Inflation Is Rising: Here’s What You Can Do
If you’ve landed on this article, you already know that inflation is a budget killer. We are currently experiencing inflation increases that we have not seen in over 40 years, and the purchasing power of the dollar is seemingly lower than ever. The good news is you do not have to sit back and watch the value of your savings account dwindle, your quality of life suffer, or your retirement savings take a backseat. Keep reading to learn more about how to deal with rising inflation rates, including investing in gold.
What is Happening with Inflation Right Now?
Inflation, according to Investopedia, is a rise in prices, which can be translated as the decline of purchasing power over time. The rate at which purchasing power drops can be reflected in the average price increase of a basket of selected goods and services over some period of time. The rise in prices, which is often expressed as a percentage, means that a unit of currency effectively buys less than it did in prior periods. Inflation can be contrasted with deflation, which occurs when prices decline and purchasing power increases.
Prices rise, which means that one unit of money buys fewer goods and services. This loss of purchasing power impacts the cost of living for the common public, which ultimately leads to a deceleration in economic growth. The consensus view among economists is that sustained inflation occurs when a nation’s money supply growth outpaces economic growth.
Take a Look At Your Expenses
The first, and easiest, thing you can do when battling rising inflation rates is to take a look at your expenses. Some tips include:
- Negotiate your bills. Many bills or monthly charges can be negotiated. Some of these include subscriptions, your phone bill, internet, cable, car insurance, or home insurance. For example, if you call your cable and internet provider and say you need to cancel, they will likely reduce your monthly bill in order to keep you as a customer.
- Cut out unnecessary monthly subscriptions. Have an old gym membership you keep promising to use but haven’t in years? Paying for Netflix but haven’t watched it in months because you prefer other streaming services? Start trimming some fat and cut out some of your monthly recurring payments.
- Find patterns for where you can save. Ordering food multiple times a week? Do your best to trim it down to only once a week or less. Delivery services can add up, especially if you use them for many things, such as meal and grocery delivery.
Increasing Your Income
This sounds easier said than done, but one way you can deal with the rising inflation rates is by increasing your income. Some tips include:
- Renegotiate your wage. Everyone knows that inflation is on the rise, and many businesses are struggling to hire due to such high unemployment rates. Talk to your HR department or your supervisor and point to rising inflation to get a better wage.
- Find a new job. If renegotiating your wage doesn’t work, you can easily find a new job. As mentioned, many businesses are struggling to hire, and it’s a prospective employee’s market!
- Start a side gig. If you have the time and resources, starting a side gig is a great way to earn extra cash while working. You can freelance your talents, start an Etsy or Poshmark shop, or start reselling.
Invest in Gold
One of the best ways to deal with rising inflation rates is by investing in gold. Gold is a hedge against inflation. This is because as the value of the dollar decreases, the value of gold rises. So, as long as you have gold as part of your portfolio, your money will always maintain its value or more.
You can invest in gold by owning physical gold or investing in a precious metal IRA. By rolling over your IRA, 401(k), 403, TSP, or 457 Plan into our Precious Metal IRA Account, you can achieve the same profits that you would gain by purchasing gold or silver directly while also enjoying the benefits that your retirement account provides. At Priority Gold, we have a proven four-step process that makes it easy to open a precious metals IRA, and we guarantee you the highest caliber of customer service. Our IRA specialists will answer all of your questions, work with your current custodians to ensure a seamless transition, provide you with a free metal evaluation, and continually help you to review your portfolio.
Fighting Inflation by Investing in Gold with Priority Gold
If you are ready to invest in gold to protect your savings and secure your future, we can help. Priority Gold is one of the most trusted precious metals dealers in the United States with a BBB A+ Rating, AAA Rating with Business Consumer Alliance, and 5 Stars Rating with TrustLink.
We specialize in providing precious metals investment services with Security, Liability, and Great Convenience for customers. Our team is committed to helping to streamline their precious metals purchases at a fair price, selecting the right precious metals portfolios, and meeting their important financial objectives.
We offer Free Storage for qualifying Gold & Silver IRA accounts, a fast & easy gold buying process, and smooth IRA Transfer. And gold shows up on schedule. Priority Gold guarantees the highest standards of customer service, which comes with honesty, professional conduct, and an Ethical Code of Business.
For more information, visit us at prioritygold.com