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"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.

If you’re going to deal with inflation effectively, you need to start thinking differently and living differently. Everyone is going to be affected by this. Don’t think your wealthy friends won’t. They’re already aware of it, and if they aren’t already living an Old Money life, they will be soon or they’ll find themselves much less wealthy in the not too distant future.

The upside of this changing economic environment–and I always look for the upside in every situation–is that the awareness of this change presents a dynamic opportunity to change while you can rather than changing when you must. I’ve written about this before, but it warrants repeating.

You’ll need to spend less at the grocery store and still maintain a healthy diet; you have the opportunity to adopt a more vegetarian diet. (Look at it as a culinary adventure rather than a burden. Also expect to feel better and live longer.) You’ll need to look at fuel costs. Maybe you consider public transportation if you don’t already use it.

You’ll need to cut expenses in other areas as well. If you’re storing junk you don’t use or need in a self-storage facility and paying a monthly fee for that, well, there’s a good place to start. Cable television at a hundred bucks a month is another good place to start. Buying cheap clothing that doesn’t last or looks dated after a year is not a plan going forward.

I address these issues and much more in The Old Money Book and detail how to implement them in your life. The philosophy isn’t about being stingy; it’s about being smart. And with the economy we’re all living in now, it’s smart to be smart.

Good news: despite inflation, the $2.99 price isn’t going up. (Wink, nod.)

About Byron Tully (right)

Grandson of a newspaper publisher and son of an oil industry executive, Byron Tully is an author who also writes for the entertainment industry. His nonfiction debut, "The Old Money Book," was published in April of 2013 to excellent reviews and enjoys consistently strong sales worldwide. His other works include "The Old Money Guide To Marriage", "Old Money, New Woman: How To Manage Your Money and Your Life", and "Old Money Style - The Gentleman's Edition".

Byron regularly contributes to its blog, www.theoldmoneybook.com, which has been visited by over 1 million readers since 2014.

In February of 2020, "Old Money Style - The Gentleman's Edition" was published by Acorn Street Press. This fourth book in the Old Money series reveals the fundamentals of dressing well in a classic and timeless style. In November of 2020, Byron published a 2nd Edition of "The Old Money Book", which expands on his original classic. This 2nd Edition includes vital information and insights for readers as they navigate a very different, post-pandemic world.

Byron speaks frequently about the culture and values of Old Money. He has been interviewed by KABC New York's Financial Quarterback Show, The Huffington Post, and The Simple Dollar, among others.

He lives in Paris and is happily married to an Old Money Gal from Boston.

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