Topic: Economy pressure - page 7. (Read 1375 times)

Financial pressure is something that affects every homes.its not really easy to have kids,cater for their financial needs like food,school fees,and even their upkeep.Inflation is one of the things that is affecting many countries presently,and its only the ones that understands how to deal with the logic that can survive here.

A lot of countries are experiencing inflation. And we've all been experiencing it ever since. Compare the prices of stuff before to today's price, you will always see a huge difference. Everything's becoming more expensive each day. Just a few years will pass, the prices of goods would probably be doubled. I feel like even the government can't really do anything about it. Perhaps the best they can do is to try to maintain or slower the increase of commodities and goods.

It has been a long issue of inflation, and instead of waiting for the government to solve this issue, individuals are forced to find other ways to earn income instead of just relying to a single source of income so they can afford to live a comfortable life.

Inflation is one of the worst diseases of the economy because of its direct impact on the middle and poor classes instead of the rich classes, and because the poor do not have assets but mostly liabilities and expenses, inflation will be very bad for members of this class.

People from Nigeria may give you better details, but you must know the cause of inflation in order to find the appropriate treatment. Is inflation in your country due to money printing, or due to an imbalance in exports and imports, or due to external influences? Then improving your skills to find a better job while investing any amount you have in food storage. Reducing any unnecessary expenses will help you greatly in reducing the effects of inflation.

In fact, the current situation in the country and outside the country.  In this case, it has become very difficult for an ordinary day laborer to live. Earlier, he could do a whole week's market with 1000 taka, but now there is such a situation that you cannot do two days' market with 1000 taka.  At present the situation is such that the prices of the products are increasing manifold day by day and the prices of the products are not reducing at all because now we are feeling a situation that it is difficult for us to survive.  But an educated person does not have any problem because he  Earning money is increasing and there is no difficulty in doing business in that case, a busy person with a busy life is finding it very difficult to earn daily wages and the prices of others are increasing day by day.  What's in the future but pray Korea Inshallah we will definitely come out of this coinage one day.

Last month, the inflation rate in Nigeria was 29.9% and I believe it will keep rising, the best is to convert your salary to Bitcoin in lightning network, use custodial exchange and wallet to minimize the fees and comfortable for beginners to use it. 50K Naira is only worth $33, that's why I say transaction fees need to be minimized as low as possible.

You can use the exchange in this list https://github.com/theDavidCoen/LightningExchanges

Then use bluewallet or wallet of satoshi as your wallet.

That is why there is a saying that the rich get richer and the poor get poorer because the rich are the ones who sell these goods and the ones who buy are the poor, and what is happening in almost all countries with difficult economies, for example, I bought 10 kilos rice and the next day the shop owner said the price had increased by more than 10% from the price I bought yesterday and usually this would be followed by an increase in the price of other ingredients, so what can be done? almost nothing other than accepting and trying to retrench and trying to find additional income which is not easy for developing and poor countries.

That is a pressure almost everyone around the world is feeling, but other than to earn more money and trying to reduce costs there is not much else you can do, governments will do whatever they think it is better for them, and if this means approving policies which put millions of people at a disadvantage they do not care and will do so, so even if I can clearly see your point, there is nothing you can do to change the overall state of the economy on your country.

That is why we have to prepare for the worst because if not, we will end up in misery just like others who did nothing but accept their fate. The need to get a passive or extra source of income will give us a chance to fight back in times of crisis or economic pressure. We need sustainable investments for us and our family to survive. Much better for us to not rely on government financial aids as it might come too late and still sometimes not enough for us. I know most of us has lesson learned when crisis struck 2008-2009 and then pandemic came so be prepared.

This problem can happen in various countries and to everyone, but there is no point in complaining because the situation has happened and we have to accept it even though it is difficult and confusing to overcome economic conditions that are not appropriate to the situation.
And what we can do is overcome it and also overcome it independently by having a side job or additional income and that is the only thing that can help us overcome our economic problems, so that we remain well off without having to reduce important needs such as healthy food and education.
It is indeed difficult and not as easy as what is stated, but this is where we are required to be smart and independent in solving this problem because it is all for us and our families and the government will not care about our situation. But they're definitely working on it and it's only a matter of time, and being independent will make us much better off when things return to normal.

this kind of problem is though, try to solve a problem another problems arise, the government could be printing money to help the people in need but the price of foods in general gonna increase significantly.
the best course of action is the strengthen various vital fields like foods with agriculture and many more that way we can get past through many crises.
but we all know the trend of agriculture has been decreasing significantly in many places. it seems really grim future for us.
hopefully though there's no problem happening at the scale of world wide like war and similar, because it could further affect us and cause us to have smaller purchasing power.

