Money Guy Show Top 5 Wealth-Building Challenges (And How to Overcome Them)
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Feb 9, 2024 The podcast discusses the top challenges people face in their financial life and provides strategies to overcome them. Topics include coping with inflation, increasing income, avoiding lifestyle creep, finding financial harmony in marriage, alleviating childcare costs, caring for aging parents, and planning for the future.
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Adjust Spending During Inflation
- Adjust your spending during inflation, similar to handling a pay cut or business downturn.
- Consider meal prepping, changing grocery stores, or cutting subscriptions.
Negotiate a Raise
- If your income hasn't increased with inflation, advocate for a raise with your employer.
- Frame your request as a win-win, highlighting benefits for both you and the company.
Invest During Inflation
- Maintain investing during inflation to combat eroding purchasing power.
- Turn wages into assets; let your money work harder than your physical labor.