Since the COVID pandemic began, we’ve been hit hard with one thing after another. It’s taken a toll on everything from our physical health to mental health, and from employment security to financial security. Not only has the pandemic caused a total reset of how we function in so much of what we do on a regular basis, but the effects of the virus have even circulated into global finances, and we are all feeling the symptoms.
Since 2020, we’ve seen a surge in product demands, breakdowns in supply chains, increased production costs, and a changing housing market. The result of all of this is the weakening of our currency, which ultimately translates to the massive inflation we’re currently experiencing. In fact, this is the highest inflation jump we’ve seen in the past 30 years.
Although it’s easy to feel helpless to combat the onslaught of rising prices of everything from food and transportation, to used cars and energy, there are some things individuals can do to take command of their own financial futures.
Things such as investing, buying rental property for a minimum ROI of 10%, increasing earning potential through additional education, and raising retirement contributions by just 1% per year, can help protect your bank account and your future even as the storm of inflation rages.