One of the most frustrating signals of something wrong is always the price of a gallon of milk. I ran into our local grocery store last night to buy two gallons for $3. I remember back when that price was only $1.50.

It’s not my imagination, either. According to this resource, monthly grocery costs have risen 32% since 2019.

Given the complexities of food subsidies and how easily prices are depressed through the intervention of our government, I’m increasingly wondering how we got to this place. How is it the middle class just expects that this situation is normal? How did we get to a point where our banking class continually points out the danger to the middle class around midterms and presidential election years, but can’t seem to take responsibility for its own role in shrinking the margins of small regional companies? Perhaps more importantly, is there any way out of this?

One quick heuristic could be by taking time to review the trappings of the “everyday millionaire,” asking what has worked through the ups and downs of past inflation. Are there habits we can focus on, even as we gain awareness on the issue of failing to balance the national budget?

Although a Jeff Bezos lifestyle is out of reach for most of us, it’s important to realize that many individuals became millionaires just through regular saving practices, not an inheritance. Here are a few things to consider that are within our reach:

1. Have a plan. Start with a budget of what you spend, what you’re earning, and what you’re saving. Use an app or spreadsheet. Knowing your cash in, your cash out, and the cash you’re left with can then fuel your understanding of building net worth.
2. Eliminate debt. The debt snowball and avalanche are both great. But if we start by paying off lower interest debt first, then working up to higher interest debt, we get addicted to winning.
3. Negotiate old debt and consolidate. There are many ways to do this – both good and bad. Your credit card company may give a lower interest rate for payments on time, so keep an eye out for 0% APR offers. Another alternative is to go to your local bank and ask about loan consolidation.
4. Use a bigger framework like Ramsey’s Baby Steps, or work through the Money Guy’s FOO to learn more basics like risk management, debt destruction, or the amplification of your purchasing power over time against inflation.
5. Get a team. Accountability in savings is the name of the game. Consider a habit contract with consequences for failure and rewards for success. Furthermore, make a text group with friends to encourage one another in this endeavor.
6. If you’re in high school, start investing. If you’re older, consider investing. Trump plans, 529s, UTMAs … the rate you must beat is the ~3% inflation rate, and time is your friend. The earlier you start, the more compounding works its magic.

Most of us can’t reduce the rampant inflation around us, fueled as it is by corporate risk that is repeatedly bailed out by a central banking fiat structure. But we can control our own actions and have a plan to beat inflation through investments that grow above its pace. We can also resist it, all while thinking bigger about how to Make Companies Responsible Again (MCRA). We can also start imagining a more responsible vision for corporate risk taking, by being more intentional about which companies we support through stocks.

If we want to become truly rich, the journey will require a culture of resilience and reform. Addressing our cultural irresponsibility begins with taking responsibility for ourselves.

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This article was made possible by The Fred & Rheta Skelton Center for Cultural Renewal. 

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