Quote from: Bonny070 on March 24, 2024, 12:37:09 PM

the effect on house hold savings is that, when there's inflation in the country purchasing becomes so high. when the of petrol or food stuff triple it seif, it makes banks savings become waste of time. because the money in the can't usually buy what you want any more, family man which has been earning 50k with 4kids can no longer meet up because of the inflation, but if they invest there money in Bitcoin or any other financial institutions, they will be able meet the economy standard. these are the things that make many Nigeria citizens are complaining about the government of the day, these presents inflation in Nigeria right now makes me understand how investment is important than bank savings.and on the long run salaries remain stagnant and food stuff are rising day by day, how is such person cupping with the situation of the country.

You are right, inflation makes purchasing power of good reduces, cause when prices of commodities increases your purchasing power becomes less, however when it's reduced the purchasing power tends to skyrocket. That's why instead of saving my money in the bank, I'll rather invest on a business that yields daily profits, therefore I've automatically doubled my income and would also be able to withstand inflation cause I own a business that gives me high purchasing power.

However I wonder why a man with a family made up of 4 kids settle for an income of 50k, well it depends on the country, in my country that's too poor and it's not enough to cater for the whole family, cause how can he pay his rent , tuition fees of his kids and still maintain the feeding of his household, such person shouldn't settle for only that but rather be earning from different streams of income. In my country to maintain a family of 4 kids plus both parents one needs to be earning about 200- 300k and above in a month.

For those salary earners in Nigeria depending on their salaries alone, my advise to them is too invest in Bitcoin if they got spare money or save up and start a daily income business cause depending on the peanut money coming from the government would not help them in this current economic situation. Moreover it's not even advisable for on to lay all their eggs in one basket.