If you’re feeling the pinch lately, you’re not alone. Runaway inflation is breathing down our necks every time we open our wallets.
It’s downright scary.
But knowledge is power. Here’s a brief explanation of where we are, how we got here, and what we can do to fight back.
What is inflation?
Inflation simply means rising prices. It happens when there are more people trying to buy stuff than there is stuff to buy.
The pandemic was a textbook example. The government flooded the country with relief checks, creating more money. At the same time, the world’s economy ground to a halt, so there was less supply of everything, from cars to coffee.
More demand, less supply = higher prices.
How does inflation get fixed?
If you want to fix a supply/demand imbalance, you either increase the supply of stuff by making more, or decrease demand by making stuff more expensive.
Both of these things have happened. With pandemic bottlenecks now mostly in the rearview mirror, there’s more stuff available to buy. And for over a year now, the Federal Reserve has been raising interest rates, reducing demand by making stuff more expensive to finance.
But taming inflation takes time. So, while we’re waiting for inflation to deflate, fight back. Here are several simple ideas you can check out right now.
1. Slash your insurance expense
If you’re like most Americans, you’re probably paying too much for car insurance. But shopping around for a better deal can be a hassle.
Or is it?
Take a few seconds and check out Provide Insurance, the largest online marketplace for insurance in the U.S. Provide Insurance lets you compare quotes from more than 175 different carriers in the blink of an eye.
Just answer a few questions about yourself and your driving history. Then Provide will show you the best options for your needs and budget.
You could save up to $610 a year on car insurance by using the Provide marketplace. That’s money you could use for other things, like investing, saving, paying off debt or just having fun.
Don’t let your current insurer overcharge you. Try Provide.
See How Much You Could Save Right Now
2. Destroy your debt
Inflation has already made stuff more expensive. Why rub salt in the wound by paying 20% interest on your credit cards?
If you’re capable of paying off your debts on your own, do it. But if you’d like some help from a professional, get it. Especially since you can talk to a pro for nothing!
Example? National Debt Relief is one of the most respected providers of debt relief in the country. They’ve helped more than 400,000 people, are A+ rated by the Better Business Bureau and also top-rated by Top Consumer Reviews, Trustpilot, ConsumersAdvocate and ConsumerAffairs.
How it works: You fill out a form on the company website, then a debt coach will call you to learn more about your situation. If they can help you, they’ll set you up with an affordable plan that works for you — and give you an estimate of when you can expect to be debt-free. There’s no upfront fee and no obligation to get started.
National Debt Relief can help you with almost any unsecured debt, like credit cards, personal loans, medical bills, repossessions … even some student loan debt. Ready to start a new, happier chapter of your life?
3. Use inflation-fighting investments
If a large part of your savings is in the stock market — as it should be — you’re already aware that what goes up can also go down; sometimes by a lot.
You can’t control the stock market, interest rates or the world economy. But you can hedge against uncertainty by having other types of investments.
The oldest and most ubiquitous hedge against uncertainty is gold. It’s been used for thousands of years to protect against everything from inflation to currency devaluation to political risk.
Don’t go overboard; most pros advise putting only about 10% of your portfolio into the Midas metal.
And keep in mind that not everyone in the gold business is on the up-and-up. Be careful whom you deal with.
Oxford Gold Group is one company to consider.
They allow you to invest in a Gold IRA that adheres to Internal Revenue Service regulations. They also offer gold bars and coins, as well as silver (including silver IRAs), platinum and palladium.
Oxford has a 4.9-star rating (out of five stars) on Trustpilot, where 96% of reviewers call the company “excellent” and 4% call it “great.”
Oxford has an AA rating with the Business Consumer Alliance and an A+ rating with the Better Business Bureau.
If you’ve ever thought of investing in gold, give Oxford Gold a try.
Request Your Free Investors Guide Now
4. Borrow from yourself
You’ve spent years maintaining and building equity in your home. Now it’s time for your home to pay you back.
Take advantage of much lower rates by borrowing against your home.
One of the most highly rated lenders is Quicken Loans. They’ve eliminated most of the hoops you used to have to jump through, so it only takes a couple of minutes to see what you qualify for.
Qualify for a rate of 6%, and you’ll be able to borrow $25,000 for a monthly payment of only $150!
If you’re 62 or older, as well as a long-time homeowner, you may qualify for a reverse mortgage. This is a government-insured loan that lets you convert your home equity into cash, but without selling your home.
Take the money however you’d like: monthly, lump sum or line of credit. Use it however you’d like: home repairs, bills, traveling or simply living a better life.
Your home remains yours. You hold the title until you die or choose to move elsewhere, provided you maintain the home. When you leave the house, the loan is repaid.
A reverse mortgages can make huge difference in your quality of life. But not all lenders are equal.
One lender that’s highly rated and happy to answer questions is Longbridge Financial. They’ve earned 4.8 of a possible 5 stars from Trustpilot, and Consumers Advocate says, “By far the best online experience and tools among all the reverse mortgage lenders we reviewed.”
If you’re 62 or over and have equity in your home, it’s time to at least see what your options are.
Click here for some friendly, free no-obligation information.
5. Get a second set of eyes
Even if you’ve been a successful investor for decades, there comes a time in life when it makes sense to get a second opinion from a professional.
A Vanguard study found that, on average, a hypothetical $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a professional.
Obviously, there are no guarantees a professional will do better than you. But getting a second opinion from a pro certainly can’t hurt. Even if you don’t need help picking investments, they can help you create a plan, maximize your Social Security, protect your assets and offer you peace of mind by ensuring you’re on the right track.
They can also be there in case one day you’re not.
These days, there are no-cost online services that make it easier than ever to find vetted financial advisers in your area. For example, SmartAsset. You fill out a short questionnaire and are instantly matched with up to three local fiduciary financial advisers, all legally bound to work in your best interests.
The process only takes a few minutes, and in many cases you’ll be offered a free consultation.
Nothing to lose, lots to potentially gain.
(Please carefully review the methodologies employed in the Vanguard white paper, “Putting a Value on your Value: Quantifying Vanguard Advisor’s Alpha.”
Take a Minute and Check it Out Right Now
6. Make more money
It used to be that investing in commercial real estate, like apartment or office buildings, required lots of money and lots of expertise.
Not anymore! Thanks to an online investing platform called Fundrise, now people with modest amounts of money can own a slice of a big real estate portfolio.
Fundrise tears down the traditional barriers needed to invest in real estate property, and so far over 1.7 million consumers have used Fundrise to invest in commercial property.
It takes as little as $10 to get started, the platform is easy to use, it’s open to investors of all experience levels and there are other investment options too, like IRAs.
Fundrise has delivered an average annual rate return of 5.29% over the past five years, a stark contrast to the average, annual 0.23% interest your money gets by sitting in a savings account.
Of course, nothing is guaranteed, and past performance is no indication of future results. Still, Fundrise has the potential to make more than you’re making now in the bank — or under the mattress. And you can get your feet wet for as little as $10.
Note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on moneytalksnews.com. All opinions are our own.
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