The cost of living is increasing everywhere in the world. From the United States to New Zealand, every country in the world is being affected. In this video, we’ll share with you how you can deal with and overcome this problem. Enjoy!
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#Inflation
⏱ Time Stamp:
00:00 Introduction
04:26 Less driving
06:10 Decide on a spending plan.
06:22 If possible, take public transportation.
06:45 Pay off all your credit card debt completely.
07:07 Refinance your mortgage.
07:22 Change your health insurance provider.
07:34 Change your cell phone provider.
07:39 Solar power is the way to go.
07:54 Obtain membership cards at gas stations.
08:03 Get some money for your goods by putting them up for sale.
08:15 Shop wisely.
08:32 Check to see whether you are eligible for government aid.
08:48 Buy and stockpile non-perishable goods.
09:22 Get a stockpile of food reserves for your family’s consumption.
10:35 Take Out Term Life Insurance Rather than Permanent Coverage
11:10 Understand the Difference Between Wants and Needs
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HOW TO: Hedge Against Inflation
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Inflation is an economic phenomenon that devalues the purchasing power of money. It occurs when the prices of goods and services rise continuously over time. Many factors, such as changes in supply and demand, government policies, and global events, can cause inflation to occur, and it can have significant consequences for the economy and personal finances.
As an individual, it can be daunting to consider how to protect your money against inflation, but there are several strategies one can implement to prevent the effects of inflation from eroding the value of your money.
1. Invest in assets that typically grow in value over time.
Asset classes such as stocks, real estate, and precious metals have historically outpaced the rate of inflation over long periods. Such assets can help you maintain your purchasing power and grow your wealth. Investing in quality stocks of well-established companies or purchasing property in up and coming neighborhoods that promise high appreciation value are just two examples of strategies that can help fight the impact of inflation.
2. Consider Opening An Inflation-Linked Investment Account.
Inflation-Linked Accounts such as Treasury Inflation Protection Securities (TIPS) or I-Bonds can be an excellent option for those looking to protect their savings from inflation. These instruments can offer investors returns that are adjusted for the inflation rate, meaning that your investment keeps pace with or even outgrows inflation.
In addition, they offer a level of security, as they are backed by the US Government, ensuring that you will receive the principal invested at maturity.
3. Diversify Your Portfolio.
Diversification is a critical aspect of any investment strategy, and it has the potential to reduce the effects of inflation. By investing in a mix of assets, you spread out risk and increase the likelihood that one class can compensate for losses in another, buffering your portfolio from sharp swings that come from relying too heavily on any single stock or asset class.
4. Invest in Foreign Currency.
With the internet making it easier than ever to invest abroad, another way to protect your money from inflation is by investing in foreign currency. Be warned that it comes with an increased level of risk, so be thoroughly informed and consider a professional consultation before pursuing.
5. Think About Real Estate.
Real Estate investment can be an effective inflation hedge. Along with capital appreciation, it offers passive income and can be an effective way to mitigate the negative effect of inflation. Instead of traditional properties, consider purchasing rental properties in up and coming areas which will allow you to benefit from rent increases.
It’s crucial to acknowledge that inflation is an ever-evolving and fluctuating phenomenon. Still, by being informed and taking proactive steps, you can protect your assets’ value and ensure that your portfolio remains robust in spite of the changes in social, political, and economic climates. By taking proactive measures, you can offset the negative impact of inflation and protect your wealth for the long term.
if your thinking of following Greg DONT
Con Man
Successful people don't become that way overnight. What most people see at a glance-wealth, a great career, purpose is the result of hard work and hustle over time. I pray that anyone who reads this will be successful in life..
Thanks for sharing this.
Thank you for this video. But I disagree with you on your point about tools. I think stuff like tools fit into the grey area between wants and needs. Tools can be helpful by minimizing the need to have to pay someone to make a simple household repair. And for me … it's suits. My current employer's dress code is coat, tie, and trousers for gents. I just prefer a suit. So, again … grey area. Dude … not everything is black and white.
I will forever be indebted to you you've changed my whole life continue to preach about your name for the world to hear you've saved me from a huge financial debt with just little investment, thanks so much Mrs. Karen Cosmann
So don't eat, or heat but just eat bugs and pay more damn taxes
Term life insurance skyrockets in your 70s! If u live to be 80 it's worthless & toooooo expensive!!!
Great video. My wife and I are working on our budgets all the time. Here's a story on stock piling. Not as much now but at the very beginning of the pandemic.
My wife said we should stock pile some stuff because she thought the pandemic will be around for a while. I didn't. So we stock liked toilet paper and a couple of other things. Somewhere in the first full month or two when there was overrun on toilet paper we couldn't find any in our local stores. We saw it on fB people were on the hunt for certain products toilet paper being one of them.. My wife had stock toilet over 1000 rolls . We saw friends and family posting we can find paper products. We'd message them and let them we could give them some. This went on for avout two weeks maybe 3. But I couldn't believe in the United States people could not find toilet paper. Maybe silly but I thought it was interesting.
These sound like frugal choices for any time not just for combating inflation.
If you are making $250k a year and are living paycheck to paycheck. You have a major budgeting problem. Inflation is not the excuse.