39
submitted 3 months ago* (last edited 3 months ago) by Confidant6198@lemmy.ml to c/personalfinance@lemmy.ml
you are viewing a single comment's thread
view the rest of the comments
[-] shortwavesurfer@monero.town 3 points 3 months ago

Right, you just have to make sure to put your savings in a different currency that is not inflating. Otherwise, at the same time that your things are coming down due to inflation eating away the value, your savings are also coming down because of that same process, which is not good.

[-] TheOubliette@lemmy.ml 1 points 3 months ago

Yes, absolutely. It is beneficial, at a personal level, to have inflation hedges like this. When one is fortunate enough to have the means, it is good to have diversified holdings that guard against inflation, and naturally, hyperinflation. Having some gold is a clasilaic strategy and it is honestly not a bad idea for hedging against inflation. It's not a sure thing investment by any means, but you will probably be able to sell it to buy a plan ticket out of Dodge of things get bad enough.

Another good thing to participate in is the building of mutual aid networks. They constitute a network of people with various useful skills for sustaining life and community even in difficult situations. They will more effectively distribute resources in the case of emergency and can consitute and alternative form of governance if and when there is no practical alternative.

this post was submitted on 15 Jun 2024
39 points (75.3% liked)

Personal Finance

3770 readers
38 users here now

Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. Join our community, read the PF Wiki, and get on top of your finances!

Note: This community is not region centric, so if you are posting anything specific to a certain region, kindly specify that in the title (something like [USA], [EU], [AUS] etc.)

founded 1 year ago
MODERATORS