As we are now in the third year of the COVID pandemic, we’re feeling the effects of the virus in many more areas than just our health. COVID has touched every part of our daily lives, not the least of which is the cost of anything and everything we could possibly need to purchase. From food and fuel to homes, inflation has risen to a high we haven’t seen in 30 years.
To put it simply, inflation is just a surge in the cost of goods and services due to weakened currency. The reasons for inflation are things like an increase in product demand, increased production costs, supply chain breakdowns, and a change in housing prices; all of which we have seen in abundance since the onset of the pandemic.
Although the Federal Reserve aims at inflation of 2% or less, over the past two years, it has risen to 6.8%, and every American is feeling the strain.
There certainly is no way for individuals to completely avoid the effects of inflation. It touches everyone regardless of race, creed, or financial status. However, there are a few things that can be done to put up a bit of a barrier between inflation and your bank account.
Investing in real estate, furthering education for higher earning potential, and raising retirement contributions are just a few of several things individuals can do to take a proactive stance against the effects of inflation