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Experts offer somegenius ways to keep inflation from taking too big a bite out of your wallet.
Theyre designed to help protect your purchasing power by increasing in value as inflation rises, he explained.
Historically, equities have outpaced inflation over time.
Property values and rental income often rise with inflation, making real estate a solid long-term hedge against inflation.
It also frees up more of your income for other uses rather than servicing debt, he said.
This is known as the avalanche debt repayment method.
The less you spend on interest, the easier it becomes to pay off your debt faster.
The longer your cash sits uninvested, the less it becomes worth due to inflation.
you gotta keep that money growing so you gain value, not lose it, she said.
This can look like pausing before buying and really thinking critically about every purchase you make, she said.
She added, Think before you spend.
Its as easy as asking yourself a few quick illuminating questions.
Do I need this or just want it?
Can this purchase wait?
Why do I feel an urge to buy it?
What could that money go to instead?
Oftentimes, pausing to ask yourself these questions deters unnecessary purchases.
If youre renting, prioritize only renting a home you’re free to afford, she said.
Obviously, rates are much higher than [they] were a few years ago.
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