Do you know #1

Do you know that what cost you $50,000 today will cost you cost to $82,000 in 20 years time?  That is the work of inflation, which is measured today at a conservative 2-3%.  Inflation gauges the rise in prices for basic life sustaining items.  What it mean is that the same dollar you have today will buy you less flour or less rice tomorrow than compared to today.

Imagine if the inflation rate rises even further, to say 5%, the same $50,000 required will now be about $132,000 in 20 years time!  This is why everyone should start planning for their finances.