 Hey good Almost morning 12 a.m. How's everybody doing get to see you welcome to dedicate it to financial literacy Russell Moore coming to you live again Yeah, as promised I said I would bring in the second installment or the second video on inflation hacks and I've got a nice little list here and so I believe I'm gonna get through all of them I'll try not to do much elaborating on each one, but just kind of give you as a synopsis of of each one and Be sure to hit the subscribe button The notify give me a thumbs up if you like the content if you don't don't give me a thumbs down be honest But I believe this is gonna be helpful Particularly in 2022 and we've been talking about inflation and how The consumer price index they're saying it's around about seven percent and I said it was at seven percent almost eight months ago When they were saying it was three to four percent and so I listen The inflation rate is around probably more honestly around ten percent if our federal government was honest with us and so Not to scare you but look You know, how much are you paying for gas? You're paying a lot for gas Even California, we're over five dollars certain places. It's almost six dollars Food is up Every kind of consumer product you can think of is up. Everything is up gang This t-shirt is up Appliances are up Utilities are up. If you buy a computer right now, they're up Furniture is up Yeah, I know they're blaming it on the supply chain a Lot of companies are using this period and And hiding behind the word inflation in order to raise prices and that's the truth Okay So what we want to do is try to combat it we want to combat inflation whereas not it doesn't hit us so hard My last video I showed you my garage. I I'm stored toilet paper in I've got a little stockpile of toilet paper and upstairs Paper towels in toilet paper and I've got all this detergent enough for two years Yeah I've got Don liquid soap hands soap all kinds of Multiple products Tons of suggests because I knew this was coming a year and a half ago okay, and And so what I want to encourage people yeah Number one you get out there to the store pick up some extra items because it's not over prices are still gonna go up They're not gonna level off too soon. They're gonna still keep going up through through 2022 and possibly 2023 Inflation it's not transitory I keep saying that I've said that many times on my videos All right. Okay number two inflation hacks. That's what we're calling this inflation hacks suggestions Savings Um as much as you as you can most people what they do is they don't make savings a Priority So they'll you know, they'll look at their finance and say well, we got to pay we got to pay for this We got to pay for this we got to pay for this and then whatever we have left We'll try to save it in but no you have to be intentional in 2022 You have to be intentional and pick an amount that you're going to save say every month This is the amount every two weeks. This is the amount whether it's 150 200 300 450 you say this is the amount We're gonna say every paycheck that's gonna come out for those that are working or not an entrepreneur and And you and you don't veer from that and you put that money away But don't just put it in a savings account forget the bank Find an ETF a Stock or something to invest in where it appreciates and you're getting interest on it There's you're not getting anything from a savings accounts It is a waste of time and a waste of money and get this if you put your money in the bank And I've said this before Inflation is a 10% you put it in the bank. You're not your money is an increasing in the bank So guess what at the end of the year you're actually at a loss You want to put it somewhere get this the stock market the S&P 500 on an average 7 to 10 percent every year. So if you put it in an S&P 500 this year Hey, if it get if it gains 10% by the end of the year if the S&P 500 at least you've broken even But if you put it in the bank, you're at a loss. Okay. All right, save your money number two Pay off debt That doesn't have a fixed rate and what I mean by that credit cards don't have a fixed rate Because the interest rate 26 27% 28% you want to attack credit cards and anything that doesn't have a fixed rate You know if it doesn't have a fixed rate and it fluctuates pay those off first. All right I'm gonna start going a little faster here pack your lunch Pack your lunch. I can't tell you how much you can save money. My family is like, you know We're not eating out as much at Harley at all And so we're we're buying our groceries and we're back. We're packing food and buying juices. You want it? Hey coffee instead of Starbucks We got a cure right over there fix the coffee. I make sure my wife has her coffee in the morning Not at this second we're fasting but but She gets her coffee Why go to Starbucks and pay five seven dollars? You can save that money put it in the bank And then or put it in like I said invest it. All right number four when at dinner when you're at dinner out with friends or family Eat before you go Eat the heavy meal before you go then when you get there just have appetizers You're mainly going for the fellowship and to spend time and I enjoy the company of the people correct Okay, so eat eat a larger meal at home before you go and then when you get there just have appetizers You won't be spending as much money. Remember the restaurants are up When you go to a restaurant now the food because of inflation, it's expensive All right, so that's a hack. All right number five Shop at second-hand stores Yard sales Estate sales look at a Google estate sales you'll be shocked especially when it comes to furniture and items like that Here's a good one Facebook Marketplace. Here's another one next-door app Next-door app is a wonderful app and it basically it's your neighbors and It's great. You can find out what's going on in your neighborhood Keep abreast of what's happening in the neighborhood whether they're stuffed or crime or whatever But it also on the next-door app You'll have neighbors that are selling items and get this because it's your neighbor. It's your neighborhood A lot of times it's right down the street the item that you need to purchase and It's usually much more cheaper. Okay. All right, so that's another hack car if you're thinking of buying a car in 2022 Consider an EV an electric vehicle now. I wouldn't I'm not suggesting Tesla even though I love Tesla But there's some cheaper models out there that are good. That's was a great car But I'm actually looking at the Mach-E for my wife the Ford Mach-E in one point beautiful vehicle But or hybrid hybrid are a little cheaper than the EVs But with the electric cars they are having they have some Federal credits that