Are you worried about inflation and how it affects your bankroll? Have you noticed that your check is the same, but there’s a lot less at the end of the month compared to last year? Yes, it’s inflation. But quite simply, think of inflation as a hidden way for the government to take away all of the money they gave you during the pandemic.
Many companies are failing now, and even more, have fallen during the pandemic. So this can be a time of sadness or great opportunities. Even the most prominent companies are not immune from this downtrend. Companies like Netflix or the company formerly known as Facebook or Snapchat are all companies that may be shrinking or maybe even completely gone!
But you may not know there are ways to get around this obstacle – and even benefit from it! Here are five sure-fire ways to make the most of inflation and become wealthier during these challenging times. Remember, the rich find ways to advance during tough times, and you can too, and here’s how.
- Start A Side Hustle
A side hustle is a great way to get rich while other businesses suffer. For example, I’ve noticed that much of the food I order today on doordash kinds sucks. Why? Because these companies are suffering! You can flank them, meaning copy them and compete directly with them while they are wounded, or you can provide a better service, provide better quality, or even provide a better price while they are struggling to stay afloat.
2. Buy Crypto
You can get richer during this downward trend in Crypto by investing small amounts in low-priced cryptos. For example, I made thousands of dollars last year on little-known Crypto called Shiba Inu. I also told everyone in my club in Clubhouse, and they also made tons of money.
So How did I do this? I look for Crypto that is very cheap but in the top 100 list. And when I say cheap, I do mean cheap. You can get 10,000 of these for maybe 1.00. So because these things are so low priced, you can easily afford maybe 50 or 100 dollars of these and wait for them to shoot to the moon while everyone else is waiting on bitcoin!
3. Starting a home-based business
The current economic climate has made many anxious about their financial future. One way to protect yourself during a recession is to start a home-based business.
A home-based business can be a great way to make extra money during inflationary periods. By selling products or services that are in demand, you can ensure that your business remains profitable even when the economy is struggling.
Entrepreneurship is a great way to secure your financial future during tough economic times. If you are considering starting a home-based business, now is the time to act. While many companies are falling off, you can start up.
4. Buy Stocks
Most people like you may be afraid of the stock market, and the biggest problem is that you may have become more apprehensive during this downward spiral. The talking heads on the news tell you what to do and what not to do. But this is an opportunity for you to do what the rich do. Take your money and set it aside for when this market continues to fall, then gradually invest small amounts in it weekly, daily, or monthly over the next year, and before you know it. Kaboom! Next, you are on YouTube telling everyone how you became a millionaire!
5. Tighten your belt and prepare for the ride
a. Make sure you’re getting the best value for your money.
During inflationary periods, prices for goods and services tend to rise. That means you must ensure you get the best value for your money. Compare prices from different vendors, shop around for deals, and don’t be afraid to haggle.
b. Review your budget.
Your budget should be reviewed regularly, but it’s crucial during inflationary periods. Make sure your income is keeping pace with inflation and that your spending is in line with your overall financial goals.
c. Invest in inflation-proof assets.
Inflation can hurt the value of your assets, so it’s essential to invest in inflation-proof assets such as gold or real estate. These assets will hold their value better during inflationary periods and can help you stay afloat financially.
d. Cut back on unnecessary expenses.
During inflationary periods, it’s vital to cut back on any unnecessary expenses. Take a close look at your spending and see where you can cut back, even a little bit. Every little bit you save will help you weather the inflationary period and come out ahead financially.