How much is the cost of living expected to go up in the coming years?

How much is the cost of living expected to go up in the coming years?

Jordan Goodman (Personal Finance Author) gives expert video advice on: Why is life so expensive?; Why are things so expensive?; How much is the cost of living expected to go up in the coming years? and more...

Well, the cost of living is expected to go up typically 2 or 3 percent is what the official numbers say, that's where inflation has been. But I think if you actually look at what people are spending; it's actually much more than that. I like to say that there's a personal consumer price index that people might have. If you're older and everything's established, you're not buying that much, you might have a very low consumer price index. If you're in your twenties and thirties, and you're buying everything for the first time, you have children, and so on; you're going to have a much higher consumer price index. So I think the reality is with higher energy costs, higher health care costs, and cost of college education going up, that in fact, your cost of living is going to be going up five to ten percent in many cases. For most people who are in their younger years, well, they're still building and buying things.