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So what is inflation? Basically it’s when the price of goods and services shoot up, causing your money to lose value. You may have felt this from purchasing eggs, as they went from $3 dollars to $5 but your paycheck isn’t going up as fast.
What’s a solution to inflation? When inflation creeps in, it means there’s too much money floating around, so the feds increase interest rates to hopefully, get Americans to stop spending and reduce the demand. If demand goes down, prices should go down too
What does it mean to increase rates? Increased interest rates means borrowing money becomes more expensive. Think car loan, mortgage, and credit card rates!
I’ll give you more deets on how interest rates affect you and how to protect your money next week. Make sure you tune in and click the follow for more of Greenwood Daily.
Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.