Gas prices are much higher than you probably would like. But thankfully the price has been crashing down since it hit an all-time high in 2022.
If you are in California, you might be thinking, “Gas prices are NOWHERE close to $3.22/gallon”. And you’d be right. We are showing the national average in the post. California is miles higher than that (currently at $4.51 per gallon in CA).
What is crazy to think about is the price of gas today is the same as it was in 2007. You can see this on the graph. And that’s NOT taking inflation into account. If you adjust for inflation, gas prices are down by a third since 2007.
There are always a lot of theories that gas prices are only going down because it’s an election year. Is there some truth to that? Maybe. But it doesn’t really matter since it’s out of our control.
Rather than focusing on that, focus on what is in your control. Find ways to increase your income wherever possible. Invest as much of your income as you can in low cost index funds. And let time work on your side to build wealth regardless of what is happening in the world around you!
You won’t remember what the price of gas was today in ten years from now, but the value of your investment account will sure remember if you were religiously contributing to it!
As always, reminding you to build wealth by following the two PFC rules: 1.) Live below your means and 2.) Invest early and often.
-Vivi & Shane
