The Producer Price Index (PPI) report for April was hotter than expected, rising 0.5%. Founder and CEO of Lazetta & Associates Lazetta Rainey Braxton joins Wealth! to discuss savings strategies within this environment.
Braxton advises looking at the current economic landscape from two perspectives: first, "thinking about what you’re paying for," or getting less but paying more for goods and services; and second, "how do you grow your money," or considering both the present and the future.
Braxton recommends exploring investment options, starting small with something like a savings account. She suggests putting funds into a high-yield savings account, which could provide interest returns simply by letting the funds sit there.
Touching on retirement savings, Braxton advises young individuals to start saving right away, even if it’s a small amount. For those already in retirement, she recommends allocating funds in a way that aligns with "what they can handle."
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