Imagine a world where money is worth practically nothing, and the costs of goods increase rapidly, doubling and tripling day after day. It’s called hyperinflation.
It can wreak economic devastation on people.
While the odds of this happening in the U.S. are small, there is no better time to get your financial house in order.
No matter your financial situation, there are always ways you can make yourself and your family more economically secure. Review your budget to ensure you know how much money you’ll need every month.
Every individual or family needs a substantial 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.
As an employee, your income will rarely scale along with inflation. One way to hedge against this risk, or find more money to shore up your finances, is to start a side hustle to increase income.
Keep canned goods and critical supplies on hand to prepare for another supply chain crisis or weather-related event. Emergency food kits lasting one to six months are widely available for more serious planners.
If worse comes to worst, you may have to consider leaving the country if hyperinflation hits. This scenario will most likely affect how the government operates, so you’ll want to ensure you have valid travel documents ready before a crisis occurs.