Are You Worried About Inflation?

Many newspaper articles, emails, and primetime news stories have been talking about the possibility of inflation and hyperinflation lately. While we are of the mind that inflation will occur at some point, we don’t know when it will be or how much it will be. So I wanted to share with you this advice about inflation: don’t worry about it. What?! That is not at all what the media is saying. I know – they use fear and anxiety to get people all riled up because it keeps them in business. Let me explain what I mean when I say not to worry.

Inflation or hyperinflation is beyond my control, and it’s beyond your control. It may happen tomorrow or it may happen in 10 years. We don’t know. Think of worrying about inflation like getting on a stationary bike. You can pedal faster and faster, working yourself into a big sweat, but it doesn’t get you anywhere. You are still in the same place you were when you started pedaling.

But that doesn’t mean to stick your head in the sand and do nothing either. There are things that you CAN control in an effort to make your finances secure. Ask yourself these questions:

• Are you living within your means?
• Do you have debt?
• Are you saving money each month in a savings account?
• Are you investing some money each month?
• Do you have goals?

These are all things you can control. You can figure out how to stop spending more than you make (do you really NEED Netflix or cable TV?). You can work to eliminate your debt (by the way, if you’ve got some debt check out our Debt Elimination Course). You can set goals for yourself and work towards them. You can put your money in various investments and what we call economic pivot points, so if something does happen in the future that causes some of your investments to lose worth, it might cause others to gain value.

So what’s the take-away here? Don’t stress yourself out worrying about the possibility that inflation could occur. Start today working on what you can control in your finances so that you have a good shot when inflation does happen (IF it happens in your lifetime). As always, if you need help getting your finances in order, get in touch with iMoneyCoach. We have helped numerous people reach financial freedom and get to a place where they love life.

Tags: finances, inflation, media, money, savings, spending, worry