Inflation is still making life harder for many Americans, and even Eric Trump, son of President-elect Donald Trump, says he’s feeling the financial strain. In a Fox News interview in September, he shared, “It cost me $130 to fill up my SUV. People can’t afford life anymore.”
While gas prices reached a high of $5.016 per gallon in June 2022, they’ve come down to $3.009 by November 2024. Still, many families are grappling with the rising cost of everyday essentials, so it’s a good time to think about how you can better protect your hard-earned money and build your wealth.
Protecting Your Purchasing Power
Whether or not you believe Eric Trump’s $130 fill-up story, inflation is affecting all of us. Prices for essentials like food and housing have gone up significantly – food prices are up 26%, and housing costs are up 24% since 2020.
But there’s good news: Americans now have more tools than ever to combat inflation and protect their finances.
One way to turn inflation into an opportunity is by investing as you spend. Apps like Acorns make this super easy. By linking your bank account to the app, every time you swipe your debit or credit card, it rounds up your purchase to the nearest dollar and invests the change for you. It’s a simple way to save and grow your money without even thinking about it. And if you sign up, you’ll get a $20 bonus investment!
Investing to Beat Inflation
Today, there are plenty of ways to shield your money from inflation’s impact. Here are a few:
Real Estate
Real estate has always been a solid way to fight inflation. As building materials and labor costs rise, the value of existing properties tends to go up. Plus, rental income usually increases with inflation, giving you a steady stream of income.
But you don’t have to buy a house to get involved. Platforms like Arrived make real estate investing accessible, even if you’re just getting started. You can invest in rental homes and vacation properties with as little as $100. Arrived handles everything for you, so you can sit back and enjoy the benefits of owning real estate without the hassle of being a landlord.
If you’re interested in commercial real estate, First National Realty Partners (FNRP) offers investors the chance to get involved in high-quality commercial properties, which have performed well over the years.
Gold
Gold has been a safe haven during economic downturns for centuries, and this year it’s up 34%, reaching over $2,700 per ounce. Many investors, like economist Peter Schiff, recommend gold as a smart move to protect against inflation. If you’re looking to hedge your retirement savings, consider a gold IRA. It allows you to add physical gold to your retirement account, giving you an extra layer of protection against inflation and market ups and downs.
One trusted company that can help you get started with a gold IRA is American Hartford Gold. They’ve helped thousands of clients safeguard their retirement savings, and their gold-backed investment options could be just what you need in today’s economy.
