how to overcome inflation for the community - page 6.

GigaBit

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Quote from: Tallupooh on January 21, 2023, 02:19:24 AM

how to deal with inflation according to my community:

1. Save money
2. Prepare for an emergency
3. Looking for additional income
4. Consumption of domestic products
5. Start investing and saving

that is the way in my opinion to overcome inflation in society. then what do you think? Is this way possible to overcome inflation?

When inflation occurs, almost every economic sector suffers a major disaster. At that time, how to reduce the cost of money becomes the main issue. You have made several important points out of which I think point no.5 is very effective. If we don't invest, we can never protect ourselves from inflation. Because if we save in the bank that too will not be effective due to inflation. It is not also possible to get anything good by keeping holding fiat money. But if we can invest then with inflation our return on investment will be increased. So there is no alternative for good investments to survive from the inflation.

kojektea

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I add to also invest with gold it will be the most potential replacement currency in the future. Inflation cannot be avoided, the only way is to divert it to goods that will immediately increase and the selling price will not go down easily, the best is gold and silver in my opinion. Yes. you don't have to invest all your money, but in the long term gold is more useful to invest.

boyptc

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Quote from: Vishnu.Reang on May 09, 2023, 11:09:07 PM

New research tells us that inflation may impact different groups in different ways. People's experiences with rising prices depend on where they live, how they earn, and how they spend. If an individual have multiple income source than they don't have to blame the government. If we are aware about inflation and start working hard, with making strategy and we prepare for coming inflation then then we find inflation is not that much scary and detrimental. Must prominent thing is not forget to invest. Investment is very crucial to overcome from inflation, it preserve your portfolio's value.

And there's this realization that we're all just living to survive and have to deal with inflation. Anyway, that's part of our lives and reality that we need to deal with because we're in this world.

Those that have experienced inflation will never have a second thought of increasing the sources of income that they've got. Having one isn't going to be enough so make it at least two or three.

If you will aim to have that kind of standard, you'll later on realize that you're not having a huge burden against it because you've prepared well for it.

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Quote from: Razmirraz on May 10, 2023, 10:35:31 AM

In addition to the 5 useful ways to deal with inflation that you shared at the beginning of the topic, I want to add a few more points that are no less important than what you mentioned above.

1. Manage expenses wisely.
Inflation requires people to have more income than before, but the arrival of inflation is not necessarily accompanied by an increase in income. Cut expenses that are not too important such as entertainment or spending money on something that is not really needed.

2. Buying Gold.
Buying gold is one way to deal with inflation, buying gold is perfect for people who want to invest more flexibly. Besides that, buying gold has almost no risk because the price tends to be stable, gold is not easily eroded by inflation and the price can increase even though it is not too significant.

1. Cutting down on unimportant expenses is the right thing to do, but we should find more sources of income that would be better. Because if inflation continues to increase, then cutting costs will not be enough for us to deal with inflation. Meanwhile, if we have more income, we will have less trouble if inflation continues to increase and spending is more comfortable.

2. Gold is a good option to deal with inflation, but what about bitcoin? It is also considered a more effective hedge against inflation than gold because it has a better growth rate than gold as well as a much more limited supply than gold.

Razmirraz

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In addition to the 5 useful ways to deal with inflation that you shared at the beginning of the topic, I want to add a few more points that are no less important than what you mentioned above.

1. Manage expenses wisely.
Inflation requires people to have more income than before, but the arrival of inflation is not necessarily accompanied by an increase in income. Cut expenses that are not too important such as entertainment or spending money on something that is not really needed.

2. Buying Gold.
Buying gold is one way to deal with inflation, buying gold is perfect for people who want to invest more flexibly. Besides that, buying gold has almost no risk because the price tends to be stable, gold is not easily eroded by inflation and the price can increase even though it is not too significant.

naikturun

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Quote from: Fortify on January 21, 2023, 04:19:34 AM

While these are sensible tips for any time of life, in reality unless the whole country or world does them it won't help. However this can actually backfire and make things worse, if people stop spending then companies have to cut back which means job losses and you can end up in a dangerous spiral. Not only that but the current causes of inflation - Russia invading Ukraine - caused food and oil/gas supplies to drop. Which is beyond the control of the average consumer.

However, taking steps to manage your personal finances can still be beneficial in navigating economic uncertainty and protecting your financial well-being. By building an emergency fund, managing debt, and investing for the long-term, you can improve your financial resilience and be better prepared to weather economic shocks.

Vishnu.Reang

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New research tells us that inflation may impact different groups in different ways. People's experiences with rising prices depend on where they live, how they earn, and how they spend. If an individual have multiple income source than they don't have to blame the government. If we are aware about inflation and start working hard, with making strategy and we prepare for coming inflation then then we find inflation is not that much scary and detrimental. Must prominent thing is not forget to invest. Investment is very crucial to overcome from inflation, it preserve your portfolio's value.

livingfree

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Quote from: Sayeds56 on January 22, 2023, 09:27:16 AM

- Learn skills to generate extra income online, such as web developing and animation.

