Topic: how to survive inflation and economy hardship - page 4. (Read 1115 times)

I agree, for those who do not have a family or do not have family burdens, investing in themselves to improve their own economy will be much simpler. But for people who have families, the first thing they need to think about every time they wake up or at the end of the working day is how to provide enough living needs for their family. They won't even have enough time to think about themselves, let alone spend time and money investing in themselves. It seems easy to say, but when we are in that situation we will understand that doing it is never easy.

Sharing solutions in life means we need to share what we have experienced, not what we have not experienced and just from our thoughts. I see that most people are just speaking their thoughts, there are very few people sharing their real experiences.

That can be done with time, and you do not need anything else than just time. Imagine a person who has absolutely no way of making money, could you tell that person to get a computer that can sustain photoshop, and learn how to be a graphic designer? They have bigger things to deal, like where the next meal will come from, they can't just sit down and work 8 hours a day on photoshop. I can, well I won't But I can, because I have a job and after my job is over I can spend anytime I want on learning something.

So, poor stays poor because they have urgent needs and can't work on themselves, they do not have the time for it or the capital for it neither. This is why it's quite important to get better at things with time.

Apart from starting to control our expenses, one way is to increase our income, improve our skills so that we can look for additional jobs or also do double jobs, but the second is only available in many rich countries, while in developing and even poor countries it is difficult to get even one job, let alone two.
I tried to check that food costs consume the most of our money, and this happened to me not only because food ingredients increased significantly but in some moments we often bought excess food so that it ended up not being eaten and thrown away and that was a form of waste.
Another way to survive inflation is to start investing with discipline. Investing will later help us overcome inflation which makes the cost of living increasingly high and not commensurate with the salary received.

I had an opportunity to live with my family before I got a job back then and had a choice to relocate.
Long story short, Upon losing the job some years later, I have thought so many time of going back home to live with my family for sometime until the economic hardship passes, but I haven't come to a conclusion yet, because I believe in careful planning and discipline.

Although, based on my calculations of expenses so far, I wouldn't spend as much when am home, would have more to Invest in BTC or trade as frequently as I would and achieve my goals faster than living alone in an urban city where the hardship is worsening.

To survive my perfect formula so far has been; as a customer buy from a wholesale distributors. As a retailer, be monotonous in business. Both ways ensure more is saved than spent to live better now, despite economic hardship.

Yes that is true other ways of also reducing it is by reducing other habits like smoking, drinking luxurious lifestyle and extravagant spending and many more. All put together can go a long way to cutdown expenses.

But I thought most time a old printed money are returned back to the central bank for recycling. And also most of the money printed got missing some hot burnt. Some are reaped to where they cant be used forever so money printing may just be a way of replacing this ones that may have disappeared by replacing them. Anyways I am not talking about what politicians or government does that causes inflation rather a way for us to manage ourself to reduce the effectiveness of what the government does to us.

hmm, I would say if you are working on the multi-skills it will be very easy for you to survive in times of inflation, these multi-skills will generate you a good cash flow, and the earned money from the multi-skill you can use for further investment this way you can make a good money. Now many will say I do not have any skills this is just an excuse if you do not have any skills then start to learn some good demanded skills so that you can make money easily.

Besides this, if you are the one who is thinking about how should I use my money so in my point of view one should divide his/her money into three parts one for investment, one part for personal use and one for saving and it is called money management. All is about management if you have good management skills you can make even more money. DYOR!

If you are government employee then you cannot increase your salary but in case of private Job you can perform your job for extra hours to increase your salary. In current economic situation nobody can manage home expenses with the help of just one salary so they will surely find another one to increase their income.

If someone is powerless to do double job due to health issues or some other issues then he should focus on minimizing his expenditure and should stop consuming money on those materials in the absence of which a healthy life is possible to maintain.

Inflation doesn't hit all part of the world equally and doesn't hit people with different economic status equally. But generally, you need better opportunities and career growth if you want to beat inflation and make your life better (or at least not worse) than it used to be. One way of trying to beat inflation can be investment into something that doesn't suffer from it (like Bitcoin). But that, of course, is often unaffordable to many people. Another thing to do is to indeed review one's expenses and see what can be reduced by either just buying less or by switching to alternatives.

