how to overcome inflation for the community - page 8.

Wind_FURY

legendary

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Quote from: Tallupooh on January 21, 2023, 01:19:24 AM

how to deal with inflation according to my community:

1. Save money

It actually should be the opposite during inflationary periods because prices of goods/commodities surge higher and higher. Your money is losing purchasing power.

Quote

5. Start investing ~~and saving~~

It has always been the advice of wise investors that during inflationary periods, invest in energy stocks and stocks of companies that produce food. Higher prices are always a blessing for those kinds of companies because everyone can't live without what they produce.

Doan9269

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Quote from: Tallupooh on January 21, 2023, 01:19:24 AM

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

In addition to all you have mentioned, try to invest on a profitable asset that can not take away money from you but rather adds unto it, invest on what can give you rest, earn you some income and increases in value over time, choose right from avoiding aby scheme that could promise you quick return over a short time, create time to learn and also diversify, choose an investment pattern that could be profitable to you reducing risk attached.

Vyeon11

jr. member

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To overcome inflation requires awareness and patience in every human being.
because if you are not self-aware and impatient, you will definitely be chaotic and disorderly.

every human being must train himself, in various circumstances and in various situations.
good at collecting money / doing business.
they know when to have fun, and when to be frugal.
and the important thing is not to forget, is to invest.
investment will also stabilize your finances, will even get more and profit.
now there are many places to invest, the most popular examples are currently bitcoin, real estate, and gold.
also set aside your money for savings, just in case of an emergency.

jossiel

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Quote from: Tallupooh on January 21, 2023, 01:19:24 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?

Yes, those are good tips for overcoming the inflation. The reality is that inflation is there to stay until we leave this world, that's permanent and even if how good a country is there will be several factors that will still affect them and can't skip inflation.

Investing and having more source of income are the ideal thing in dealing with the inflation. You can save and get into budgeted activities but you can't enjoy what you'll do if all things will be on a budget.

Increase your source of income and cash flow and that's how you fight inflation.

mk4

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Quote from: Tallupooh on January 21, 2023, 01:19:24 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?

This is what 99% of people should be doing despite there being inflation or not. But most important in the context of inflation is cashflow — so you'd have more and more capital to invest in productive assets.

Mauser

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Quote from: Tallupooh on January 21, 2023, 01:19:24 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?

Your first and fifth point both involve saving, which I don't think is a good idea during high inflation periods. Right now the inflation rate in my country is at 9% while the interest I am getting on my savings account is less than 1%. Some smaller and more risky banks offer 2% which is the highest you can get at the moment for your savings account. It just doesn't make sense to save money when you lose 7% purchasing power in one year. What would be better in my opinion is to make the necessary purchases you have to do this year as fast possible. For example you need a new washing machine or a new fridge, then I would recommend to make the purchase as fast possible and don't wait with it. Any larger purchase that is essential will become much more expensive the longer we wait. It makes more sense to use our money today then wait a few months until our money losses more value. The only real alternative is to invest our money into assets that give higher returns or at least match the inflation rate.

Spaceman1000$

sr. member

Activity: 700

Merit: 270

Overcoming inflation is not really an easy venture, it involves a lot of discipline.

Here are some few tips to overcome inflation, they include but not limited to
1, having a Side hustle, so you can earn residual income apart from your mean stream.

2, Learn how to spend money on basic things you need, and not buying things ordinarily you don't need because it might compound to lot of cash outflow .

3, save money as little as you can, but do more of investment because every return on investment will place you on a good financial pedestrian.

Fortify

legendary

Activity: 2688

Merit: 1192

Quote from: Tallupooh on January 21, 2023, 01:19:24 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?

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.

EarnOnVictor

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Leading Crypto Sports Betting & Casino Platform

Quote from: Tallupooh on January 21, 2023, 01:19:24 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?

Thank you for these suggested points, but they are still mainly important for individuals to save themselves from inflation than for an entire community. In addition to what you have explained in order to be more effective for the community, I believe that they need to be creative in the community and create wealth for themselves. The main goal of the community should be to bring/attract money to it through solving external problems and venturing into agriculture, ICT and others.

By virtue of this, they would be able to attract money into their community and also create more jobs that will benefit all.

franky1

legendary

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Merit: 4766

prepare
dont hoard fiat, or you will lose value that way.
instead think about products you want to buy next year (when their price will be higher) and buy them sooner before the price goes too high

dont waste money on novelty/luxury/consumer goods that have no lengthy shelf life
EG fast food

if your kitchen white goods are on the old side and were tempted to buy/upgrade new next year, buy now before they are more expensive next year

if you do have spare funds after this. invest it in deflationary assets
but check on the positions of those assets

EG golds 20 year market window is $900-$2.1k and is sitting at $1.9k now meaning its near the top (bad time to buy)
EG bitcoin 5 year market window is $2k-$70k and is sitting at $22k now meaning its in the bottom third (good time to buy)

Plaguedeath

hero member

Activity: 854

Merit: 663

1. Saving your wealth in fiat money doesn't overcome inflation.

2. No correlation

3. No correlation

4. It's true, but can you make sure your parents, your friends, and the other people in your country only bought and consume domestic products? you're just one person from very very lot people in your country, your contribution is near 0.001% or less.

5. It depends about your investment, if you consider bank saving is an investment, it doesn't overcome inflation. But if you invest in stock, gold, real estate, or Bitcoin, it do overcome inflation.

Tallupooh

jr. member

Activity: 126

Merit: 2

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?

Topic: how to overcome inflation for the community - page 8. (Read 1076 times)