Inflation — the economic phenomenon that causes prices of goods and services to fluctuate — isn’t just affecting consumers’ wallets, but it’s also hitting their savings the longer prices stay higher.
Wealthstream Advisors Director of Investment Research Joe Orff shares how to grow one’s wealth amid rampant inflation, including investing in Treasuries (^TYX, ^TNX, ^FVX), assessing risk in the market, and moving funds from a regular checking account to a high-yield savings account.
"I don’t think you should go with the one with the highest yield. There are some online savings accounts out there that are advertising six, seven, 8% yield — that’s significantly more than the Fed [Federal Reserve] rate of 5%," Orff explains. "So there’s going to be some additional risk in there. You might not see it today, but if everyone wants their money out at the same time, there might be an issue with getting your money out of some of those institutions."
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