"Old Money" and Inflation
If you’re going to deal with inflation effectively, you need to start thinking differently and living differently.
Article contribution by Byron Tully
Photo: Jerome Powell and Vladimir Putin © Getty Images/Reuters
You may have already felt it and been unable to put your finger on it. Or you may have felt it and knew exactly what it was. You probably feel powerless to do anything about it, even as it impacts your life, and the lives of those you care about enormously.
It’s inflation. It’s your money being worth less, and purchasing less, than it did five years ago, five months ago, five days ago. Statistics can be bent and twisted to suit any argument, but no one will argue that food prices alone will increase by at least 10% in the next 12 months. Odds are your income will not. Throw an increase in fuel prices and rent, and you’ve got yourself an actual pay cut through no fault of your own.
So what does that mean for you and your family? It means you’ll be working just as hard for dollars purchase less. The causes of this economic phenomenon are constantly debated but patently obvious. It’s not the purpose of this blog to detail or discuss them. It is the purpose of this blog to help you Live Better While Spending Less.