how to overcome inflation for the community - page 7.

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.

og kush420

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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?

easy to say but it's hard to do - for a person like me who works round the clock but don't get enough money
I plan to save money but I don't get to do it -- I think the money we get from gambling is an easy money - it comes east and goes flying

Fivestar4everMVP

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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?

Lols, this things you mentioned here is no way related to how to overcome inflation...
First, to know how to overcome inflation, we have to first of all know what inflation is, inflation, according to my understanding is when the central Bank, in conjunction with the federal government decides to print more money and push it into circulation, thereby significantly increasing the total money in circulation..
We all know the law of demand and supply, when demand is low and supply is high, the goods become cheaper, so it is when there is too much money in circulation, they lose their value against the US dollars, which is the global currency, and when the loose their value against the US dollars, the cost of things in that country will begin to go up because the money it self is not as valuable as it used to be, and for the goods to maintain the cost they used to be, the currency purchasing it have to increase..

So for me, to answer your question plain and straight, safe money in bitcoin, or other assets like gold, real estate, shares and the likes, this are the real ways to overcome inflation to the best of my knowledge, saving you money even in US dollars won't help you overcome inflation since the US dollars has also lost value overtime.

serjent05

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Quote from: erep on January 21, 2023, 05:51:36 PM

Quote from: bittraffic on January 21, 2023, 01:15:27 PM

Hedging is the way to fight inflation that's why people buy gold and BTC. USD is normally used by people from other countries to hedge against the plunging value of the local currency. Spend less and cancel your vacation.

Looking for additional income in the best way, now means that we need to sacrifice in order to survive the crisis while the prices of gas and oil price steal the funds allotted to food. More money coming into the household is one priority.

We must try to fight inflation to reduce spending on less important items and have to work extra to get additional salaries, but it is suggested that all these savings must be converted to gold, investment and also property to increase investment value for the future. At least many people are converting USD to stabilize savings from the effects of inflation and for crypto investments many people will stick to the bitcoin option for the certainty of good returns compared to any coin.

I don't think an individual can fight inflation, I believe this is a government issue where the main culprit is the government's continuous printing of money which depreciates the value of the national currency making items and materials inflate in prices.

I think all we can do is to try not to be affected by it by doing things that will save us from spending our money excessively. One of which is converting our cash to a more stable assets that has resistant to inflation. Second thing is to plan how we spend our money in order for us to avoid loans and paying interest on the loaned amount. We can also do a side hustle where we can earn extra money to compensate for the losing purchasing power of money.

erep

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Quote from: bittraffic on January 21, 2023, 01:15:27 PM

Hedging is the way to fight inflation that's why people buy gold and BTC. USD is normally used by people from other countries to hedge against the plunging value of the local currency. Spend less and cancel your vacation.

Looking for additional income in the best way, now means that we need to sacrifice in order to survive the crisis while the prices of gas and oil price steal the funds allotted to food. More money coming into the household is one priority.

We must try to fight inflation to reduce spending on less important items and have to work extra to get additional salaries, but it is suggested that all these savings must be converted to gold, investment and also property to increase investment value for the future. At least many people are converting USD to stabilize savings from the effects of inflation and for crypto investments many people will stick to the bitcoin option for the certainty of good returns compared to any coin.

dothebeats

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Saving money during an inflation will give you a hard time on your finances. In fact, saving is counter-intuitive during an inflation strike because you'll most likely be spending that money anyway (and you should) otherwise you're left with paperweight. Best thing to do during inflation is to learn where to spend your money and get the most value out of it, if working for a second job is not a viable option and you're just looking to weather the storm. Not every average Joe will be able to do all those 4 points you've listed, so making ends meet and maximizing resources should be the only advice one should follow during a hard bout of inflation.

Davidvictorson

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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?

When inflation strikes, invest in assets, if you can and have the means. Real things that have real value. Those things will adjust in price with the valuing and devaluing of currency. Land is the best example. The objective during times of inflation is not to increase your wealth/purchasing power, it's to not lose any of it.

bitzizzix

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Inflation is unavoidable, the value of paper money will always decrease according to the system which continues to print more and more banknotes.
but actually inflation is actually good, right, because it's a sign of economic growth.
and the best way to deal with proper inflation in my opinion is to invest in assets that provide equal or more returns than inflation such as bitcoin, gold and also property.

lionheart78

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I believe the best answer here is to convert your saved money to Bitcoin. Though you are exposed to the volatility of the market, at least you are protected from inflation. We all know that Bitcoin can be used as a hedge against inflation due to its supply being limited.

So instead of keeping our savings in fiat currency, we can just convert them to Bitcoin.

Also, we should avoid or reduce debt and start paying off credit card debt, mortgages, and other loans to avoid interest and paying back more money in the future.

bittraffic

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Hedging is the way to fight inflation that's why people buy gold and BTC. USD is normally used by people from other countries to hedge against the plunging value of the local currency. Spend less and cancel your vacation.

