It’s no secret that inflation is with us in a big way. We can look at the consumer price index and see it was up 7 1/2% in January following a 7% rise in December.
But we feel inflation more deeply while shopping for what we need. Food prices are up, we are paying more for gasoline, and it costs more to heat our homes. These are not trivialities, they are things all of us need.
How do we combat this onslaught of rising prices?
For one thing we need to become wiser shoppers. When you are doing your shopping, ask yourself, “Do I really need this product?” If the answer is “yes,” then before you buy do some comparative shopping. Check other stores that sell the same thing. Can you get it cheaper at some other store? And, we’ll have to learn to avoid temptation, meaning, avoid impulsive buying.
Another question to ask is, “Do I need this product now?” For example, prices for new and used cars are now over the moon. Why not put off buying a car for later in the year? Chances are inflation will be less then and car prices will be lower. You could save a bunch of money.
As for investing, if you would like to discuss different options that could help you keep up with inflation and how it might fit in your financial plan please reach out to us.
Grand River Capital stands ready and able to help you purchase these assets that will help you withstand inflation. Feel free to contact me personally at jherbruck@grandriverllc.com.
Together we can get through this and look forward to brighter times ahead.
Thanks for reading,
JonathanGrand River Capital, LLC
Grand River Capital