Inflation: Is It Really That Bad?

I live in Manhattan, and as someone who went to Harvard, I know a thing or two about the finer things in life. I’ve been fortunate enough to be born into quite the fortune, and I know that inflation is just a way for the government to steal from both the rich and the poor, and that makes us all very sad. But should it? Is inflation really that bad?

I mean, think about it: If prices go up, then those people on the bottom of the socioeconomic ladder don’t have as much money to spend on things they’ve become accustomed to, like groceries and utilities. Meanwhile, I have a harder time buying designer clothes and extra yachts.It’s a matter of perspective, really. And there’s a secret strategy that you can use to insulate yourself from the Inflation virus.

I’m so rich that I don’t even need to borrow money. I live completely debt-free, and it’s awesome. It means I have more money to spend on Fyre Festivals and fancy cars. So while everyone else is worrying about inflation, I’m just sitting here, looking out over Central Park, drinking a $500 bottle of wine. That’s what being debt-free can do for you.That’s it. That’s the secret.

But don’t just take my word for it: Here are 7 actionable, material ways you can benefit from going debt-free despite inflation, no matter your income level.

1. Spend less on interest: When you borrow money, you have to pay interest on the loan. But if you pay off your debt early, you can save a ton of money.

2. Save more: When you aren’t paying off loans, you have more money to put into savings or investments. Studies show that most people don’t even have a savings account. You can be better than they are – just go debt-free!

3. Avoid stress: Debt can be incredibly stressful. But when you’re debt-free, you can relax and focus the things you enjoy.

4. Live healthier: Studies show that debt-related stress can lead to poor health, including mental health. But when you’re debt-free, life just feels so much better.

5. Avoid credit card fees: If you have high-interest credit cards, you might be paying up to 25% interest on your balance each year. That adds up! But when you pay off your debt, you can avoid those fees.

6. Take trips: One of my favorite things to do is take trips to exotic locations. But if you’re always worried about your debt, you might not have the money right now, and that’s ok. But it would be more ok to take overseas vacations every year, thanks to being debt-free, right?

7. Save for retirement: If you don’t have enough money set aside for retirement, inflation can be a serious issue. But if you’re debt-free, you’ll have that money available for later. Or now. Either way.

So what’s my advice to all of you struggling with inflation? Stop worrying about it and just spend more time enjoying life. And if you’re feeling extra rich, don’t be afraid to donate some of that money to charity, like I do.