How to survive hyperinflation? - page 4.

Arenga pinnata

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Quote from: bhadz on December 27, 2023, 06:41:48 PM

Everyone is talking about investing but it takes time to see the fruits of your investment whether it's in bitcoin, crypto, stocks, oil or even gold. You check and see how the people of Venezuela is dealing with it. They need a continuous source of income not from their own country but someone has to go abroad and work and earn dollars or any valuable currency that can help them cope up with the situation. Because jobs on their country are going to pay them measly equivalent to an hotdog sandwich for a month's work.

It will indeed be difficult to survive on a salary that is not large. Especially if there is some kind of hyperinflation that makes the currency in that country no longer so valuable. Even a large bag of money is only enough to buy a snack. Well hyperinflation is much scarier. Because surely many people suddenly fall into poverty. For example, people save their money in the bank for several years and when they withdraw it, the value of the money is very low and not comparable to the value they previously saved.

Working abroad and being paid in dollars is indeed a solution, but the problem is that it is not easy to do that for most people who are in trouble in countries that are experiencing hyperinflation. Because most of them definitely don't have the capital to go abroad.

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Quote from: puloweh555 on January 02, 2024, 08:03:29 AM

Quote from: chrisadler on November 14, 2023, 08:58:37 AM

How do you strategically navigate hyperinflation to safeguard your financial well-being?

Would you invest on crypto, stocks or household when the cash is not the king?

To survive when hyperinflation occurs, of course we have to be wise in responding to it by abandoning the consumerist lifestyle, and of course seeking as much income as possible in order to maintain financial well-being during times of inflation. Apart from that, we also have to get used to living simply. If we lived in the countryside it would certainly be better because we could raise livestock and farm to meet basic needs and fill savings.

When hyperinflation occurs, investment is of course a good choice to protect value, so investment is a moment that must be utilized well, such as buying gold or bitcoin. I only keep money in the bank, never more than I need and I also use it as microtransactions for daily and monthly shopping purposes only.
I don't trust banks, just like banks don't trust me when I apply for a bank loan.

I think consumerist life style is not the first thing you should get rid of. Remember, what you buy today, will be more expensive later on, so you could make a profit that way. I am not saying have stuff that would be useless, but do have stuff that can be both liabilities and assets.

Let's assume this, if you buy a tablet, like ipad for example, that would look quite useless, I did that, just about 6 months or so ago, but today it is 1.5 what it was, so I can sell it right now and make a profit, even though I used it. If you ask people, they would say it's liability, but because a newer version didn't come out, and it's new year, and everything got new prices, the amount an ipad costs ended up higher. Even if it is the same amount, it's investment, and I can sell it, and still have cash.

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Quote from: chrisadler on November 14, 2023, 08:58:37 AM

How do you strategically navigate hyperinflation to safeguard your financial well-being?

Would you invest on crypto, stocks or household when the cash is not the king?

To survive when hyperinflation occurs, of course we have to be wise in responding to it by abandoning the consumerist lifestyle, and of course seeking as much income as possible in order to maintain financial well-being during times of inflation. Apart from that, we also have to get used to living simply. If we lived in the countryside it would certainly be better because we could raise livestock and farm to meet basic needs and fill savings.

When hyperinflation occurs, investment is of course a good choice to protect value, so investment is a moment that must be utilized well, such as buying gold or bitcoin. I only keep money in the bank, never more than I need and I also use it as microtransactions for daily and monthly shopping purposes only.
I don't trust banks, just like banks don't trust me when I apply for a bank loan.

EarnOnVictor

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Quote from: bhadz on December 27, 2023, 06:41:48 PM

Everyone is talking about investing but it takes time to see the fruits of your investment whether it's in bitcoin, crypto, stocks, oil or even gold.

You have a good point here, most investments are risky and are not even as easy in terms of the magnitude of the gain and the speed of the gains. Yet, there are investments that will earn very fast for you, and if not so fast, they can make sizable returns for you in a matter of 12 months or less. These investments are reliable enough and when you have the money, you can't miss out on this.

