America is Expensive: So What Are You Going to do About It?

I spent the last two years away from my family, working in Okinawa, Japan. Finally, I am back home where I belong, but things have changed.

I left in August 2020, and today the landscape in America is much different. For one, America is much more expensive. Due to inflation and perhaps a pending recession, prices of everything have risen. 

We must plan everything we do now—no longer doing things on a whim. But if prices keep rising in America (and the world), how will we combat the costs?

Selling Covered Calls for Passive Income

Pick your poison. The first thing we have to realize is that we are not in a position of power. The typical person holds no leverage in this inflationary time. 

But, as long as we understand this, we can roll with the hand given to us. Because we hold no leverage, we need to work harder and be smarter than the average bear.

You’re wrong if you think you will keep spending the same, and inflation will naturally subside. No one knows how long inflation will persist, which may go away but usher in a recession. 

We must build the mindset of an investor. Whatever route we choose will take an investment in time, energy, and money. We have limited resources in each of these, so we must pick out poison wisely.

Retirement Planning for the Average Person 2

We need to reduce expenses. The first item on the agenda is reducing expenses. Yes, prices are up, but we must persist in lowering costs.

We can eat less, which would be good for our health. I reduced my food intake by at least 30%, focusing on eating more salads.

You may want to start couponing, perhaps helping you reduce your food bill by 20-30%. How about cutting out Netflix, Hulu, and Disney+? Do you truly need all of these services? 

Convert your savings into income. Whatever you save by cutting costs, we can convert that into revenue. We achieve this by investing in dividend-paying stocks. 

Orange You Glad You Have Passive Income?

Dividends are profits from companies that they pay to shareholders. It’s as simple as opening a STASH account (affiliate link), investing in a blue-chip dividend-paying stock (like McDonald’s), and waiting for them to pay you. 

Time to make more money. Now that we have a nice routine of investing in the stock market, we need more money to invest further.

We can achieve more money in many ways—the first is upgrading our skillset. What can you do to increase your value in the job market? How can you find or create your dream job?

The book “From Paycheck to Purpose” helps us explore what we want to do and how to get there. It’s crucial that we become a valuable asset to our workplace. 

Why You Should Learn Creativity & Design

Start a side hustle. If our job is somewhat limited on options, we can start a side hustle. We can exchange time for money by driving Uber or delivering pizzas.

However, we want to start a side hustle to make it into a passive income stream. I have written too many articles to count on small business ideas; here are a few:

1. Start a Garden Business
2. Start a Consulting Business
3. Start a Coaching Business
4. Start a Run Truck Business
5. Start a Bed & Breakfast

The list goes on and on. My Retire Rich, Retire Comfortable with a Business series (part 1, part 2, part 3) goes into much more detail on various business ideas and concepts.

Begin producing content. A great way to make an additional income is by creating content. Yes, most people fear getting in front of the camera or writing a blog post, but it’s time to overcome limiting beliefs. 

Don’t Fear Delegation

I’m in the military, and if I can start producing content, anyone can. All it takes is a commitment to yourself and your content, and you can make great works. Once you learn to create meaningful content, you’re off to the races. 

I just finished my Blogging vs. YouTube series (part 1, part 2, part 3, part 4), which you may find interesting. It’s a good look into some of the long-term business models of content creators. 

Use the sharing economy. There has never been a better time to make money passively. We can do this by sharing our places and things. 

By far, the best way to make passive income is by sharing your home by renting rooms. Doing this will help you get ahead faster than almost any other income method.

Real Estate is a Mindset (Advanced)

You can then convert the passive income from renting rooms to dividend income by investing. Now, you have two income streams for the price of one. 

You can also share RVs, mobile homes, storage sheds, parking spaces, cars, dog areas, etc. Honestly, the list is too long to fit in this article. 

If you want to get ahead, sharing is the easiest and most passive way. We must look into these methods and separate ourselves from the love of our possessions. 

Putting it all together. I threw a lot of ideas at you in short order, but that’s okay. Your household will need multiple diverse income streams to stay ahead of inflation. 

Don’t Gamble with Retirement 4

The average millionaire has seven streams of income for a reason. When one income stream decreases in revenue, another one increases. The goal is to make more money overall every year.

Our household may have a standard job, a garden business, rent a room, and an income investing portfolio. If we are relying on just our job to make income, we are putting ourselves in a risky position.

Conclusion. Life is full of surprises. If we take life by the horns, we will receive money in our email inbox. If we don’t take control, we will be surprised by bills and taxes. 

The Magic of Cryptocurrencies

I personally love logging in to see new dividends from stocks, royalties from books, and rents from renting rooms. It makes my day to continue to receive passive income on top of my earned income.

What is your passive income plan? How can you beat inflation if it lasts another 2-3 years? Do you have an emergency fund ready for the worst-case scenario?

The end goal is to take life seriously but put ourselves in a position to have fun along the way. It’s tough to start your passive income streams, but they will change your life once it’s active. Good Luck!

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Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it.  I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing