Dr Robert Hartwig, professor of finance and the director of the USC Risk Management Center explains that this current season of inflation is NOT the worst in the history of the US economy. Financial historians remind us that one of the worst periods of inflation was during the 1970s and 1980s when there was high inflation and high unemployment. Inflation impacts us individually in a psychological as well as economical manner, so we need to stay balanced.

As individuals, we can find balance as we review our income and adjust it with our outflow. Creating a budget, prioritizing spending, and planning for a longer period of inflation than anticipated are key elements. We have more control over our financial destiny than we think. Every disaster gives us an opportunity for a creative solution.