On a thought, Crypto, Gold and Oil are so risky, even though it is better to opt for crypto in this category, but never you invest in any of them if you do not know and understand them very well. But there are some good investment packages like investing in some companies, and I have seen as much as 20% annual return in many of them. One can buy physical properties too, or partner with some small companies that will guarantee some income at the end of every year.

Some people might start some small businesses on their own since everything shouldn't be about indirect investments, and I have seen a lot of people having good jobs but are into baking and many other engagements to gain more money. All these can be of great help in assisting us to fight inflation no matter the size and the more we take the passive income seriously, the better for us.

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Quote from: Mr.right85 on January 01, 2024, 02:53:26 PM

Quote from: tottong on January 01, 2024, 12:35:55 PM

By living more frugally and not spending money on things that are not so important, this is the best way to deal with hyperinflation.
But actually living in these two ways should be done at all times not just during times of hyperinflation because the more we spend, the more unstable our finances will be, especially if there are not enough jobs to earn money.

Not having to spend on things that aren't important, that's some idea but, this often comes to play when you go for some of the luxuries of life. Like, trying to buy se of the best automobile brands.
I have had to track back at times on some of the items have spent money on to know which of them could have been avoided but, I'm often disappointed. I hdy recall anything neither do I find one that could have been avoided.
In the end, we still find means to survive and that's human nature.

Spending practically is the first thing that a human will do if we are talking about surviving a hyperinflation, spending the money for the necessities and avoiding the "wants" in life. It is effective that way but it somehow reduce the fun in life in my opinion. It would be better to just add another source of income to even support the "wants" like luxuries, this way, you will be more productive and at the same time still enjoy your current spending habits. Having another source of income will surely help you even if the hyperinflation calmed, you will basically have more spending power with you.

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Quote from: tottong on January 01, 2024, 12:35:55 PM

By living more frugally and not spending money on things that are not so important, this is the best way to deal with hyperinflation.
But actually living in these two ways should be done at all times not just during times of hyperinflation because the more we spend, the more unstable our finances will be, especially if there are not enough jobs to earn money.

Not having to spend on things that aren't important, that's some idea but, this often comes to play when you go for some of the luxuries of life. Like, trying to buy se of the best automobile brands.
I have had to track back at times on some of the items have spent money on to know which of them could have been avoided but, I'm often disappointed. I hdy recall anything neither do I find one that could have been avoided.
In the end, we still find means to survive and that's human nature.

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Quote from: chrisadler on November 14, 2023, 08:58:37 AM

How do you strategically navigate hyperinflation to safeguard your financial well-being?

By living more frugally and not spending money on things that are not so important, this is the best way to deal with hyperinflation.
But actually living in these two ways should be done at all times not just during times of hyperinflation because the more we spend, the more unstable our finances will be, especially if there are not enough jobs to earn money.

Quote

Would you invest on crypto, stocks or household when the cash is not the king?

Depends on what kind of crypto you mean but if the relationship is about bitcoin then I quite recommend it. However, if it is related to hyperinflation then it is best to control the problem first and when it is stable then think about investing wherever we want.

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Quote from: chrisadler on November 14, 2023, 08:58:37 AM

How do you strategically navigate hyperinflation to safeguard your financial well-being?

Would you invest on crypto, stocks or household when the cash is not the king?

In an emergency, I would consider converting the cash I have on hand into a more stable currency or asset as soon as possible. I will focus on non-essential spending and essential goods and services. I would consider alternative currencies, in times of hyperinflation, that can hold their value better than local currencies. In this regard, the US dollar is widely recognized as a stable currency and has often seen many countries use it as a local currency substitute during times of hyperinflation. But of course I would look at some cryptocurrencies like Bitcoin and Ethereum as alternatives during inflationary periods. Besides, gold has also been considered a store of value for centuries and is often used as a hedge against inflation. Investing in gold or gold-backed currencies can be a way to preserve wealth during times of hyperinflation.

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Quote from: harapan on December 31, 2023, 05:37:35 PM

We should have other alternatives like real estate or even having a skill not just investing in cryptocurrencies.

