3 things to keep in mind as inflation hits 40-year high

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TAMPA, Fla. (WFLA) – New data released Wednesday shows the inflation rate standing at 9.1%. The increase in the cost of goods, from gasoline to groceries, contributed to the increase.

In just one year, the cost of regular gasoline has increased by 60.4%. A dozen eggs are up 64% year over year.

So what should consumers keep in mind when trying to resist rising rates?

“The average person should look at their spending because if they’ve had excess money and haven’t paid attention to the higher prices they’ve paid, now’s the time to pay attention” , said John Wax, a certified expert. said the financial planner and president of Waller & Wax Advisors.

First of all, don’t be too worried. Wax said steps have already been taken to slow inflation over time.

“These things are already happening and steps are being taken to address issues such as rising prices,” he said.

Next, he advises consumers to cut spending in areas where it’s not needed right now to find some extra money.

“Just hold it back so you give yourself more time,” Wax said. “Because even though we’ve seen salary increases, we don’t see salary increases keeping up with the cost of living.”

Third, Wax said moments like these present great opportunities, even if they seem hidden by staggering numbers.

“We can fall back on Warren Buffett’s famous quote of being greedy when others are afraid and being afraid when others are greedy,” Wax said. “Now may not be the time to roll money into other businesses, but we’re probably closer to that point than we are to the peak.”

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