One of the most effective ways to combat inflation is to increase purchasing power. Additional sources of income are needed to increase purchasing power. Every wage earned in addition to your salary or earned income increases purchasing power. When you have a fixed income, increasing inflation reduces your purchasing power. If economic policies cannot prevent inflation, people may have to work more.
When there is an imbalance between income and expenses, people go into debt. Inflation is one of the main factors that creates this imbalance. The fact that the whole world and some countries have higher inflation rates makes this a global problem. What we all need to do is work more and find additional sources of income to both improve ourselves and increase our purchasing power.
When there is an imbalance between income and expenses, people go into debt. Inflation is one of the main factors that creates this imbalance. The fact that the whole world and some countries have higher inflation rates makes this a global problem. What we all need to do is work more and find additional sources of income to both improve ourselves and increase our purchasing power.
If only it was that easy. Wages aren't increasing according to inflation. So people will be forced to have two or more jobs to help satisfy their needs. Not everyone is willing to do this. Especially when it comes to establishing a work-life balance. Do you prefer to become a workaholic and have no life? Or all the other way around?
By all means, we should work smarter. Not harder. The best thing you can do is minimize spending and prioritize saving and investing. You can have a low salary, but be able to prepare yourself for uncertain times by making a budget. Invest a portion of your money into scarce assets such as Bitcoin and Gold, while keeping the rest in a High-Yield Savings account. Part of your salary must be put aside for emergencies (otherwise known as an emergency fund). Doing so will help you achieve peace of mind during uncertain economic times. Hopefully, things will get back on track once wars come to an end.
