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Imagine a world where money is worth practically nothing & the costs of goods increase rapidly, doubling & tripling day after day.
It’s called hyperinflation & it can wreak economic devastation.
What is Hyperinflation?
Inflation can signal that an economy is growing and demand for goods and services is rising. However, hyperinflation is not just about high growth in the cost of goods.
Why Does Hyperinflation Occur?
Common underlying causes include, A rapid increase in the supply of money without a currency backing such as gold A rapid rise in the demand for goods & services
Shore Up Your Finances
Review your budget (create one if you don’t have one) to ensure you know how much money you’ll need every month. it’s easier to see the overall health of your finances as well.
Pay Off Any Debt, Especially Those With Adjustable Rates
Interest rates will soar during hyperinflation, along with the rates on any variable loans or credit cards.Pay them right away.
Establish a Strong Emergency Fund
Every individual or family needs a substantial emergency fund. It is recommended to cover for atleast 6 months worth.
Put Money in Stores of Value, Not In Your Mattress
Spread your investments across asset classes, such as stocks, bonds, and real estate.
It’s Good to Prepare, But Don’t Panic
Getting your house in order both financially & otherwise can help you sleep better at night knowing that you can weather a variety of economic scenarios.