Today we’re going over the best ways to beat inflation in 2022.
The annual inflation rate for the U.S. is currently 9.1%, the largest annual increase since November 1981 when it reached 8.6%.
Times may be looking tough, but the good news is there’s a life hack to working your way around it, and actually not feel it at all.
In 2020 when Coronavirus impacted the entire world, I vowed to never let an economic downturn affect me or my family ever again.
Now I’m going to share with you how an economic downturn such as the rise of inflation can easily be managed.
Let’s break it down!
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Learn how to create multiple streams of income
The best way to beat inflation in 2022 is by learning how to create multiple streams of income.
Multiple streams of income will generate your household money no matter what is happening in the world.
A diversified web of income streams can be viewed as a safety net when hard times hit home.
The costs of living is skyrocketing due to inflation but it is up to us as individuals to adapt to these changes and find ways to overcome these hurdles.
How do you create an additional stream of income?
There are many ways to create an additional or multiple streams of income.
Each type will vary from individual to individual depending on lifestyle, level of risk, capital, and attraction towards the desired stream.
Here is a list of the best ways to beat inflation in 2022 through additional sources of monetary means:
#1. Additional spouse income
If your spouse has been meaning to get back in the field, now could be a great time to do it.
Having two parents working oppose to just one has great benefits to a household’s financial health and net worth.
This additional stream of income can help offset the costs of rising inflation even if it’s only temporary.
#2. Find a way to work for yourself
You don’t have to quit your 9-5 or salary job, but finding a way to work for yourself outside your regular job/career is one of the best ways to beat inflation in 2022.
The reason being is that you maximize your income through any profits you make working for yourself.
Find what interests you and build something that can generate income around it.
This could be something as simple as freelance work or even starting a small business.
You can manage these types of gigs outside your current work and build them during the weekend too.
Perhaps you’re an expert in your industry.
If you’re great at doing what you do, why not learn how to pay yourself for it too?
#3. Generate dividend stock income
When you discover the power of dividend income, you’ll wish you had started earlier.
That’s because dividend stock income can generate passive income forever while gradually compounding over time.
Investing in stocks such as AT&T, the S&P 500, and other ETFs will allow your money to work for you.
Dividend stocks for the most part pay you quarterly (depending on the company or ETF).
You will have an option to collect that dividend as cash, or to reinvest it back into the asset where it will compound over time.
Put enough cash into these types of stocks and you’ll be able to retire with an income a lot earlier than most people in the U.S. ever will.
Related: The Best Dividend Stocks to Buy for Passive Income
#4. Build a leverage income earning machine
And probably the best way to beat inflation in 2022 is by building a leverage income earning machine.
Leverage income is income you earn multiple times for doing the work once.
You can also use leverage to your advantage to maximize how much money you make in such little time.
One example of using leverage to your advantage is learning how to day trade the stock market.
Day traders can get in and out of the stock market in a matter of minutes or few hours and make hundreds to thousands of dollars in just one day.
Building a leverage income earning machine is a little different though and is going to require an audience.
Examples of a leverage income earning machine include:
- E-commerce online store
- Building a YouTube channel
- Blogging
- Or creating an awesome Podcast
Find your niche and learn how to monetize it with Google AdSense or other means to generate income.
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Related: How to Invest in The Stock Market for Beginners
