Inflation is the sustained rise in the cost of goods and services in an economy and reduces the purchasing power of individuals. Several factors, including an increase in the money supply, a shortage of goods, and rising production costs, can cause inflation.
Inflation typically rises 2%-3% each year alongside people’s income which also increases by 2%-3% to keep up. Recently, however, inflation has skyrocketed to 7%, while people’s incomes have remained stagnant or fallen behind.
Surviving inflation
Noelle Randall, an industry expert and millionaire business coach, predicts that this inflation will continue for the foreseeable future. To assist more individuals, she shares these industry tips on surviving the current inflation:
1. Start one’s own business
According to Randall, turning a side hustle into a real business is key. People need to do all the essential things to get the company up and running. These include securing registration, a professional website, a phone number, and an employer identification number (EIN). Opening a business checking account is also beneficial to obtain funding approval.
“With NorthOne Banking, aspiring business owners can get their business checking account in just three minutes. It will give them a three-month worth of bank statements or, sometimes, even a business funding directly under their businesses’ names,” Randall explains.
North One is an online banking system that integrates all funding systems into one card. It also allows businesses to get funding and acquire legitimate business checking accounts.
2. Increase the income
Randall mentions that increasing revenue is the only way to keep up with prices rising so rapidly. She adds that people can continue their regular jobs while extending efforts to open up a business.
“They can start marketing their products and generate an income to help them build a business,” she says. People can also increase their money by creating multiple streams of income just from one source.
“For example, I have both long-term and short-term rentals in the real estate industry that give me two different funding streams. Aside from that, through my knowledge and expertise, I can maximize Youtube, blog posts, and even podcasts and earn more,” she adds.
3. Curbing the spending and investing wisely
According to Randall, there are three things people can do with their money – spend, save, or invest – and investing is an effective way to combat inflation. “When the money finally arrives, people should stop buying things and instead focus on earning more,” she says.
People can put more money into marketing to bring in more buyers. It can be spent on advertising to improve business recall or marketing collateral to increase brand recognition.
Empowering aspiring business owners
As a successful business coach and entrepreneur, Randall has witnessed firsthand how difficult it is to combat inflation while maintaining current lifestyle standards. To help more people learn how to start businesses and earn more money, she published books detailing her journey from a part-time job to a millionaire businesswoman. The books contain insights and actionable advice, providing readers with the proper resources and tools to make informed decisions, particularly in these trying times.