What can inflation do to your monies? In the latest episode of Moneymind, it was shared that an annual inflation of just 3.5% can cause a person's wealth to shrink by 2/3 in a matter of just 30 years! When i saw the figures I was surprised though not really very surprised as all along i know that inflation is really one of the culprits that erode savings and tackle this, all of us need to grow our monies in a rate that beats inflation and the way to do that is via investments for most of us. I know investments come with risks and so how can we manage these risks?
In the same program, there are four methods shown to reduce risks and they are not just confined to investments alone but on general money management: a) eliminate risks via paying your credit card bills via GIRO ......