There are too many skills that can be learned through the internet and that's why there are freelancers that are extending their knowledge and skills through enrolling online courses and learning something new.

And most of them are paid but many are also for free but information are quite limited. But, there are scholarships that you can apply for with certain online courses website.

So, it means that information are there and you just have to look out for them and study to eagerly learn new skills.

Hispo

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Quote from: Jawhead999 on January 22, 2023, 12:46:18 AM

Quote from: Hispo on January 21, 2023, 09:30:01 PM

Anyways, avoiding cash is a must. It is important to avoid getting one's money or any other kind of assets under the control of the government, when governments go through inflationary times, they are likely to halt withdrawals and in the worst case, they confiscate part of the non-inflationary assets.

There's no way you can avoid cash or fiat because it's the only one payment tool that accepted everywhere in your country.

Actually, because inflation some parts in my country (where the mining of precious metal is an important part of the local economy) they tag the prices of most products an services in both FIAT and grams of gold. In those towns you can literally go shop around with a small bag of gold power and all businesses have a small electronic scale.

There is even people who take a pocket scale with them. It is interesting.

Sayeds56

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Quote from: blockman on January 22, 2023, 06:52:14 PM

Quote from: Tallupooh on January 21, 2023, 02:19:24 AM

4. Consumption of domestic products

This is good for those countries that produce their own goods. But for those countries that are reliant on imported products then this isn't applicable to them.
There are countries like Iceland where the cost of living is high and then the inflation is also to be dealt with and people there have to bear with it because their country relies on the shipment of goods and products. That is why countries that are mass producing their own consumptions are just lowkey and doing pretty good.

I think inflation has affected every country including CHINA, which is called "World's Factory", as it produces everything from heavy machinery to consumable items.
Inflation is also risen in China though it is lower than USA. The reason behind it, is the cost-push inflation, which is the result of increase in energy cost, this happened due to disturbance in logistics after the Ukraine war and caused huge increase in crude oil prices.
Increase in prices of food items is also one of the major reasons behind skyrocketing inflation worldwide, and it led to rise in cost of living. Governments should provide incentives to farmers, for using new technologies for increasing their agricultural produce, to reduce dependence on imported food items.

blockman

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Quote from: Tallupooh on January 21, 2023, 02:19:24 AM

4. Consumption of domestic products

This is good for those countries that produce their own goods. But for those countries that are reliant on imported products then this isn't applicable to them.
There are countries like Iceland where the cost of living is high and then the inflation is also to be dealt with and people there have to bear with it because their country relies on the shipment of goods and products. That is why countries that are mass producing their own consumptions are just lowkey and doing pretty good.

uneng

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Quote from: Tallupooh on January 21, 2023, 02:19:24 AM

1. Save money

Well, it's inflation which is going to overcome your money this way... If you save money in fiat, you are already losing purchasing power each new day. You have to determine in which currency or asset to save your money. I would say bitcoin, thinking on long term, because it's accessible and easy to deal. Gold is another option, but to say the truth I have no clue how to start dealing with this, so I simply for for BTC.

Quote from: Tallupooh on January 21, 2023, 02:19:24 AM

2. Prepare for an emergency

How?

Quote from: Tallupooh on January 21, 2023, 02:19:24 AM

3. Looking for additional income

Yes, extra income will be always a powerful ally against inflation, so you can invest more money in a monthly basis and convert it into something solid faster, like a property, for example, turning your patrimony immune to inflation.

Quote from: Tallupooh on January 21, 2023, 02:19:24 AM

4. Consumption of domestic products

It's a strategy to help you saving money, which will make your money last longer during the month, so you can add that to the extra income you make and invest everything together.

Quote from: Tallupooh on January 21, 2023, 02:19:24 AM

5. Start investing and saving

That is it...

SirLancelot

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Quote from: Jawhead999 on January 22, 2023, 12:46:18 AM

Quote from: Hispo on January 21, 2023, 09:30:01 PM

Anyways, avoiding cash is a must. It is important to avoid getting one's money or any other kind of assets under the control of the government, when governments go through inflationary times, they are likely to halt withdrawals and in the worst case, they confiscate part of the non-inflationary assets.

There's no way you can avoid cash or fiat because it's the only one payment tool that accepted everywhere in your country, it's different if you live in El Salvador or Central African Republic where you can use Bitcoin to pay daily groceries, electricity bill etc which you can avoid cash or fiat 100%. I think most of Bitcoin maximalist still have cash or fiat for 1-5%, but the rest of their wealth they're convert to Bitcoin.

