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You can hear it from among any corner of circle nowadays, the rising cost of fuel is one of the most discussed topics anywhere. Not only are fuel prices getting higher but basically anything that is consumable is going up with it. It is impacting almost anything that has to be transported by truck (and what doesn't?) from a bag of flour to a box of baby diapers. Grocery has gone up 10 to 35 percent within the past year. Rising gas prices are hurting us all.
The prices keep climbing & diesel seems to be even more expensive than gasoline these days. Diesel was always cheaper to refine than gasoline but now the so called experts are claiming that it is more expensive to refine. Diesel also allows for better mileage than gasoline. Go figure.
Inflation is definitely rising & the price of diesel is the main reason for it. It is creating a domino effect throughout the world; Trucking companies have to pay more so they naturally have to charge more to stay in business. Manufacturers & shipping companies have to pick up the bill & then end up charging the retail chains more. The retailers end up having to jack up our all of their prices & guess who picks up the tab in the end? Well you, me & maybe even Dupree has to. Consumers are always at the low end of the totem pole.
Can we do anything about all of these price hikes you may be wandering?
No, not really.
You can't do anything about the rising costs but you can do the following 2 things:
1. Cut back on your consumption.
Or
2. Increase your income.
Let's face it folks. All we can do is complain about it. We can complain to our friends, family & even the government. That is like preaching to the choir. I recommend saving your energy fighting this issue because there is really no point. You will have to either downsize your spending & economize or somehow increase your income. Here are some examples in economizing:
1. Trade in your nice big gas guzzling but beautiful SUV for a Hyundai.
2. Buy less grocery or other consumable items.
3. Car pool.
4. Rent out your basement.
This is basically cutting back on all the costs of keeping your current lifestyle & settling for less than what you deserve.
I know this doesn't sound very nice but hey everyone is doing it, why shouldn't you?
I would much rather follow Robert Kiyosaki's advice in his recent book "Why We Want You To Be Rich" that he co wrote with Donald Trump. The main message in this book was if you can't beat them then join them. If you can not do anything about inflation & have to choose between being rich or poor, then choose to be rich.
There are always different methods to increase your income. You can always put in some more overtime at work or even get an additional part-time job. While these methods can help increase your active income, I don't think that was their intention for you when they released that book. Here are some methods for increasing your income:
1. Passive or Residual Income. This is where you can make income from real estate rental property or limited partnership etc. This type of income doesn't require extra man hours (labouring) on your part but will provide you with an additional income stream. This is leverage.
2. Portfolio Income. This is additional income that you earn from investing, trading, stocks & bonds etc.
It will take money to make money. Yes you will have to spend a little more to make more or accept having to work longer hours at work for less family or leisure time.
The rising costs of fuel is definitely taking its toll on most consumers these days but not for everyone. Many will find new possibilities for themselves. One person will see this situation as a problem while another will be forced to become creative & see an idea or solution. The emphasis is placed highly on creativity.
Remember that in every dark cloud there is a silver lining.
This situation will have an impact on you whether you choose to believe it or not. The real question is what are you going to do about it?
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