least Like a Competent Assistant): Now more than ever, it's crucial to have a clear picture of your income and expenses. Track your spending, identify areas where you can cut back, and create a budget that works for you. Think of it as a financial triage. Every dollar counts.
2. ​Negotiate, Negotiate, Negotiate (Like Your Life Depends on It): Whether it's your salary, your rent, or your supply costs, don't be afraid to negotiate. You might be surprised at what you can achieve.
3. ​Maximize Tax-Advantaged Accounts (Because the Government Owes You Something): Take full advantage of RRSPs, TFSAs, 401(k)s, and other tax-advantaged accounts to help your money grow faster and reduce your tax burden. It's like finding a loophole in the system.
4. Consider Inflation-Protected Investments (But Do Your Homework): Look into investments that tend to perform well during inflationary periods, such as Treasury Inflation-Protected Securities (TIPS) or real estate. Note: This is not financial advice. Consult with a qualified professional before making any investment decisions. And don't fall for get-rich-quick schemes. They're scams.
5. Seek Professional Guidance (Because You're Not Alone): A financial advisor can help you develop a personalized plan to navigate inflation and achieve your financial goals. They're like financial therapists but for your money.

The Washington Times article touches on the complexities of the current economic situation, and it's a good reminder to be cautious with your investments. While there are potential opportunities, it's essential to do your research and consult with a financial advisor before making any major decisions. Don't let fear of missing out (FOMO) drive your choices. It’s like trying to diagnose a patient based on WebMD. Dangerous.

If you want to dive even deeper into the nitty-gritty of how inflation is messing with your money, I've got you covered. I've written a couple of blog posts that break it all down:

• ​How Inflation Is Eroding Your Wealth This one's a reality check. We'll look at the cold, hard facts of how inflation eats away at your purchasing power.
• ​Inflation-Proofing Your Finances Okay, enough doom and gloom. This post is all about strategies. We'll talk about practical steps you can take to protect your finances from the inflation monster.

Resources to Help You Fight Inflation

• ​Lunch Money- (budgeting and expense tracking tool)- Use my referral link for a bonus!
• ​YNAB (You Need a Budget) -(budgeting software)
• ​Wealthsimple: (online investing platform) - Use my referral link for a bonus!
• ​Blossom Social: (social investing platform) - See What I'm Invested In
• ​Truflation: Real-time inflation metrics (not the lagging ones our central banks use)

Humor Break: Because We All Need a Laugh (Or a Drink) 🍸

• Why did the economist bring a ladder to the bar? Because he heard the prices were high.
• What is the difference between an economist and a weatherman? The weatherman can make accurate predictions.
• Inflation is when you pay fifteen dollars for the ten dollar haircut you used to get for five dollars when you had hair.

Let's face it, inflation is a pain.

But by taking proactive steps and staying informed, we can protect our finances and continue to thrive.

Jane- Tech That Makes Our Lives Easier 💻

Alright, let's circle back to those awesome Jane features I mentioned earlier. As healthcare professionals, we're constantly looking for ways to streamline our workflows and save time. And Jane is delivering!

• ​Voice to Chart (Beta):This is HUGE! Imagine dictating your notes directly into Jane using AI. No more frantically typing after a session. This is going to be a game-changer for efficiency and R.O.T. (return on time for the uninitiated)
• ​Automated Balance Reminder: - Chasing down payments is never fun. Jane is making it easier with automated balance reminders. This feature will help clinics streamline their billing process and improve their cash flow.
• Messaging (Coming Soon!): Jane is also working on improved messaging features. This will allow for better communication between clinic and patient, and even within the clinic itself. Think of the possibilities for team collaboration and patient engagement!

These features are just a few examples of how when you invest in technology it can transform healthcare.

Inflation's eating away at our buying power, right? Lattes are basically gold now. 😅 Time to fight back with smart investing.

Heard of Blossom Social ? It's where investors connect, share tips, and learn how to outpace inflation. Because, let's be real, stashing cash in a savings account ain't gonna cut it.

Strategic investing isn't about getting rich quick; it's about long-term protection.

Diversifying, managing risk, knowing when to hold or sell – that's how we build a financial shield against rising prices.

​Blossom Social can be a great place to discuss these strategies with other investors and learn from their experiences.

Additional Resources:

• ​Lunch Money- (budgeting and expense tracking tool)- Use my referral link for a bonus!
• ​YNAB (You Need a Budget) -(budgeting software)
• ​Wealthsimple: (online investing platform) - Use my referral link for a bonus!
• ​Blossom Social: (social investing platform) - See What I'm Invested In

Robin Valadares,

​@financiallyfulfilledphysio​

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