I have a little savings in the bank, but I never prioritize saving money in the form of savings in the bank because usually I only save money for certain needs in a much smaller percentage. You have good planning in developing your existing money potential, owning cattle and making investments to reach small or large profit levels, because not many people are able to focus on doing that simultaneously.

With other sources of income, we don't need to sell bitcoin when we need money because it's not certain that when we need money, bitcoin will be at a high price. This is a wise decision because you understand the bitcoin journey process so you don't depend entirely on investment for your living needs.

We may all agree that waiting for a raise or a side gig won't solve inflation. This is like covering a gaping wound with tissue. Our dysfunctional connection with money burns a hole in our pockets. We agree on cutting back. However, eliminating nice dinners and useless crap requires ruthlessness. Almost forgotten subscriptions? That gym membership collecting dust? Release them

Unfortunately, surviving isn't enough. We must thrive. Stop focusing on survival and get eager for financial muscle. Learn about passive income, uncover inflation-beating investments, and budget like a military. How badly do you want financial freedom and peace of mind? Getting serious about money is crucial. This requires labor, education, and habit change. It won't be easy, but nothing worthwhile is easy

  Monetary inflation can also be attributed to incompetent leadership in most under developed countries in Africa and Asia and if they are not …then s big part of the population are simply ignored as surplus population and are not meant to consume those counties goods and services on the basis of equality…..which can even include basic needs as food clothing and shelter as in most African countries and India….not to speak of even willing to pay for whatever they consume. You cannot survive a currency inflation unless you're linked to the State and it's resource allocation. If you were under a government a wise and competent government will dampen consumer behavior by decreasing the money in circulation and may even invest that in all town  of resources in particular some line of production and private owned. Thus we see thus kind of inflation is typically a socialist problem and State allocation of resources.
  Be willing to change your life-style so as to avoid the purchase of expensive things and things that are not necessities. And to be prudent with what and when and how you live. Reduce your food expenditures by home cooking and choosing less expensive foods and less processed foods—pork, chicken, vegetables, grains. One person’s fast food meal will equal the cost of one meal for the whole family. Review your entertainment activities—more nights in vs at the theatre, bar, etc. Review home video service contracts—find lower cost options that may deliver similar services. Turn your heat down in the winter by a few degrees and wear sweaters. Analogous strategy in summer with air conditioning. Manage your driving habits—bundle trips so fewer travel miles, practice fuel efficient driving. Refinance home mortgages to a lower rate or smaller payments. Extending the length of a low interest rate mortgage during high inflation is a good thing.

If the economy is bad, and there is inflation, that means that the prices of goods and services are high, yeah? So, when you take, let's say $10 to the market it won't buy what it used to, yeah? So, how do you expect people to cut down on their feeding, when they're not even feeding properly?

This just reminded me of something important in Economics, The Vicious cycle of Poverty. You see, this phenomenon explains a situation whereby a country is poor because they are poor. Bringing it down to the individuals trying to survive inflation/ bad economic situations, the individuals remain poor because they cannot invest in themselves.

If you want to escape economic hardship, there's a solution and the solution isn't cutting down your feeding so you can save, but it is to invest in yourself as a person. Even though to achieve those investments you'd have to cut down your eating, it may be your own little sacrifice. Investing in oneself opens people up to opportunities for wealth-making, and liberates them from what hardships they are facing.

Human wants are insatiable as we don't get enough of what we want, naturally human tends to spend more when they earn more and it is not a bad practice so far as the income is coming steadily. But it is also good to cut our expenses In times of economic challenges like this because it will make us not to feel the impact that much and we will also have surplus in our Treasury. Every successful person in life make adequate plans about their income because if you don't plan how to spend your income then obviously you will not be able to achieve anything memorable in the future because you basically spend all your income without making plans for the future.

