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 ?
Savings will also not do well at a time when the value of money starts to decrease. But it will work when one is deprived of income in all respects. Investment is the only solution to deal with all situations. But if you invest in the right place and make at least 20% annual profit, you can face all the situations. otherwise you will not be able to cope with the situation by savings only. It can give you temporary backup but not long term backup. that is the only truth