Looking for additional income in the best way, now means that we need to sacrifice in order to survive the crisis while the prices of gas and oil price steal the funds allotted to food. More money coming into the household is one priority.

Leviathan.007

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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?

I can say the best way to stay safe from inflation is to have a plan for your economic life and avoid buying not useful stuff For example, I try to write everything I buy, and at the end of each month, I'll check if I bought anything by mistake and wrongly. besides watching for what you buy you will need to have an investment plan for your life and try to stick to it if the plan really works. because investing in a good asset is the only way to stay safe from the inflation rate.

virasisog

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Spend your money wisely and prioritize your needs over your wants. In our society nowadays where trends are everywhere, we are always tempted to buy things that are on trend so we could go with the latest things that the society is into but we should be well disciplined to focus on spending our money for our necessities. We should also mind saving and investing so we'll be prepared in case the situation gets worse.
We don't know how long will this inflation would last so we should deal with it wisely by managing our finances in the smartest way.

mindrust

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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?

Saving FIAT money is the worst thing you can do against inflation. You have to have some but saving big amounts is the exact move that will ruin you against the inflation. What you need to do is buying goods like toilet paper, dry food, water, land, gold... anything that has limited supply and people demand in their daily lives.

Investing is a good option too but investing in what? In an inflationary environment, the asset prices go higher higher till they collapse. That's what happened in 2008. If you can't get out in the right time you will be destroyed.

Jody.Drummer

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Quote from: el kaka22 on January 21, 2023, 12:11:05 PM

I would say as a community, selling something to other nations is the number one key to fixing all of this. How do you do that? Well you invest hardcore towards R&D which would be a lot better and I would guess that if you could come up with something that has a high value then you would be able to make a lot of money. Why do you think that here is a good amount of money to be made by Americans?

Because, they end up selling a lot of things to the whole world, and I believe that we are not going to have that easily, it's going to end up being a very tough road and will take a while, but if you can do that, it will make a lot more money and would help you during bad times.

What is your point is true, the points you said can help from inflation. But the problem is that not everyone can do that, there must be discipline within them, even myself to do things that seem easy but in practice are very difficult to do. Sacrifice will also be there, because from the start we may live extravagantly, here we are forced to save money. Some people will surely complain and blame the government, but in fact the government's role is very important here, but we also cannot blame the government completely, because we also have to change from within ourselves.

el kaka22

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I would say as a community, selling something to other nations is the number one key to fixing all of this. How do you do that? Well you invest hardcore towards R&D which would be a lot better and I would guess that if you could come up with something that has a high value then you would be able to make a lot of money. Why do you think that here is a good amount of money to be made by Americans?

Because, they end up selling a lot of things to the whole world, and I believe that we are not going to have that easily, it's going to end up being a very tough road and will take a while, but if you can do that, it will make a lot more money and would help you during bad times.

Frankolala

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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?

You are to also cut down your expenses so that you can use the left over cash to invest in bitcoin if it is not that much but if it is a good amount, then you can invest in gold.

Don't save in fiat currency as it depreciate everyday by day,get side jobs to add to the present one you are doing,you can also stay away from any action that makes you spend money always, so that you don't continue with your addictive life style.

Findingnemo

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Buy gold that is a proven asset to perform constantly in all kinds of economic crises and investing in other assets including bitcoin can help you to avoid the inflation trap.

Never store more money than you need for the next 3 or 6 months and this will also be used at the time of emergency (never forget your insurance).

Consuming domestic goods doesn't necessarily mean you can save money, from my observation its more expensive than we buy from the market so I am not following it unless we get the products for cheaper.

palle11

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

3. Looking for additional income

This point is what I think best for inflation challenges. With inflation, a family household need to look for additional ways to generate money to add to what they already have because the value of money is usually reduced in purchase made. Another point is that both parents will have to work for it. The challenges will not be left for the man alone to take care of, if that happens the family will suffer with the rise of inflation all over the country.

MoonOfLife

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

3. Looking for additional income

The only way is to stop whining or blaming the government or the people, and work harder than usual, we will be able to overcome inflation easily. We all experience inflation equally, but a lot of people are comfortable with it, while we all whine. We are all experiencing the same inflation, but a lot of people are handling inflation well, while we are all whining. So I'd say, work hard and have a life plan, and you'll find inflation not so scary.

so98nn

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All you need is third option that is creating multiple income sources. I mean the world is changing is very fast and it’s becoming competitive all the time. Since there is high talent acquisitions who are willing to work at lower wages creating some shit competition everywhere. This means you have to ultimately look for lower paid jobs as well leading to low income and hard time during the inflation.

I think this creates complications and need of doing more jobs. Increasing passive income sources is always best.

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