Other people are forced to find side hustles or a second job. You can't really depend on the government to provide aid or even help those who are in the poverty zone all the time. That's why this day and age is a curse to all the up and coming adults: you can never really raise a family with these wages unless you work double shifts or have another stream of income. That's also why most young adults are choosing not to bear kids, and with it comes declining population. Choose your poison, I guess. You can't have even the most basic of things if you have these people in power running things.

From your local board engagement, it seems you are a Nigerian, and the 50k you mean, I guess you are referring to Nigerian local currency, which should be worth $32 if converted to the current rate based on my research. 

If the economic situation in Nigeria is so bad and the inflation rate is so high, then it's very important for you to cut down on your budget and relocate to a less expensive apartment or a location where the cost of living is less expensive. 

I remember, while I was young and growing up with my grandmother in a village, that she had a farm where she cultivated some vegetables, maize, potatoes, and some other crops that lasted no longer than 6 months before they were due for harvest. With such engagement in the cultivation of those vegetables, it helped her not to be buying everything in the market; at least she could easily get some vegetables from the farm, which helped to reduce costs for her. So, there are some locations where you will live and you can manage your finances very well, but if you are living in a city where the cost of living is very high, probably because traders travel far to purchase goods for their businesses, the price of things will definitely be higher than when you are living in a local place where you can get some things easily at a low cost. 

So, to help you fit it, relocate to a less expensive apartment, cut down on costs for your family, and always make a budget for your spending.

If prices in a country continue to rise, especially if the increase is large, it means the government in that country cannot control inflation. So prices have increased significantly. Usually, when inflation is high, the government will make social assistance policies for its citizens who are less well off to increase people's purchasing power.

Yes, it's not just in Africa, but all over the world including Asia wherein prices of basic commodities keeps on going up but the basic pay of people are stagnant. So there is no balance and so people continue to suffer and even had problems putting food in the table for their families.

I guess everyone here is really feeling the pain right now, and if we don't have stable jobs, gonna be difficult. There are people who go to extremes, like having 2 jobs or a side hustle but barely above waters in this trying times. And so we really have to prioritize things, like the education of our kids and again 24x7 shelter above them and basic necessities and hopefully we can all survived.

If your post was made on the local board, it would have been better, most people here are not from your country, and they will hardly understand your post because you are making use of your local currency, which is the naira.
 
I am also from your country, and seriously, I don’t really know how people are surviving with that amount of money. Some people will pay for house rent, feeding, school fees, and other necessary things. Seriously, #50,000 is not even enough for a bachelor to take care of himself for a month, not to mention someone with a wife and children, y hat’s just kind of low.

Maybe your trouble with this world is that you are praying for things - wishing to some sky fairy like there is something out there going to save you and even if there were, chances are there are many people worse off than you who need helping first. How has all this praying in your life brought you to this current predicament? Maybe if there was a god, they are not even kind. Try existing without having the religious crutch to rely on and understand that man should judge man and society can make rules based on morality that changes over time. Too many societies have been ruined, because manipulative leaders twist words that were written thousands of years ago and have no reference points in the current world we live in.

Furthermore, plan very well and for every activity. If you are not married, plan the number of children to have, giving birth to too many children can put you the provider under pressure and financial stress. If you are married already and have children, do not plan to have more, engage in family planning so as to ensure that you do not start expecting any new children you do not really want.

Also, because the economic situation is not peculiar to you, there are friends and family members that may want to start depending on you for financial assistance, do what you can, but do not exceed your limits, or put yourself under the pressure to want to meet all their financial needs. You have to conserve more money now, invest and save for the days when you will need it.

It’s so hard in the current economic climate, all we can do is try our best. You can create a budget to manage expenses effectively & prioritise essential needs. Think about exploring additional sources of income like part time jobs or freelancing. Try to save money by adopting frugal habits & cutting unnecessary expenses. You can take advantage of government assistance programs & maybe seek financial advice from professionals to make informed decisions.

It's a global thing that the goods that we consume are increasing, some may not be on a daily basis but you expect that if there's a rise on the crude oil and any related products. Then, all of the things that are being transported are also going to increase. It sucks that it all started during the war of Russia and Ukraine when mills have increased and oil due to demand and supply and even until now, everything has risen. Coming up with some news, UK has admitted that they're economy have fallen into a recession[1].
[1] UK economy slipped into technical recession at the end of 2023

This is what is happening to every country now. It won't be long and we will see more hardships for the food prices going to the roof. Sooner you will see your government will suggest the salary increase but while doing so the company you work for will also lay off employees because of the salary increase.

Time to just eat a peanut butter sandwich for a meal. Just buy something that your kids can have and prepare to buy something that you can sell when the price skyrockets. I'm buying dried fish, liquors, painkillers and antibiotic capsules. This might just save me.