In fact, from the past, everyone has seen and learned how to generate income through many things in order to quickly get the achievements they want. Because it is quite crucial or quite risky if someone only depends on one job to earn income, because when they don't get profits from that job, someone might be more easily frustrated or disappointed. So it is important to take several steps in several jobs in order to get maximum income without depending on just one of them, even if it is cryptocurrency investment.

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Having a budget and sticking to it is also satisfiable;it will keep your spending in order.Hyperinflation can be frustrating,so one needs to
Prepare before hand.

A sufficient budget is also obtained through several profitable jobs, because if someone only has one job to expect a source of income and he also uses that budget for daily food. Of course, it will also be difficult for his budget to be large or large because daily consumption is taken from that income, so it will also be difficult for him to manage it well. The point is that every person who has a budget that can be managed so well must already have more than one job so that it is quite possible not to experience frustration when facing hyperinflationary conditions like today.

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Quote from: EFS on December 31, 2023, 06:16:14 PM

I usually put my money on crypto, majority is Bitcoin. We have very high inflation so it would be absurd to keep the money in TRY. I either hold on to crypto or USD. I don't invest in real estate because right now they are overpriced. I wait for the bubble to burst before I make any investment.

Well definitely, crypto or other stronger currency could work when there's a great inflation or hyperinflation in your country. If you already have investment in property or gold before the inflation, I think it's an advantage for you since you'll still have your assets that won't be affected negatively during inflation. But if you're just about to go to these kind of investments during hyperinflation, it might be a little hard since economy is slowly crashing and real estate or gold assets will increase in value due to high demand.

So I think it's really more convenient and suitable for people to go shift in Bitcoin or other cryptocurrency, aside from other strong countries' currency during hyperinflation. And I think that's what other people are also doing who's experiencing it like in Venezuela.

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Quote from: EFS on December 31, 2023, 06:16:14 PM

I usually put my money on crypto, majority is Bitcoin. We have very high inflation so it would be absurd to keep the money in TRY. I either hold on to crypto or USD. I don't invest in real estate because right now they are overpriced. I wait for the bubble to burst before I make any investment.

I hope that we can see a bubble in my country bursting, I have the money to buy in case the bubble pops and I do think that it's the only way now to buy myself a property but knowing real estate companies and tycoons, they'll try their best to delay the popping and cash in as much as they can so they could get as much money out of the business before the bubble pops. Bitcoin helped me a lot when it comes to making more fiat and not be affected too much by the inflation, I just hope that I get to see myself have more bitcoin so I can secure myself even if the inflation continues to go bad.

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Quote from: EFS on December 31, 2023, 06:16:14 PM

I usually put my money on crypto, majority is Bitcoin. We have very high inflation so it would be absurd to keep the money in TRY. I either hold on to crypto or USD. I don't invest in real estate because right now they are overpriced. I wait for the bubble to burst before I make any investment.

I have heard about the inflation going on in Turkey, thought I am not sure neither of the cause of that inflation nor the magnitude of that inflation. Is it as bad as it was here in Venezuela?
Because during the worst times of the inflationary period here in my country, it was common to see the prices of the food and other goods to double in a week. I am talking about inflation of 800-1000% in a single month. During those times people also had to resort or buying USD in cash it holding some cryptocurrency for the safe of their savings and personal economy.

Also, if you are actually interested into buying real state then you better monitor the behavior of the price of those houses, I would even speculate that it is likely it would be necessary for the inflation to slow down before the price of the properties to get down, obviously people won't easily get rid of their property if their local currency does not have as much strength as before.

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I usually put my money on crypto, majority is Bitcoin. We have very high inflation so it would be absurd to keep the money in TRY. I either hold on to crypto or USD. I don't invest in real estate because right now they are overpriced. I wait for the bubble to burst before I make any investment.

harapan

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Quote from: chrisadler on November 14, 2023, 08:58:37 AM

How do you strategically navigate hyperinflation to safeguard your financial well-being?

