Inflation Might Be Right here to Keep — Right here’s Easy methods to Beat It
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When I was born in 1955, the average house price was around $ 11,000. Today it’s about $ 330,000.
When I got my driver’s license in 1970, the average price for a new car was $ 3,500. Today? $ 41,000.
The median household income when my father was born was $ 3,300. Today it’s about $ 70,000.
These are all examples of inflation – the erosion of the dollar’s purchasing power. Ignore it at your own risk, especially as you near retirement age, as your income is likely to grow less than prices during these years.
We tend to think of inflation as consistent, but it is not. Sometimes inflation is low; sometimes prices even drop from year to year.
But inflation is rising faster now than it has been in years; in some cases decades. So what should an investor do?
That’s what this week is “Money!” Podcast is about. We will try to find out if the inflation we are experiencing now is temporary or if it will continue. And when we enter a period of high inflation, we’ll talk about what you can do to fight back.
As always, my co-host will be financial journalist Miranda Marquit. Listening and sometimes contributing is producer and new investor Aaron Freeman.
Sit back, relax, and listen to this week’s “Money!” Podcast:
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