Take a visit to your favorite grocery store. What do you see? Has the price of your Alkaline water gone up? What about the price of your favorite bag of chips that you promised yourself you’d stop eating? Are the chips more expensive than they were a few years or even months ago? One word: inflation.
According to Worddata.info and Usinflationcalculator.com U.S inflation rates are usually between 1.5% – 2.5%; however, between December 2020 and December 2021 inflation rose about 7%. What does this mean for you? It’s simple: make more in 2022.
Below are four tips on how to get over the inflation curve.
#1: Switch Jobs
Did you know that on average new hires make more than those promoted for the same position? According to Business Insider, employees receive raises based off of a small percentage of their salary, whereas new hires are typically paid at market price.
If you want to continue to climb the latter while waiting for your side-hustle to take off, don’t be afraid to leave a job for better pay. That new job that pays more will help fund your dream of working for yourself. You’ll go from switching jobs to creating jobs.
#2: Up Your Prices
Are you a hairstylist? Do you sell products online? Whatever you are doing in addition to your 9-5 raise the prices. Many new business owners are selling themselves short with lower service prices due to a lack of perceived experience and a lack of understanding regarding competitive market prices. Small business guru Nicole Walters says, “If you are operating in your zone of genius, the world is going to rise to meet you.” Consumer Prices are raising every year, don’t let your low prices take you out of business.
#3: Ask for a Raise
The good book says, “You have not, because you ask not.” You’d be surprised at what you can acquire once you have the courage to ask for what you really want. You’ve heard all over the news that there’s a worker shortage. Use that to your advantage.
You have the upper hand with your employer since good work is so hard to find these days. In an interview Netflix Marketing Exec Bozoma Saint John urges those in the work force to be the first to initiate the salary negotiation conversation. This will increase your chances of getting close to your asking price as oppose to allowing your employer to pitch first, which may result in a salary range much lower than what you were expecting.
You’ve heard it time and time again that you should have multiple streams of income. Most people have a second stream of income with their side business, but now it’s time to introduce a third. Create a stock portfolio. Tesla stocks increased over 22% within the past 12 months. If you invest in thriving companies today, you’ll be able to beat the inflation curve by simply having a higher annual return on investment.
Look around you; prices are going up every day. Don’t let this economy push you into poverty; you can go beyond the tide.