In summary, if a man's wealth increases, their want increases as well because let us consider a scenario where you earn very little and every thing you do will be equivalent with your earnings so when your portfolio increases as well you well also be involved in things that will match your current status as well so we should just increase our earnings and make sure it comes at regular intervals then be it inflation or recession, it will not affect you

wow that's nice to hear, it's right that we only use the bank to save emergency funds but if you want to earn money from the money you save, try to diversify the amount that you have, it's necessary that what we save in the bank is only for emergency purposes because we know that the interest amount we get there is very small, it is good to use it especially now that most of the shops or services we go to are pure cashless payment. As for profit, having an investment is the key but we should know where we are putting our money and we need to think carefully before doing it, We also cannot invest all our money in crypto, we need other types of an investment that you can put your money into, like real estates and golds, not just in crypto.

I have never kept money in the bank, I do not want to keep money in the bank in the future. I have exta fund for emergency needs, I rear cattle at home. I have invested in Bitcoin for long term, short term investment has less chance of profit. We live in joint family, my family father brothers earn, we help each other in urgent need. So there will be no need to sell bitcoins for urgent needs.

In the long run, investing in bitcoin will definitely not disappoint you because the value of bitcoin still has a chance to increase. But I want to ask, if you don't have any savings in the bank, how will you deal with an emergency? For example, you bought bitcoin for $73k and now bitcoin is trading at $65k, do you sell bitcoin and accept the loss? And according to you, in just 2 weeks bitcoin has lost more than 10% of its value, so compared to monetary inflation, which will cause greater damage in the short term? Not having savings is really something that needs to be reconsidered because bitcoin doesn't always increase in price to get you more money.

When there is an economic downturn, it becomes difficult to get regular income from a job. At that time there is no chance to get extra money instead job loss situation is created. Typical man can do in this time of inflation is to reduce his expenditure. It is too difficult to reduce expenses from what he needs in his daily life. Those who belong to lower class families cannot afford to spend too much money because they need some basic things which cannot be left out. The minimum necessities for survival must be purchased.

The issue that will receive the highest priority in these discussions is cost reduction. But an individual cannot protect them from this economic downturn by simply cutting costs. So he definitely has no option to increase his income.

In order to escape from this black claw of inflation, I should emphasize a few things.

Those from lower income families must cultivate in their backyard or fallow land which will reduce their expenses and give them a chance to earn some extra money by selling crop. Additional income areas should be explored. Need to work harder for some time. So that they can get more money than their specified income.

I think your suggestions are very helpful! In addition to cutting expenses and focusing on priorities, there are several other things we can do to weather economic hardship. Building an emergency fund, even with small contributions, offers a vital safety net for unexpected situations. We should also look for ways to increase income, whether through side hustles that leverage our talents or confidently negotiating a raise at our current job.  Tackling high-interest debt is essential, as it can significantly drain our resources; strategies like the "debt snowball" or "debt avalanche" can guide us toward becoming debt-free.  Shopping smart by comparing prices, using coupons, and considering secondhand options saves money. Finally, reaching out to our community provides support, access to low-cost events, and potential resources from family and friends during difficult times.

This one!

You wont really be putting up yourself on such trouble if you are really just that sensible on the things that you are doing. Living on a luxury life even if you are just an average earner would really be
just that a suicide on having this kind of approach towards to your spending. The main thing you should really be having in mind is that you should really be saving up money for the future.
Emergency funds plus having those funds which are intended for investment and business on which this know that these things could really help you out with financial trouble but of course it would
really be just hat depending whether it would really be a successful one or not.

You cant really be able to know though unless you do try but we know that there are people who are really that skeptical on making out such step just because
they cant really be able to afford on losing money.

Yes what you said can save yourself from inflation. Avoid living a life of luxury if you are in the grip of inflation. Inflation has increased a lot in our country at present. Due to the rise in inflation, the prices of food items have gone up, making it difficult for the common man to live. So I am currently trying to do a part time job along with the job. I currently spend less than I earn, don't spend unnecessarily. We must save for the future, so I don't put money in the bank to save, because money loses value due to inflation. I invest my savings in bitcoins, which will benefit me a lot in the future.