Prepare Now For MORE Pain As Inflation Goes Up (Do This NOW). The latest inflation numbers are out and they are good and bad. CPI and Core PCE inflation numbers look good and bad. On this quick video, I explain why Americans should be preparing for more pain, and what we should be doing now, based on the latest inflation numbers.
I discuss the latest GDP numbers, the latest inflation numbers, the latest labor market numbers, and the FEDs next possible decision regarding the fed funds rate. Let’s jump in to it….
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Prepare Now For MORE Pain As Inflation Goes Up (Do This NOW)
Inflation has always been a factor in the economy, but recent events have led to a significant rise in inflation rates. As prices of goods and services continue to climb, it is essential to take immediate action to protect ourselves from financial hardships. Here are some steps you can take today to prepare for the impact of increasing inflation.
1. Assess your spending habits: Start by analyzing your monthly expenses and identify any areas where you can cut back. Look for non-essential items or services that you can temporarily eliminate or reduce. By tightening your budget, you’ll be better prepared to handle higher prices without compromising your financial stability.
2. Build an emergency fund: Saving for unexpected expenses is crucial during times of inflation. Begin setting aside a portion of your income regularly in a separate account specifically designated for emergencies. This will provide a financial cushion to help you cope with rising costs and unexpected inflation-related challenges.
3. Diversify your investments: Inflation erodes the value of money over time, making it essential to preserve and grow your wealth. Consider diversifying your investments across various asset classes, such as stocks, bonds, real estate, or commodities. Diversification can help protect your portfolio from inflation’s adverse effects and potentially provide growth opportunities.
4. Pay off high-interest debts: It’s prudent to prioritize paying off high-interest debts to avoid unnecessary interest charges that can significantly eat into your budget. With inflation on the rise, interest rates may also increase, increasing your debt burden. By tackling high-interest debts now, you can reduce future financial stress.
5. Focus on income growth: Look for opportunities to increase your income or diversify your earning potential. Explore side hustles, freelance work, or pursue upskilling or education to enhance your qualifications and open doors for higher-paying job prospects. Growing your income will help offset the impact of inflation on your household budget.
6. Shop smartly and compare prices: As prices rise, it becomes crucial to compare prices before making any purchases. Consider utilizing price comparison websites, shopping during sales or promotions, and seeking out discounts or loyalty programs. Being a savvy shopper can help you stretch your budget and mitigate the impact of inflation.
7. Invest in inflation-adjusted assets: Consider investing in assets that tend to perform well during periods of inflation. These may include commodities like gold or silver, treasury inflation-protected securities (TIPS), or real estate. Such investments provide a hedge against inflation by adjusting their value with rising prices.
8. Stay informed: Keeping a close eye on economic trends and staying informed about inflation forecasts can help you make well-informed financial decisions. Stay up to date with the latest news, consult financial experts, or join online communities focused on personal finance. Understanding the current state of the economy will enable you to adjust your strategies accordingly.
Inflation can have a detrimental impact on our personal finances if we are not adequately prepared. By taking proactive measures and implementing the tips mentioned above, you can better navigate the challenges of rising inflation. Remember, it’s better to be proactive now than to face unnecessary financial pain in the future.
I think this is partly why there will not will not be student loan forgiveness.
If folks are paying their student loans, then there is less discretionary money which reduces spending, which should lower prices.
IMO
Inflation is a choice and it's a tax. It's not inevitable.
Can someone explain to me why deflation would cause mass layoffs? Seems like it would cause the opposite.
Man your YouTube is growing fast
Take away: Anomaly due to high % rates, low unemployment and GDP growth.
Bottomline: Be INTENTIONAL aware, live below means, PREPARE, reduce debt on things that don't add value.
DONT LIVE IN FEAR. BE PREPAREDI feel like unemployment seems to appear low because many people have a full time job and two part time jobs just to be able to put food on the table.
People need to stop buying and inflation will drop.
Now is the time to get OUT of debt! Live off of the basics: Mortgage/Rent, utilities, food, gas, car/health insurance. Cook at home, start a garden growing your own food, etc. NO: new or designer clothes (Shop Goodwill & consignment shops), new car, jewelry, etc. Decide what is a "need" vs. a "want". You must be discipline, sacrifice, budget, save, and invest. Time to "cut the fat off the ham" and live within your means.
Been binging on your videos and love the content. I'm starting my wealth journey and I need all the advice I can get. Subscribed!
The Big Short part 2!!
3 month Treasury Bonds are one way to go (or a 6 month if you want to defer taxes to 2025) There are also some great Bond ETFs for longer term bonds which could become attractive next year if/when rates start to get cut (these also pay a monthly dividend)
Once prices increase, they don’t come down , so even if inflation is going down , prices are still rising.
CPE numbers are manipulate by what is placed in the "Basket". Used cars prices dropped 3% in the last year and made it the "Basket" this report. These reports are all manipulated for political purposes.
I got a question I been at my job for 4 yrs. My retirement 2042. My 401k is at 13 percent from now till retirement am I doing the best thing
Inflation is a hoax; A tool wielded by the elite to maintain the wealth gap. It’s all an illusion!
I've recently gotten a new job in a new county which gave me a 10k pay bump. It's going to help me finally get ahead of inflation after struggling for 3 years as a new teacher! After watching these videos, it solidifies my decision to continue to live way below my means along with keeping up with my investments. Thanks for these videos!
Instead of retiring at 65, I am still working at an extremely well paying job (I am 75). Unlike acquaintances who retired early and teased me for continuing to work, inflation has not effected me whatsoever. The acquaintances who teased me for not retiring are ones who have to watch every dollar and cut back on purchases because all of them are on fixed retirement incomes (Social Security); none of them have a defined benefit retirement!!! Whose laughing now?????
I need some advice. Ive been saving money for the last few years, buts all just sitting in my checking account not doing anything. Ive been looking at Money market accounts from Fidelity and Vanguard, that are paying around 5% but Im hearing that the US dollar is about to collapse? Should I buy gold and silver? There are so many different companies to buy gold with, it seems suspicious to me. I need to do something with my money besides having it sit in my bank account doing nothing. Even a savings account would be something but its not much. Please help. I have $42,000 in my checking account. I need to make a move. I dont know what to do…
One point to clarify this, the wealthy do save up enough to buy their next assets. They do not save as a means of building wealth or as a retirement strategy
Saving as much money as possible
Hello. Gas is hurting everyone on the West Coast. Stay ready, so you don't have to get ready.
What about cmbs?
Well spoken. Thanks.
Cannot go wrong with $ cost averaging.
…because inflation went flat last year thru the month of July so it messes with the perception
I'm retired, invested and know all of the information you speak on, but you put it all together so nicely… I only trust two people on social media on finances… You're one of them, thanks and take care.
Be careful believing their inflation, jobs, unemployment, and economic growth numbers… they are manipulated. Everything is super expensive and politicians claim it's getting better. BS!
I'm terrified of investing in stocks right now, How do you feel about opening CDs until the Fed are done hiking? I haven't pulled any money out of stocks just haven't been adding much.