On this episode of Ask The Experts, Alka talks about inflation, which is a topic close to all of us, what it means to you and your family and how you can navigate through inflationary times.
KEY TAKEAWAYS

• Everything has gone up, from the price of food to the price of houses. Interest rates have also gone up. I filled my car up with gas last week, it usually costs me $65 but this time it cost me $105! Inflation really is pinching people.
• Low and stable inflation can be the sign of a growing economy, this benefits holders of a fixed rate debt such as mortgages and loans. It also encourages consumption today and not saving for the future. However, it devalues goods which harms individuals who are living on fixed incomes and are the sole bread-winner in the family. Higher prices throughout the economy hurts retail consumers.
• You need to create a plan and a purpose (the 2 Ps), you need to manage your expenses in and out, have a budget and set aside reserve funds just in case of emergencies, this will truly help you during these times.
• Personal development is important, mentors can help. The moment we stop learning we are dying. We don’t want to disintegrate, we want to continue to evolve and be dynamic.

BEST MOMENTS‘Inflation is the decline of the purchasing power of a given currency over time.’
‘I haven’t been shopping in ages. My strategy for this time is to be frugal and stay away from luxury goods and items for the time being.’
‘Build on your skill sets. The people who will be harmed the most are those on fixed incomes from one job. It’s not enough to survive. We all have strengths and weaknesses, work on your strengths, learn more and educate yourself to get multiple streams of income.’
‘No one has a crystal ball as to when we’re going to get out of recession, so in this time, we need to equip ourselves to expand. We need to collaborate with individuals in the same industry as us.’

ABOUT THE HOSTAlka Sharma is a Real Estate Investor. She has a zest for life, helping her clients gain knowledge and insights into property investing. Alka takes her time to make sure her client’s needs are met.
Alka is an accomplished, professional ballroom dancer having competed both nationally & internationally.
Alka is grateful for all her experiences that have shaped her today as a successful Entrepreneur, Real Estate investor.
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