Will inflation be worse in 2024?
According to Peter Schiff, the answer is...
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Hello Financial Healers,
Americans have been dealing with high inflation over the past few years. Thankfully, the U.S. is nowhere near its painful high of 7% from 2021, but we still have work to do, with our current rate at 3.7%.
Call me an optimist, but I expected inflation to cool in 2024. Peter Schiff, a financial commentator, thinks, “inflation is going to be a much bigger problem in 2024 than it was in 2023.”
How much of a problem? Schiff warns, “[the] day of reckoning is at hand. I don’t know that it’s tomorrow, but it’s coming sometime soon.”
Not the most comforting words. But here’s my suggestion: don’t give in to fear. Plan as if inflation will last until 2024… and longer. Make wise decisions today about your spending, so you can protect your wealth tomorrow.
One of my clients is pursuing this idea at full speed. They moved from Southern California, downsized their life, and are diverting as much income as possible to paying off debt. The plan is to be debt-free in 2 years.
It’s an uncomfortable process, but it’s the quickest road they see to building wealth. My advice? Save money. (Build an emergency fund of $1000.) Craft a plan to eliminate debt.
Once you’re stable, start looking for opportunities to invest your wealth. Inflation might improve sooner than we think, but if it doesn’t, you won’t be surprised.
God bless your Prosperous Soul,
Stephen K. De Silva
About: Stephen K. De Silva is an author, speaker, and financial coach. From 1995 until 2017, he served as the CFO of Bethel Church, and a member of the senior leadership team. Stephen’s blend of experience, training, and gifting make him a pioneer in the subject of money. You can reach Stephen at hello@prosperousoul.com