And I think the people on those countries where BTC is already a legal tender still uses a fiat because there will be places where BTC isn't accepted or in rural areas. Knowledge is also one of the reason on why some don't know how to use a BTC but fiat isn't that complex to use that even a kid can use them to purchase something in the store nearby. Your last sentence is right.

I am into BTC but I think it's not bad to have a back up because we still don't know the future of BTC and its also volatile so its kinda painful seeing your wealth go down sometimes but the pain can be lessened if you also store some of your wealth in something which are stable, have a sure future and more legal like fiats.

Sayeds56

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Quote from: Tallupooh on January 21, 2023, 02:19:24 AM

how to deal with inflation according to my community:

1. Save money
2. Prepare for an emergency
3. Looking for additional income
4. Consumption of domestic products
5. Start investing and saving

that is the way in my opinion to overcome inflation in society. then what do you think? Is this way possible to overcome inflation?

It is true that we can't do anything to reduce inflation because it is a global issue, and it is the job of the governments to take necessary measures to bring it down, but there are several thing we can do to reduce its impact on our family life:

- Creating a budget of your home expenses and sticking to it.
- Consider ways to reduce your bills, such as insulating your home and if possible, install solar panels to generate electricity during day light hours.
- Invest your saving in fast growing assets like Bitcoin.
- Learn skills to generate extra income online, such as web developing and animation.

mvdheuvel1983

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Quote from: Tallupooh on January 21, 2023, 02:19:24 AM

that is the way in my opinion to overcome inflation in society. then what do you think? Is this way possible to overcome inflation?

You're doing it wrong if you invest in anything, whether real estate, cryptocurrencies, or equities, when inflation is high. The ideal moment to sell your assets is right now.
By waiting until interest rates inevitably rise and the economy starts to contract, your dollar will be worth more, you may avoid the inevitable deflation. The moment to purchase assets is right now. Buy inflation-indexed bonds or keep your money in the bank if you have no assets.

Jawhead999

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Quote from: Hispo on January 21, 2023, 09:30:01 PM

Anyways, avoiding cash is a must. It is important to avoid getting one's money or any other kind of assets under the control of the government, when governments go through inflationary times, they are likely to halt withdrawals and in the worst case, they confiscate part of the non-inflationary assets.

There's no way you can avoid cash or fiat because it's the only one payment tool that accepted everywhere in your country, it's different if you live in El Salvador or Central African Republic where you can use Bitcoin to pay daily groceries, electricity bill etc which you can avoid cash or fiat 100%. I think most of Bitcoin maximalist still have cash or fiat for 1-5%, but the rest of their wealth they're convert to Bitcoin.

Dickiy

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Inflation occurs due to the narrowing circulation of commodity goods or experiencing scarcity which provokes the selling price of goods to increase and the operational costs of producing goods or services increase which forces business actors to increase the price of goods to reduce operational costs, especially when the country's economic growth and development is taking place. vulnerable to inflation.

Consuming domestic products really helps to control inflation, but the role of you and your family alone is not enough for that, it must be socialized to people in other parts of the region and maybe that is not your job but the job of the government in your country. And the government must also provide a supply of commodity goods that are needed by the community to prevent extreme price increases.

Saving or investing in a bank, in my opinion, will not have an effect on reducing inflation, instead it tends to increase it because your money will be managed by the bank and lend it to other customers to seek additional interest from the money lent.

autumnleaf

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I believe that inflation has always existed and is a core features of an economy. While it may not always be possible to totally overcome it, there are steps that can be taken to lessen its effects. These include investing in assets that have a history of appreciating in value, setting aside money regularly, cutting costs, and raising income.

Hispo

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Those things you mentioned OP are more about coping with inflation rather than overcoming it.
Inflation is a consequence of the recklessness of those in charge of the economy of a country or state and one (as individual citizen) can only cope and try to survive.

Anyways, avoiding cash is a must. It is important to avoid getting one's money or any other kind of assets under the control of the government, when governments go through inflationary times, they are likely to halt withdrawals and in the worst case, they confiscate part of the non-inflationary assets.

paxmao

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Quote from: Tallupooh on January 21, 2023, 02:19:24 AM

how to deal with inflation according to my community:

1. Save money
2. Prepare for an emergency
3. Looking for additional income
4. Consumption of domestic products
5. Start investing and saving

that is the way in my opinion to overcome inflation in society. then what do you think? Is this way possible to overcome inflation?

Not really any of those, but at the same time all of those. Buying durable goods like houses or land are is useful, buying gold or bitcoiun may be a good idea. Saving is not a great idea as such as inflation kills cash value, looking for additional income is not specific to inflation and about investing, yes, but you have to make sure ahtat yuouunderstand what classes of assets are of to invesrt in an inflationary context.

Topic: how to overcome inflation for the community - page 6. (Read 1060 times)