Concepts and/or skills learned that will prepare me for the impact of inflation in my professional and personal life

Concepts of inflation rates and interest rates would help me prepare for the impact of high inflation in both my professional and personal life.

In my professional life, high inflation is likely to lower the purchasing power of my wages; making it a low value. I will need to negotiate with my employer a more suitable wage to factor in the inflation rate when determining my future salary. (Watson, 2018).

In my personal life, high inflation will lower my purchasing power as a result of increase in prices of goods and services and/or purchasing a home. I would use the skills learned to create a budget that would take into consideration the shifts in commodity prices. I will also remember the lessons learned concerning bond valuation has helped prepare me for how interest rate fluctuations impact bond valuation as well as factors to consider when trading bonds. Bond values depend on interest rates.

Required:

Provide additional suggestions for how the concepts and/or skills provided above could be used in the real world. Reference other research to support your assertions.