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Inflation is the general increase in the cost of goods and services over time. To beat inflation, it is important to invest your money in assets that will increase in value at a rate higher than inflation. Some common ways to beat inflation include investing in stocks, real estate, and precious metals. Additionally, it can be helpful to reduce your expenses by cutting unnecessary costs and increasing your income through a side hustle or asking for a raise. Building an emergency fund and planning for retirement are also important steps to take to protect your finances from inflation.
The effects of inflation are often not directly felt but are played out over a long time, especially long-term investments are vulnerable to inflation.
At Horizon65, we created a mobile app that enabled you to check the effect of inflation on your savings.