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How should one prepare for high inflation? (lemmy.world)

submitted 13 hours ago* (last edited 12 hours ago) by edg@lemmy.world to c/asklemmy@lemmy.world

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Title. If I believed my country was about to experience large increases in inflation, similar to Turkey how can I best position myself for the future and what should I take care of now, before it happens?

Would it make sense to only make minimum payments against debt? Should I spend money instead of saving it? If I don't need to make a large purchase now but will in the future, should I go ahead and do it?

edit: I'm talking about 30%-80%+ inflation folks, not the kind of inflation most developed countries have exprienced in recent memory. If someone had enough money to invest in things which could survive that then they wouldn't have to worry about debt payments and making big purchases. I am asking for practical advice for the average person, not a way to invest.

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[–] edg@lemmy.world 6 points 12 hours ago (1 children)

Which gets to the rest of my question. Obviously people who don't have wealth will not be able to cope with high inflation and suffer as a consequence. So what should be done to prepare?

[–] JumpyWombat@lemmy.ml 2 points 10 hours ago

Without wealth or the possibility to enter into a business that can better deal with inflation, I don’t see many options.

Small investments may be done with as little as €100, but you can do much with small amounts even if you nail something amazing.

You may move abroad maybe.