As an Economist how do you tackle inflation? - page 2.

Ayers

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Quote from: Zilon on May 12, 2023, 01:57:51 AM

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

The general solution that I see most people using is to save, not spend on things that are not worth it, find additional sources of income, and accumulate inflation-resistant assets like gold or bitcoin. Those are the things that I am also applying to myself. I'm doing more work now than before the covid pandemic, and I'm not spending as much on unnecessary things as before the inflation hit. In this way, I find myself quite okay with the inflation going on.
I think inflation will pass soon, but it will repeat in the future, so we should not only prepare for the present but also prepare for the future.

Frankolala

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Quote from: Zilon on May 12, 2023, 01:57:51 AM

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

Cut out all unnecessary expenses and buy only important things which you need. Don't go to places where you will always be spending most times,and buy your foodstuffs in bulk,to avoid everyday increase in price of commodities.

If you have a land,you can go into farming of crops that produces within three months,in order for you to have something you can always depend on to feed. If you are the type that loves show off,you don't need it anymore because it will lead you to spending extravagantly. Write a budget base on your income,and also invest into volatile assets like bitcoin and gold to make profit in the very near future or to use it as a store of value to avoid devaluation of your savings in fiat.

EarnOnVictor

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Inflation is bad, and when it's biting so hard in your country, that means it's time you double your hustle. You don't rely on a single income source when there is inflation unless you have a high-paying job in which you might only want to "cut your cloth according to the cloth' by planning your spending more prudently.

In the absence of that, it will be difficult to cut your spending when you earn little and will not affect you and your loved ones, so you need another source(s) of income. It might be through business, investment and Gig solving etc.

Just make sure that the much spare time you have during the day is converted to useful moments that earn for you.

mindrust

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Quote from: Zilon on May 12, 2023, 01:57:51 AM

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

I simply don't hold much FIAT around. In this inflationary environment, you should buy goods because if you don't , tomorrow you will pay more for the same goods. So the most sensible thing to do is to buy every good you can while you have the money. In other words I am dumping FIAT for anything I will need in the future. FIAT is created out of thin air without any effort but we need to work to create goods and the central banks created so much FIAT in the past.

Ojima-ojo

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Quote from: Zilon on May 12, 2023, 01:57:51 AM

The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living,

In this situation the best practice os to set your scale of preferences and only buy what you need, and not what you desired in other not to eat up your entire savings trying to get goods or bills settle, avoid unnecessary bills and minimize consumption.

What we need in this critical time is proper management of our little resource, i call it little because despite the rise in inflation rate and hike in the price of goods and services, wages have not been increased and the last time the minimum wage of most countries were adjusted is pre covid-19 time and from then to now alot of things have changed and the price of good have skyrocketed.

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Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

Best practice is to spend less and hold only the amount you budget at a time, on the issues of devaluation of currencies, i think that is as a result of the global meltdown that started long before covid-19 and the best possible solution is for countries to look inward for domestic products and boost their internal revenue that will help the value of their currency.

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The fluctuation in volatile assets and the demand to meet our every day needs.

Volatile assets such as Bitcoin?

Zilon

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The price of commodities are becoming more scary by the day. As an economist with lots of bills to settle how do you deal with the price hikes, the expensive cost of living, The fluctuation in volatile assets and the demand to meet our every day needs.

Most nations are facing currency devaluation, economic downturn, Static GDP and slow revenue generation. What are your secrets for meeting the day to day expenses regardless of the inflation.

Topic: As an Economist how do you tackle inflation? - page 2. (Read 189 times)