Invest in passive income
Inflation erodes the purchasing power of cash. So if you have some spare cash, putting it to work might be better than stashing it under the mattress.
Real estate is a well-known hedge against inflation. As the price of raw materials and labor goes up, new properties are more expensive to build. And that drives up the price of existing real estate.
Well-chosen properties can provide more than just price appreciation. Investors also get to earn a steady stream of rental income.
Of course, while we all like the idea of collecting passive income, being a landlord does come with its hassles, like fixing leaky faucets and dealing with difficult tenants.
But you don’t need to be a landlord to start investing in real estate. There are plenty of real estate investment trusts (REITs) as well as crowdfunding platforms that can get you started on becoming a real estate mogul.
Deploying excess savings in real estate could help you preserve your wealth. This cash flow could also supplement your income and help you meet rising living expenses.
Analysis by the Pew Research Center reveals that switching jobs could be a clever way to boost your income. The data seems to suggest that 60% of people who switched jobs or employers between 2021 and 2022 saw their pay rise, while fewer than half who stayed saw any wage growth during this period.
Which means if you’re looking to beat inflation, leaving your current role or employer for better opportunities may be your best bet at getting the salary increase you’re hoping for.
Pick up a side gig
Supplemental income or side gigs have never been this popular. In fact, federal labor data revealed that as of September, 420,000 people were working two full-time jobs simultaneously. These workers were putting in roughly 70 hours a week to boost their income.
You don’t need another full-time job to beat inflation. A simple side gig like tutoring could be worth $100 an hour, while dog walking could net you as much as $1,000 a month, as SideHusl, an online gig platform, told CBS News.
A flexible freelance role can help you boost your income far above the rate of inflation.
Get a piece of commercial real estate
Enhance your portfolio with high-return commercial real estate
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While commercial real estate has always been reserved for a few elite investors, outperforming the S&P 500 over a 25-year period, First National Realty Partners allows you to access institutional-quality commercial real estate investments — without the leg work of finding deals yourself.