Ask Lemmy
A Fediverse community for open-ended, thought provoking questions
Rules: (interactive)
1) Be nice and; have fun
Doxxing, trolling, sealioning, racism, and toxicity are not welcomed in AskLemmy. Remember what your mother said: if you can't say something nice, don't say anything at all. In addition, the site-wide Lemmy.world terms of service also apply here. Please familiarize yourself with them
2) All posts must end with a '?'
This is sort of like Jeopardy. Please phrase all post titles in the form of a proper question ending with ?
3) No spam
Please do not flood the community with nonsense. Actual suspected spammers will be banned on site. No astroturfing.
4) NSFW is okay, within reason
Just remember to tag posts with either a content warning or a [NSFW] tag. Overtly sexual posts are not allowed, please direct them to either !asklemmyafterdark@lemmy.world or !asklemmynsfw@lemmynsfw.com.
NSFW comments should be restricted to posts tagged [NSFW].
5) This is not a support community.
It is not a place for 'how do I?', type questions.
If you have any questions regarding the site itself or would like to report a community, please direct them to Lemmy.world Support or email info@lemmy.world. For other questions check our partnered communities list, or use the search function.
6) No US Politics.
Please don't post about current US Politics. If you need to do this, try !politicaldiscussion@lemmy.world or !askusa@discuss.online
Reminder: The terms of service apply here too.
Partnered Communities:
Logo design credit goes to: tubbadu
view the rest of the comments
Preparing for higher than normal rates of inflation or even Hyperinflation is a smart thing to do. I'm not an expert but I have been thinking about this for a bit. How you prepare is going to vary greatly depending on your living standards, your personal situation, your means, and your ability. But basically you want to be as self/comunity suficent as possible, while also investing in things you think will hold its value better than the inflated currencies.
Learn to make or do as much you can, either yourself or with assistance from your local community. There is a large range of possibilities but the more you can do yourself instead of outsourcing (outside of your community) will greatly insulate you from inflation. Mending clothes, storing dry goods, sprouting beans, using free and open source software, foraging for food, or maintaining your own bicycles & machinery are all things that can help a lot. Some things might not be possible for you to do while other things might require some investment of sweat equity, training or tools/infrastructure.
Things like growing your own food can take a lot of time and resources to start out. But helping a neighbor who already has a garden will teach you much, forge community bonds, and probably help you secure some food. This is all to say that the less you depend on the open market, the less inflation will affect you.
Along with reducing your dependency on the open market you should think about your finances and what they will become in a high inflation environment. Using historical examples might be useful or they may not and you should realize that every situation is unique. The key is to hedge your bets and don't look at any one strategy as safe.
Utilize fixed low interest debt (or your savings if you have some) to secure investments you know in your gut has some intrinsic value and that is very likely to stay close to your original purchase price. You can try to invest in things that may outpace or grow with inflation, but realize the risks involved. This applies to real estate, stocks, precious metals, other currencies, and pretty much anything that thing you can buy. Things with intrinsic value are more likely to still be worth money in the future, you might not make a profit but when dealing with high inflation the goal is just to not see your assets devalue while all the things around you raise in price.
Bonus: I think a lot of this information applies in this context. https://pdfhost.io/v/wzrA1Oiy0_The_Modern_Survival_Guide