i have a penpal in zimbabwe who recently asked for my input on savings . i gave him some ideas only for me to see how inappropriate they were in a hyperinflation of 1000% . i still intend to give him sound advice and the participants on "Answers" might want to help me research this question
2006-09-27 00:09:37 · 3 answers · asked by roy 1 in Business & Finance ➔ Personal Finance
To manage in a hyperinflation environment, you want to own commodities or "hard" goods -- not cash!
For instance, buy gold (or any other commodity in demand) at $X per ounce. If 100% inflation occurs, sell the gold at $2X.
In hyperinflation, you want to get rid of cash as quickly as you can and only convert back into cash when it is absolutely necessary. In fact, I would try to figure out a way to stay in commodities at all times, bartering for things that I need to survive.
2006-09-27 00:24:03 · answer #1 · answered by Tomel 3 · 0⤊ 0⤋
Buy things that hold value regardless of the state of the economy.
Eg land, gold, diamonds.
Yeah buy some land, dig and find all three in one afternoon!
2006-09-27 07:20:39 · answer #2 · answered by timwatt2001 2 · 1⤊ 0⤋
dear:
I don't understand what do you mean 1000% normally it 100% etc.
And I don't think you zimbabwean is correct...
2006-09-27 07:18:08 · answer #3 · answered by SA-bic 4 · 0⤊ 0⤋