So it’s predicted that inflation will likely average 4% in 2022 😲 and could hit 5% 🤯
I have an ISA with Lloyds that makes 0.01% (tax-free may I had 😆)
This means that if I had £100,000 sat in that bank account, earning that interest rate, over 12 months, then it would turn into £100,010…
£10 growth on £100k 😟
But to buy £100k worth of Today’s goods, in 12 months I would need £104,000 💰
So having £100k sat in the bank means that this time next year I would essentially be £3990 poorer than I am today 💸
Compound that over 10 years…
I could have £100,100.05 in the bank 🏦
But, I would need £148,024.43 to buy those same goods 🛍
I would be £47,924.38 poorer in 10 years 😱
I basically need to make that money work harder than the rate of inflation!
That’s why we invest in property… message me if you want to know how we beat inflation 📈
#inflation #interestrate #property #propertyinvestment #elliottelitepropertysolutions