Would you invest on crypto, stocks or household when the cash is not the king?

We should have other alternatives like real estate or even having a skill not just investing in cryptocurrencies.

Having a budget and sticking to it is also satisfiable;it will keep your spending in order.Hyperinflation can be frustrating,so one needs to
Prepare before hand.

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Quote from: AicecreaME on December 30, 2023, 07:34:39 AM

In my case, I don't overspend my money on the things that I only wanted, I always prioritize my needs.

Investing in cryptocurrency or stocks won't help you either, because the market is very unpredictable. I believe investing your money in a small business is much better if you wanted to earn profit daily, because investing in cryptocurrency is good for the long run, not in risking it for short term investment to survive hyperinflation. Just make sure that the business you're going to put up is very high in demand, like selling basic necessities in home, food is the number one on the list.

The point is that if a crisis occurs we must not panic, we must be calm and think clearly because this is a very important thing. if we panic then everything we plan will be in vain. If this has been resolved then securing money will also be easier both in terms of expenditure and income.

It would be wiser to survive this hyperinflation, we must be wise to save food and supplies for difficult times. Some people call it preparation. This shouldn't be your main focus in life, but I think everyone should have at least a year's worth of food and supplies to get them through tough times. Not only can you use it to feed your own family but you can help people.

Investing cannot overcome this problem in the near future because investment usually saves us in the long term. It is better to overcome this hyperinflation by doing business because we will get income all the time, from this income we can only invest.

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Quote from: Marvelman link=topic=5474050.msg63158640#msg63158640

I still believe that house hold items is still a good way to invest your money.
Gold, Bitcoin and most importantly Housing Estate is another best way to save money in this time of hyperinflation.

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Making extra income is not as hard as climbing a mountain, you know. Just look around you. What hobbies or talents can you turn into money? If you can make delicious cakes, why not try selling them online? If you're a voracious reader, you could tutor English to kids. Or, simply leverage social media to share your knowledge or sell your handmade products. There are endless possibilities, just be willing to explore and be creative.

Overall, just keep it simple. Making extra income is about becoming more self-reliant and resilient in the face of life's ups and downs. Just keep exploring and experimenting, and eventually you'll build your own "income garden," which is both beautiful and secure, and you won't have to worry about rising prices anymore. So don't be afraid to start, because if it's good for you, just do it!

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Quote from: AicecreaME on December 30, 2023, 07:34:39 AM

Investing in cryptocurrency or stocks won't help you either, because the market is very unpredictable.

In Stocks you have more information on the companies. Managenment, History & development.
In Altcoins you have hardly anything, a few exceptions are there.
Brick and Mortar is often way better than Stocks and Crypto. Take Hoodrich:

https://www.bbc.co.uk/news/av/business-67197321

With 200 pounds, plus 10+ years street selling.

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In my case, I don't overspend my money on the things that I only wanted, I always prioritize my needs.

Investing in cryptocurrency or stocks won't help you either, because the market is very unpredictable. I believe investing your money in a small business is much better if you wanted to earn profit daily, because investing in cryptocurrency is good for the long run, not in risking it for short term investment to survive hyperinflation. Just make sure that the business you're going to put up is very high in demand, like selling basic necessities in home, food is the number one on the list.

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Quote from: dansus021 on December 26, 2023, 07:04:55 AM

How to survive hyperinflation? basically, you already said it all and that is invest in crypto, stocks, or households.

Basically to survive inflation is you need to invest in an instrument that over-performed from the current inflation so if the current inflation is 5% you need to invest to an instrument that has apy at least 7% and it could crypto stock or property.

Invest in household? Really? I think household refers to the things inside the house, which may not really be important. It's better to just say house alone, if that is what we mean. Because, house is the same as real estate but last time I saw a comment that says house is not important as it was not an asset but a liability.

Any investment grows its value over time, so they will always over perform against the inflation. Apart from the fixed APY rate that some investment can give to us, we can also amplify it by investing more money. It is risky yes, and can even become riskier if you pick up the wrong asset. So, a thorough research is always a must.

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