10 Sure-Fire Ways to Beat Inflation

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The Federal Reserve has a target for rising prices: They consider 2% per year to be the right amount.

Uh-oh.

Rather than 2%, the latest inflation figures reflect an annual rate of more than 9%. That’s the highest it’s been in more than 40 years. And it’s hurting people, especially those least able to afford it: the millions of Americans living paycheck to paycheck.

So, let’s talk about inflation: how bad it’s going to get, how long it’s going to last, and most important, what we can do to fight back.

As usual, podcast co-hosts Stacy Johnson and Miranda Marquit are joined by producer Aaron Freeman. This week’s special guest is Farnoosh Torabi, editor at large for CNET Money and host of the popular podcast So Money.

Remember, even though we sometimes talk about specific investments on this show, never take them as recommendations because they’re not. Before investing in anything, do your own research, and make your own decisions.

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Just how bad is inflation?

Inflation is soaring. But where is it likely to hit you the most? According to the Bureau of Labor Statistics, food, gas and utilities are some of the biggest offenders. But there’s more inflation-related information you need to know.

• Read about the 15 industries being most impacted by inflation.
• Do you know your personal inflation rate? We can show you how to figure it out.
• Check out these ways tax breaks are being eroded by inflation.
• Make sure you understand how inflation impacts your retirement.
• Not everything is being ruined by inflation. Check out these bucket-list vacations with prices that are actually beating inflation right now.
• Inflation isn’t always obvious. We explore shrinkflation and compare it to inflation.
• The Fed plans to fight inflation, so you can probably expect more rate hikes.
• The Roosevelt Institute and NBC offer insight into why inflation is so high right now.

How to beat inflation in different aspects of your life

Don’t assume you have to just sit down and take inflation. There are ways you can beat inflation in your personal life. Here are some ideas.

• Trying to figure out how to cope with inflation? We have some ways middle-income families are managing inflation.
• Ready to beat inflation at the grocery store? Check out our list of recommended apps.
• We’ve got an article about beating higher prices at the pump.
• Learn how to reduce food waste and save money.
• Worried about stagflation? You’re not the only one. We have a slideshow that can help you prepare for a worst-case scenario.
• How is inflation impacting your lifestyle? Compare it to some of the ways others are dealing with inflation.
• Check out another podcast episode we have on fighting inflation.
• Stacy has his own take on what’s going on now — and what you can do about it.
• Retired? Check out five ways you can reduce your inflation risk.
• Should you consider Treasury securities to deal with inflation?
• Don’t forget to check out Farnoosh’s post on CNET about beating inflation.

Meet this week’s guest, Farnoosh Torabi

Farnoosh is an award-winning financial journalist, speaker, author and podcast host who has dedicated more than 20 years of her career to helping people live richer lives.

Today she is editor at large of CNET Money and host of the Webby-nominated podcast So Money. The podcast launched in 2015 and has earned more than 20 million downloads. She is especially interested in discussing money in the context of gender, race, culture, psychology, entrepreneurship and climate change.

Farnoosh is the author of several books, including “You’re So Money,” “Psych Yourself Rich” and “When She Makes More.” Her next book, called “A Healthy State of Panic: Winning at Life When the World is Out to Get You” (spring 2023), has nothing — and everything — to do with money.

Farnoosh holds a degree in finance from Penn State University and a master’s in journalism from Columbia University. She lives on the East Coast with her husband and two young kids.

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About the hosts

Stacy Johnson founded Money Talks News in 1991. He’s a CPA, and has also earned licenses in stocks, commodities, options principal, mutual funds, life insurance, securities supervisor and real estate.

Miranda Marquit, MBA, is a financial expert, writer and speaker. She’s been covering personal finance and investing topics for almost 20 years. When not writing and podcasting, she enjoys travel, reading and the outdoors.