Can you believe it…
Once upon a time doctors used to think smoking was good for you?
They also used to think that eating fat was incredibly bad for you and eating a diet super high in carbohydrates was the answer.
Now, this one is hard to believe…but it’s real
In the 50’s meth was prescribed to housewives who wanted more energy
Anyway, the point I’m trying to make here is that we only need to look to history to see the amount of times in which experts got it wrong.
What if I told you what you think you know about inflation might be a lie also?
Many people have been led to believe inflation is low and the same for everyone.
We see the mass media and the ‘Reserve Bank of Australia’ continue to tell us its low.
But… when you look more closely at the topic…
Their narrative doesn’t add up
I know for myself that the cost of living has increased and so has the cost of housing.
Do I even dare mention the rise of petrol at this point?
Inflation is one of the core wealth concepts you need to understand and master if you are ever going to be successful at building wealth.
This episode of the podcast might be controversial and you might find disagreeing with Grant and I.
But I ask that you hear this one out and make the decision for yourself, all while keeping an open mind.
All information we share is NOT financial or investment advice and is purely intended for entertainment and educational purposes only. Always seek professional advice before acting on any financial decision.
00:00 Welcome to Business and Investing
01:42 What is inflation
03:26 Why you should care about inflation
07:26 Inflation is not general, it’s personalised
10:49 Areas inflation has affected most
12:20 How to understand your personal inflation
14:02 Inflation and deflation in our lives
23:48 Why you need to track your personal inflation rate
29:58 How to beat personal inflation
32:04 How to make inflation work for you
41:04 Considering inflation in investing
47:42 You’re losing money by storing it in the bank
49:54 Key takeaways
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