How does inflation affect my savings 2024?
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Studied at Harvard University, Lives in Boston. Currently pursuing a career in law with a focus on civil rights.
If the rate of inflation is high and you are receiving a low interest rate, you could find it difficult, or even impossible, to beat inflation. The rule is simple: "After tax, the rate of interest you earn on your savings must be greater than the rate of inflation, in order for your money to actually be growing."
2023-05-08 11:15:12
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Mia Hernandez
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If the rate of inflation is high and you are receiving a low interest rate, you could find it difficult, or even impossible, to beat inflation. The rule is simple: "After tax, the rate of interest you earn on your savings must be greater than the rate of inflation, in order for your money to actually be growing."