‘Back in my day, a loaf of bread cost 50 cents.’
Inflation is one of those inescapable economic factors that can make an older person scratch their head and say ‘Wow, when I was your age, a gallon of milk only cost a dollar’ or ‘I bought my first home for $40,000. That was a lot back then.’ It’s hard to understand how that works when one person can buy a whole house for the amount that a new car costs today.
(One day, what you paid for your milk or your home might sound like pennies to your grandkids!)
How does inflation work?
Sad to say but inflation is the relentless force that eats away at every dollar you have. At around 2% annually it means that $100 effectively becomes $98 because the prices of goods and services go up every year. To fight inflation you need to invest your saved money and earn a return higher than the inflation rate.
The absolute best way to fight inflation is to start saving your money then invest it and let with compound interest do its magic.
To really beat inflation, you need to set up an automatic savings account like the one we can help manage for you with MoneyLion Plus.
Want to save more money, stress-free?
Imagine a day when you don’t need to be concerned about the unexpected expenses that pop up in your life. And no longer having to worry about building your savings, much less even thinking about saving money. That’s because someone else will help take care of that for you.
MoneyLion Plus is the (very) bright light at the end of the saving money tunnel. And we think you’re going to love what MoneyLion has in store for you.
Learn more and get on the waiting list while you still can!