Post
Topic
Board Economics
Re: how to overcome inflation for the community
by
Iroh
on 02/06/2023, 17:34:41 UTC
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


Picture putting your money in the bank, perhaps in a fixed deposit account with the aim of saving for the long term(let’s say two years) The bank takes your money and does business with it; borrowing to individuals with in some cases, an extremely ridiculous interest rate.
After the two years is up, the bank gives you back your money with some interest which makes it peanuts when compared how much the bank made with your money in their custody.

Goods and services have risen over the period of two years. Your money in the bank might have increased slightly but the prices of goods and services would have risen exponentially leaving you with less purchasing power.

I think you could start saving and invest also. Investing your money could give you some good returns which would help lesson the brunt of inflation in the long run.