1929: [Part 1] Inflation in 2022, the Rule of 72, and What to Do by Leif of Physician on Fire

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🗓️ 18 June 2022

⏱️ 11 minutes

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Summary

Leif of Physician on Fire talks about inflation and the "Rule of 72". This is part 1 of 2 Episode 1929: [Part 1] Inflation in 2022, the Rule of 72, and What to Do by Leif of Physician on Fire Leif is a former anesthesiologist, a family man, and a supposed outdoors enthusiast who spends way too much time indoors. Physician on FIRE is a personal finance website he created to inform and inspire both physicians and our patients with insightful writing from a physician who has attained financial independence and the ability to retire early. The site has a triple aim to leave visitors enlightened, educated, and entertained. The original post is located here: https://www.physicianonfire.com/inflation-in-2022/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

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0:51.1	Finance Daily Episode 1929. Inflation in 2022, the rule of 72 and what to do, part 1, by
1:01.2	leave a physician on fire.com. And I'm your host and personal finance enthusiast, Diana
1:07.6	Mariam. I have a bit of a longer post today. I'll read the first half today and then finish
1:13.8	the rest for you tomorrow. So let's dive into the first half and start optimizing your
1:19.2	life. Inflation in 2022, the rule of 72 and what to do, part 1, by leave a physician
1:32.2	on fire.com. Each month, the US Bureau of Labor and Statistics updates inflation numbers
1:40.0	by publishing data for the Consumer Price Index or CPI. This number represents the cost
1:46.9	of a range of goods and services commonly purchased by households in the US. This CPI
1:53.3	number, which has been tracked for over a century, was 10 in 1913, a hundred in 1983, and
2:01.4	as tabulated for March of 2022, stands at 287.5 today. In the past year, the number is
2:10.3	up 8.5%, meaning that a weighted average of the cost of commonly purchased goods and
2:16.2	services has risen 8.5% in 12 short months. If this pace keeps up, cash we have today
2:24.4	will only by half as much in 8 or 9 years as it does today. That fact is easily estimated
2:31.5	using the rule of 72. I learned the rule of 72 from my father sometime in the 1980s
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