How to build wealth without sacrificing much during periods of high inflation – CNBC
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For many people in today’s economic climate, just getting by is good enough. More than half of Americans are living paycheck to paycheck given the record-high inflation rates, making it easy to put long-term goals such as wealth-building on the back burner.
As we know by now, the longer we put off building our wealth, the harder it will be to do so later on. The good news is even with the high cost of living right now, there are still ways we can continue prepping our future financial selves without changing much of what we may already be doing.
Here are four tips for building wealth without changing much during periods of high inflation.
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Move your emergency fund, or savings, into a high-yield account
The scenario: You’re already saving but not in the best place.
If you have some money set aside, consider moving it to a high-yield savings account. While you’re not going to earn an interest rate that outpaces the inflation rate, with banks increasing APYs, or annual percentage yields, you can at least earn a bit more from something you’re already doing anyway.
Compared to a traditional savings account, a high-yield savings account offers rates above the industry average, which is just 0.10%, according to the FDIC.
The LendingClub High-Yield Savings account offers one of the highest returns on your money, with a 2.07% APY. The account also comes with no monthly maintenance fees and no minimum balance requirement —you’ll just need an initial $100 deposit to open your account.
LendingClub High-Yield Savings
LendingClub Bank, N.A., Member FDIC
Annual Percentage Yield (APY)
No minimum balance requirement after $100.00 to open the account
Excessive transactions fee
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