What should you do when prices for everything are going up? Suze Orman and Ramit Sethi have advice: (via MarketWatch Picks)
If you’re worried about inflation right now, you’re not alone. “The cost of living climbed again in November and drove the rate of U.S. inflation to a nearly 40-year of 6.8%, putting more pressure on households as they confront rising prices of gas, food, cars, rent and so forth.” MarketWatch’s Jeffrey Bartash reported this week.
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Ramit Sethi: “Investing is the single most effective way to get rich. Inflation can be bad for individuals when you just keep your money sitting in a bank account and do nothing else with it.” Sethi, a self-made millionaire and author of I Will Teach You To Be Rich, says you need to “take a long-term view of your personal finances and that means choosing different investment options that allow you to make money despite events like recessions.” As an example, Sethi says, “Big banks pay about 0.
What other pros say It’s not just the famous faces who say to keep investing: Tiffany Lam-Balfour, investing and retirement specialist at NerdWallet, says: “If you’re invested for the longer-term in a well-diversified portfolio, you’ve likely already got inflation protection built in. Staying invested and not holding onto too much cash are two sound ways to fight against inflation.
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