1. Inflation and Higher Wages: A Look at the Effect of Extra Income

    Inflation and Higher Wages: A Look at the Effect of Extra Income

    More than 80 percent of Americans are concerned about inflation, according to a survey by Skynova. The survey also indicated that 61 percent feel inflation will negatively impact their lifestyles. The findings coincide with rising costs for some goods and services, and a sense of uncertainty stemming from an economy recently hit with a pandemic.

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    1. The time to refinance the mortgage is now.
    2. Employees who want to actively and aggressively protect their finances may find benefit in shopping the job market, looking for new positions, and leveraging new offers to get pay raises from current employers.
    3. Real estate is generally positively affected by inflation because rent is higher during higher inflation times and costs are often fixed.
    4. Many people took withdrawals from retirement accounts during COVID.
    5. It is also a good time to replenish emergency accounts.
    6. If your wages increase, be sure to increase the amount of money you save and invest every month.
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