they're giving I believe there's still an incentive for an electric vehicle not with Tesla though They've they've they they've sold too many cars They can't do it, but the other car makers you can get an incentive I believe it's like you can get about $7,000 back if you buy an EV. Why is that important? Look how look how high gas is right now If you have an electric vehicle and here's the thing what I hear especially I've talked to Tesla owners And one of the things they always say they say I have no maintenance. I Literally I've had my car for a year and a half two years And I've had no maintenance that I haven't been to a gas station and I've never been to a gas station It's crazy. All right, so consider that all right number Number seven. This is a very important one at home the electric utilities energies going up Unplug your electrical items that are not in use for example computers TVs Hair dryers printers coffee makers microwaves phone chargers toasters People don't realize that just because you're not at that using that item if it's plugged in you're using a certain amount of electricity Begin to unplug some of those items in your house that you're not using I'm not telling you to unplug the refrigerator. Of course not But an item that you're not using like a hairdryer If you if it's plugged in you're using electricity. It's driving your bill up Okay, so begin to turn to Reduce by taking and unplugging some of those items that you're not using. All right Okay, another hack for inflation Transfer credit cards to a lower interest rate card There are all kinds of deals especially at the beginning of the year Where companies are saying hey come over here zero interest for a year two years if you transfer your balance your Your your balance from your other credit card to us and then for a year And so you have a year to pay that that credit card off with no interest So that is something you want to think about doing if you have credit card debt And you're paying a lot of interest think about and a lot of times It's based on your credit your credit history on whether they'll do that, but you can do it transfer over Transfer over and begin to pay that thing down With no interest. All right. All right. I Think that was number eight number nine This is very important. Look at your bank statement. I Do this every year I look at both my wife My excuse me myself and my wife's bank statement my water. Let's get some water here Yeah, give me a second All right So here's what I'll do every year at the beginning of the year I'll look at my bank statement and I'll look for any kind of recurring items That I'm paying for that. I'm not aware of How many of you have been the you've been the victim of this? Where's you there's an infomercial or a commercial or something you see online? You're like, oh some vitamins. I want to try and they say yeah, this here's a trial pay nothing Seven-day trial and then you click on it you get your little seven-day trial You put your credit card on there and you forget about it You get the vitamins and you're taking the vitamins and you forgot to cancel after the trial How many times have that happened to you and you look up and you're paying $70 a month in six months down the road. You've paid all this money to this for an item For an item that you didn't want on a regular basis I've made it up my made a decision. Hey, I stay away from trial offers if I want it I get it and I'll stay away from the trial offers because a lot of times people will forget and it's a marketing strategy that they do Okay, so what you want to do is at the beginning of the year go through your bank statement and Look to see you'll be surprised. How many things are coming out of your that is coming all the money That's coming out of your account That you weren't even aware of or you forgot about Something that you purchased and they've been going into your account pulling money out of it ten dollars nine ninety nine they add up $10 a month 12 months That's a hundred and twenty bucks You do that for three years So go through and I mean when you go through call immediately and cancel. Hey, I no longer want the subscription And you'll be shocked how much money you can save during this time of inflation. All right. All right, okay Here's another one that I do at the beginning of the year I renegotiate utilities Cable Insurance companies Call your insurance company and see if you can get a better rate for that car insurance home insurance You know, whatever type of insurance that you have begin to ask them you have not because you asked not call them Some of you they they've they've increased your insurance and you don't even realize that if you've got it on a recurring payment Call and see especially if you moved into a new area Say you're in a less populated area. You can get your car rate down your car insurance rate down So if you move you should automatically call about getting a different rate unless of course you're moving into a much more traffic in Metropolitan in place where it's a lot of traffic and it's gonna go and it's gonna rise Yeah, you may not want to offer that obviously you got to let the insurance company know where you've moved Okay, but what I'm saying is call call these different companies and see if you can get a better price and Hey, if they know that you have a competitor that you're thinking about and that's one of the things that I'll bring up I said, well, I'm thinking about going to another company in a way But they don't want to lose you Retention is everything for them. They don't want to lose you so they'll make a deal. Okay, what do they'll do? It'll lower your cost Lower your monthly bill. Okay? Inflation inflation We got a fight inflation gang. We got to fight this Get a part-time job. That's another one number 11 Get a part-time job And here listen 10 hours at $20 an hour say something you get something for $20 an hour 10 hours, that's $200 a week $800 a month that $800 you can take it and invest it or you but first use it to kill Any debt and that's what you know, sometimes people will do they will get a part-time job Temporarily not permanently just to help and get over the edge to kill debt What you you really want to do is get out of debt in 2022 get out of debt All right, and so part-time job is another hack during inflation Get an additional job get some additional finances coming in some of you don't you don't have enough money coming in You don't have enough revenue coming in you don't have enough income coming in your expenses are up here But your your your revenue Your income is down here. You want your income up here and you're In your expenses to decline to become less. All right, and I know you know this you guys I'm not telling you anything you don't