Money Matters: What to do about inflation
COLUMBIA, S.C. (WIS) - Rising prices on everything from gas to groceries are causing major inflation -- but what are the causes of this inflation?
Josh Bradley of Capital City Financial Partners says it all began when COVID started. With workers unable to work and plants shutting down, the economy was not producing the same amount of equipment and supplies as it used to.
But what does higher inflation mean to us?
“Your dollar doesn’t go as far as it used to,” Bradley said. “The same stuff you’re buying today that you were buying a year ago is probably costing you more.”
Bradley says the good news, however, wages have been increasing. As wages go up, they usually don’t come back down. This means more money to spend on fun items.
To protect ourselves from inflation, Bradley emphasized if idle cash is stored away into savings accounts, begin to invest and earn interest back.
“Also look at tax planning, look at fees,” Bradley said. “If you’ve got some extra time, getting a part-time job right now is a good idea given supply is low and your pay could go a lot higher with that job.”
For more information visit www.capitalcityfinancialpartners.com.
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