How to thrive in an Inflation hit economy

in hive-175254 •  2 months ago 

Inflation is hitting every economy, but some countries are experiencing it harder than orders. Some countries' governments have moved swiftly to curb inflation by enacting some fiscal and monetary policies titled at addressing the high cost of things. While the government's controls may help in the long run, the pointers detailed in this article are written to address what an individual could do to thrive in an inflation-hit economy.

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Using my country (Nigeria) as a point of reference, where the reported rate of inflation was 23%, in reality, the inflation currently experienced by the country in life is over 100 %. I got this as I live in the country, and I am sure that the value of commodity goods has risen. So the following paragraphs explain key ways of thriving and not fully getting burnt by the high cost of living.

First, In an economy where inflation is at the top, it is best to relax on saving and instead focus on buying commodities and goods needed for survival. The key reason for this is that the prices of these goods will continue to increase as the inflation remains, and these are consumables that everyone will purchase and rush to have. So buy the commodities like food, toiletries, and other necessities in bulk to stand in a great position towards beating inflation.

Secondly, Investing is a sure bet over savings at this stage. It is better to invest money at hand at this stage than actually saving it because the purchasing power of the money continues to lessen and lessen. So about investing, investing in sectors such as cryptocurrency and stocks come with its own risk but investing in real estate is the best bet as the value of land and building will continue rising due to continuous demand.

Lastly, the best way to quickly generate cash during this period is for one to become a commodity trader. The commodity to trade is necessity goods that are being consumed daily. The turnover from this type of trade makes one easily stay afloat of inflation because this ensures that the traders' purchasing power remains equal or tally to the inflation rate.

I am sure that these scenarios and listed factors will work in Nigeria. It might also apply in other countries and might not do so well in other nations. The critical thing is investing and looking for investing in things that do not tie one's money down for over a week. The increased rate of turnover helps one beat inflation.

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Hello dear @lebey1, your article is very good, you made an x-ray of what is also happening in our country Venezuela although inflation has decreased a little. My wife and I are coincidentally doing what you mention and it has kept us afloat, we decided to open a business selling basic foods and invested in cryptos. So far it has worked for us, in addition to the salary as teachers.

So long, have a great start to the week.

I am glad that you could make sense of the post.

@tipu curate