Have you noticed? Things are getting more expensive. Gas, food, and practically everything you can think of is going up in price. Inflation is here and it might be with us for a while.
But here are a couple questions for the investors out there:
- Question #1: If you only have one source of income, how will you continue to invest in stocks or crypto?
- Question #2: If you have to spend more on food, utilities or other necessities, how much of an impact will that have on your investing?
These are important questions that many people might have overlooked. This is also another way the middle class gets squeezed.
The key is to create multiple streams of income. This is often accomplished by creating some type of business or owning a revenue generating asset. As inflation picks up, it’s critical we keep accumulating assets that perform well during times of inflation. this is best accomplished by having multiple streams of passive income.
By creating multiple streams of income, you can better withstand the effects of inflation on the economy. Another benefit for those with businesses is the ability to adjust your prices to keep up with inflation.
Call To Action
It’s possible we could be dealing with inflation for quite some time. Instead of just hoping it goes away, we must be proactive and do everything we can to minimize its effects. Here are some top ways to inflation-proof your life and avoid the middle class squeeze:
- Buy gold and silver
- Sell products online
- Monetize a blog or website
- Start a drop-shipping company
- Own rental property
- Invest in dividend paying stocks
- Alternative investments: fine art, vintage cars, etc.
The time is now to protect yourself from the effects of inflation. Pick up a copy of my book Invest For Success: Millionaire Wealth Strategies Not Taught in School today. Available in paperback, eBook and audible formats.
Should our children understand the concept of business and entrepreneurship? Give them a head start and order Planting Seeds: The Children’s Guide to Entrepreneurship. This information is not discussed in school.