8 Ways to Prepare and Protect Your Money

Right now, the increasing prices of goods and services across the board have already stretched people’s budgets. That’s just called inflation. But during hyperinflation, things would get dramatically worse. While the odds of this happening in the U.S. are small, there is no better time to get your financial house in order.

What is Hyperinflation?

“The biggest misconception about hyperinflation is that we’re in it now,” said Mike O’Leary, co-host of early retirement and frugal living podcast Friends on FIRE. “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.”

Why Does Hyperinflation Occur?

However, common underlying causes of hyperinflation include: – a rapid increase in the supply of money without a currency backing such as gold – a rapid rise in the demand for goods and services

Why Does Hyperinflation Occur?

However, common underlying causes of hyperinflation include: – a rapid increase in the supply of money without a currency backing such as gold – a rapid rise in the demand for goods and services

Shore Up Your Finances

No matter your financial situation, there are always ways you can make yourself and your family more economically secure. Review your budget (create one if you don’t have one) to ensure you know how much money you’ll need every month.

Pay Off Any Debt,

“I suggest changing your lifestyle to simplify your finances. You could take it a step further when planning for hyperinflation by drastically decreasing your spending and paying off debt,” said Jason Porter, senior investment manager, Scottish Heritage SG.

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