S1 EP94: Understanding the Impact of Inflation and How to Combat It with Lee Michael Murphy

MONEY MANAGEMENT EDITION

 

In October of 2021, the annual inflation rate in the US hit 6.2%, the highest level since November of 1990 and above forecasts of 5.8%

 

Inflation, or the devaluation of money, is affecting most of the world recently, especially the United States. It’s taking a toll on American citizens as this is the highest it has been in 30 years. Price increases across the board. From energy costs like gas and electricity, food, and even used cars and trucks. 

 

Based on a Pew Research Center study, in the third quarter of 2021, the country had the 8th-highest annual inflation rate out of 46 countries studied. In the weeks leading up to Thanksgiving, Americans, especially the poor, have felt the effects of inflation as food prices have risen across the board. 

 

What are the reasons behind inflation? Should we worry about the rising prices of goods or not? And are there ways for American citizens to combat it?

 

For wealth manager Lee Michael Murphy, it is possible. Join us as he discusses the causes behind inflation and what we can all do to combat the devaluing of our hard-earned dollars. With co-hosts career advisor Sergio Patterson and attorney Matthew McElroy, tune in to this week’s episode of The Free Retiree Show.

 

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