Quote from: slapper on Today at 07:36:58 AM

Quote from: eightdots on June 12, 2023, 01:05:44 PM

Quote from: FireDAOJackie_Z on March 10, 2023, 05:52:58 AM

Well, the inflation in my country now is not extremely high but has already damaged the economy. The cost of living is increasing and does not seem to stop. Last week one of my friends lost his job after working in the same company for a decade. His life abruptly changed, putting him in a place where he could not support his family. If you were him, how would you survive this tough time ? As a friend, I am trying to help him as much as I can and meanwhile, I am planning to save more money to prepare for the unexpected challenges in my life. What about you ?

If there is inflation in your region, it means that the value of the money has been lost. It is not enough to save your salary or earnings to maintain the value of money. For example, if the dollar is rising in your country, you should buy dollars as soon as you receive your salary so that the value of the money does not decrease. This was the simplest example. You can apply this example according to your region.

We should always have savings for bad situations. Something like this happened to someone from your close circle and you should learn from it. A small investment must be made. Small and regular investments can be the insurance of our lives.

Your pal's in a pickle, and you helping him deserves a round of applause. Now, about inflation - spreading your investments beyond your local bucks is a smart move. It's like not betting on a single horse. Crypto, gold, and stocks could be your shield against inflation.

But, here's a brain tickler - it isn't as simple as just snagging dollars or assets. Market swings are as predictable as a cat on a hot tin roof, and without savvy, you could face big losses.

About your savings? Go for the "stash for a stormy day" method. A slice of your income should be saved regularly for unexpected hurdles. Look into earning while you snooze, side jobs, or skill upgrades. An extra income stream or a hotter skill set can be a game-changer.

Without proper knowledge you will lose your investment, not a simple buy low and sell high market, there's always a right timing and you need to learn more about it to enhance your chance of making decent profits. In terms of savings, yes, portions of your monthly salary would work especially for some cases that you needed emergency fund to cover your expenses.