Experts Explain Hyperinflation And 8 Ways  To Prepare  And Protect  Your Money

RADICALFIRE.COM

Imagine a world where money is worth practically nothing, and the costs of goods increase rapidly, doubling and tripling day after day.

This situation might sound like a fictitious movie plot, but it has happened many times before in our world. It’s called hyperinflation, and it can wreak economic devastation on people.

What Is Hyperinflation?

“Economists typically define hyperinflation as a month-on-month increase of 50% or more. We’re currently experiencing an uncomfortable but fairly normal inflationary cycle.”

Ways To Prepare For Hyperinflation

1. 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.

2. Pay Off Any Debt

Once you have a budget and a clearer picture of your situation, focus on tackling your debt.

3. Establish A Strong Emergency Fund

While it may seem challenging to find extra money when your budget is already stretched, start by setting aside whatever amount you can every month.

4. Put Money In Stores  Of Value, Not In  Your Mattress

Diversifying where you save and invest your money is tried and true advice because it helps prepare for many scenarios.

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