know, but this is a good reminder Especially during this season where we have a lot of inflation. All right, here's a couple of wonders Rent out an extra room if you have say you have a three-bedroom and you're only using one or two rent out a room What is that what will that do that help you with your mortgage or your rent if you have an apartment? It'll help towards the cost of that. Yeah, you get an additional six seven hundred dollars Of course, you want to vet and screen the person to make sure you got the right person in your place But this is a way that you can this is a way that you can attack inflation Now you got more money coming in that's gonna raise your income. All right What can you do with that extra income? It can add it to bills. You can get out of debt and you can invest All right. All right number 13 You can rent your vehicle out Don't believe is Toro Company of online Toro and People are renting out their vehicles and if you have a Tesla. Oh my god You know the more higher Profile the car is the more you can charge but you can rent your vehicle out So you have a second vehicle that you're not using rent it out For the weekend Try it test it. I know a lot of people like I don't want people driving my car right that I don't know I get that okay, but I'm saying look it's time for us to think outside the box Okay, it's time for us to think outside the box rent it out Making extra two or three hundred dollars just what even if you did it one week in a month Your car is making money for you If you're at home, especially during the pandemic a lot of people are not going out there not doing as much And you're at home your car is sitting there. It could be out making money for you making two or three hundred dollars that weekend All right Okay, here's the one more. I'm gonna give you You can rent out your garage space Say you have a garage a nice garage and it's you know now some people might like you know what I got too much stuff About garage. Well, maybe it's time for you to clean your garage Let's have spring cleaning a little early this year. Okay, maybe it's time for you to clean out to the garage Did you know that your garage can bring you money? There there is in a website called neighbor.com neighbor.com You can read there's several actually work websites, but that's one of them that I'm aware of neighbor.com where you can rent out your your garage And it's usually a neighbor Most people it's people around that they know I was listening one of the testimonies on their website and And the guys said yeah, I I signed up as a host on neighbor.com And one of my one of my friends They hooked me up with one of my friends and we called each other. He's like what you want a space and he said yes So it worked out perfectly Because it's cheaper than the then going to public storage And so you can keep your you can keep your you can keep your your garage if you're not using it for much You can keep your garage filled up with other people's stuff and and get a fee and pay you get paid for it You become the storage unit all right so Yeah I think that's it. I have some more. I'll probably do it. I'll probably do a third video But these are some hacks and we have let's just quickly go over each one of them again Okay, I want to make sure that you write them down because you look I'm not putting all that on my video Just write it down. This is good for you. Write it down number one Savings but saving to an interest bearing account not just the bank save make sure you're saving This is to just to come combat Inflation in 2022 number two pay off debt that doesn't have a fixed rate Number three pack your lunch number four When you're at dinner eat before you leave When you go out to friend go out to dinner with your friends eat before you leave the big meal And then when you get there just have appetizers you'll save some money Number five shop at a secondhand store yard sales Market facebook facebook marketplace next door app Number six economical car you want an economical car during this time if you're thinking of buying a car Get an ev or a hybrid Save on that gas money right number seven unplug electrical items that are in use in your home computers tvs hair dryers printers coffees coffee makers Um microwaves phone chargers toasters and so many more items that you have plugged in that you're not using All right, it'll reduce your electrical bill Okay, number eight transfer credit cards to a lower interest rate card Number nine look at your bank statement and check on reoccurring reoccurring items that you're paying that you're not aware of Are you forgotten? Look through there and say oh my god. What is that? Where did that come from call the company? They will remove it right away. Many of them know they're doing the wrong thing And they said well You didn't cancel the trial All right All right, number 10 renegotiate Your insurance policies utilities Cell phone bills call up call up Verizon call them and say hey, I want a better plan. What can you do for me? Or i'm going to T mobile Trust me. They'll do it All right, get a part-time job making $20 or more Minimum wage, I don't care But I mentioned $20 because if you only work 10 hours a week Listen, you guys just 10 hours $20 an hour that's $200 a week Okay, you got to pay taxes. I get it But you're averaging around six between six and eight hundred dollars a month that can go towards investing and debt All right So number 11 I said get a part-time job number 12 rent out an extra room in your home or your apartment rent it out Bring in generate more income Combat inflation Number 13 rent your own vehicle rent your vehicle toro Rent your own vehicle Make some extra money on the side and the last but not least number 14 rent out your garage space Neighbor.com is the place that I referred Neighbor.com you can rent out your garage space some people like I don't want nobody come up in my garage Listen, okay, if you want to be that way you can You better start thinking outside the box Box remember you guys the richest people on earth the richest people on earth and i'm going to close with this Have at least 10 streams of income Between seven and 10 streams of income The days of just having a job and think you're going to be okay Those days are short-lived You've got to have some other income. You better be having the other income coming in from various places All right, so get the I believe you're going to have victory over this inflation thing. Okay, so don't panic Don't be afraid You've got all the skills and remember you will not earn if you do not learn Keep learning keep learning about the stock market bonds real estate Financial literacy is going to be vital in these last days. Thank you and have a wonderful wonderful day. Bye. Bye