Hopefull,y this makes sense. Always reach out with questions. I got quite a few, actually, on the last video. So I'm happy to help. But expect prices to keep going up. The video yesterday referenced that inflation is not done yet,meaning that it will not continue to go, and the inflation numbers that we have, last time it was released it was at 7.5 percent or 7.8 percent, I believe it was. Inflation is going to continue rising. That's just how it goes, and likely we'll see it get double digits, and we'll likely see things getting more expensive.
Is A Recession Coming And A How Does Inflation Affect Me?
Recession 2022
Is a Recession Coming?
Expect interest rates to go up! As inflation continues to go further and farther, meaning that it continues to devalue the United States dollar, that means if you have $100,000 in your savings account. It's just sitting there; well, as a dollar becomes worthless, so does your savings account.
Even though the number isn't changing, it still becomes worth less. If a house today that you bought for $400,000 or $300,000, and that was the price for today and a year from now, if it's $500,000 and you still have that $100,000 sitting in your savings account, well, it probably only earn a couple of bucks as far as interest goes, and now you need more money to buy the same house. That's inflation at work, essentially.
Andrew Leavitt at West Coast Mortgage Group
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