This week, we’ll tackle everyone’s favorite topic: gas prices. Then, we’ll introduce you to our other wonderful summer intern, Matthew Snuggs.
Anyone who has a car, or knows someone who has a car, or who has heard of cars knows that gas prices are astronomical at the moment, and that has been a major factor in driving inflation higher. They also symbolize the burden on consumers, who not only have to fuel their vehicles to get to work and other essential life errands, but are then paying increased prices for goods as a result of corporations dealing with these higher prices.
To combat rising energy prices, the Biden administration has released oil from the Strategic Petroleum Reserve and is negotiating with Saudi Arabia to increase their output. While the US is the top oil producer in the world, domestic oil production has not fully recovered from the pandemic and most US refiners import oil to make gasoline and other similar products.
Gas prices impacts consumers and reduces discretionary income- all factors contributing to inflation. As a result, the Fed has raised rates at the fastest pace it has since the early 1990s. Their tools can’t fix disruptions to supply, but can help curb inflation overall.
Achieving long-term financial planning success requires knowledge and discipline, no matter what is happening with fuel prices and inflation. If you have questions about how your portfolio is reacting to all of it, just give us a call and we’ll be glad to talk you through it.
Onto a much less volatile topic! This week, we’d love for you to meet intern Matthew Snuggs.
Where do you go to college?
I’m a senior at Virginia Tech this year, majoring in financial planning and wealth management.
What are you most eager to learn at Obsidian?
I’m looking forward to learning as much about the financial planning industry as I can, especially seeing the ins and outs of the office and what day-to-day life is like as a financial planner.
What do you do for fun outside of work?
I love to go to the movie theater and go out on the town with my friends.
Do you have any pets we should know about?
Unfortunately no :(.
We’re very lucky to have Matthew working with us this summer!
That’s it for us this week. Carpool when you can, and we’ll be back in your inboxes next Friday.
How We Help
This week, we’re bringing you a cautionary tale about the importance of staying on top of your financial planning, rather than procrastinating. We met with a family that has pushed off the planning process for years. They had no plan in place and were close to retirement. One of the family members was recently diagnosed with a life-changing illness and the family is now in a tough spot as far as putting plans in place. Obsidian is stepping in as a guide, and doing this work in a crisis situation limits everyone’s options.
There are many reasons why people put off this sort of planning, like temporal discounting, but our philosophy is to do all planning as early as you possibly can so that you have something in place. It’s easier to plan for unexpected life events well in advance of it happening to increase the odds for a more favorable outcome. So implementing a plan with a team of professionals and planning ahead is the best practice. It gives you a safety net, a roadmap, and helps avoid unforeseeable obstacles.
Advisory Services offered through Obsidian Personal Planning Solutions, LLC. Securities are offered through Triad Advisors, member FINRA/SIPC. Obsidian Personal Planning Solutions, LLC, and Obsidian Personal Planning Solutions, Inc, are not affiliated with Triad Advisors.