How to Survive Hyperinflation
When you’re concerned about preparing for the future, recognize that hyperinflation poses a significant threat. While the devaluing of money can be serious, you can learn how to survive hyperinflation. If you’re unsure of how to best prepare, use these basics to get yourself in the best financial shape.
While this is not the only step that you should take, hold about three months worth of cash in a safe place in your house. If hyperinflation occurs, there will be bank runs. You can avoid being caught in this by having cash on hand, even if it loses value. Having some devalued cash on hand is better than having none at all.
Your credit cards are going to be useless within just a few days of a debt default, so make sure that you’re not counting on them. You should also consider exchanging some of your money for foreign currency such as the Canadian dollar. While the Canadian dollar may also face problems, it will likely temporarily hold value. Some financial experts even recommend holding about a fourth of your liquid assets outside the US.
Since hyperinflation may prevent you from making purchases, you’ll need to be prepared to not be able to afford common items. Maintain a pantry with food reserves and medical supplies. Keep a three month minimum and rotate out any expired goods as needed. You may also want to keep barter items that could be used as trade. Keeping items such as tools, duct tape, first aid supplies, etc. will help you survive and also give you valuable commodities for trading.
Invest in Gold
No matter what the experts say, the business of gold is important. Maintain a small amount of gold or silver coins. While these precious metals may not become the official currency, it’s almost guaranteed that metal currency will become the one that’s primarily used if the economy completely collapses. It will certainly play a large role in the black market, so it’s best to be prepared.
Have Backup Plans for Appliances
If electricity prices sour, will you still be able to afford them? Possibly not, but you’re still going to need to perform daily necessary functions. Make sure that you’re prepared for not having power, or not being able to afford much power. Make sure that you can dry clothes on a clothesline, know how to wash clothes by hand, and even have a dish-drainer ready as needed. Lanterns and other basic supplies should be enough, but you may also want to have a generator handy. This power source can be a great way to ensure that you’ll have access to electricity if needed.
If you’re well-prepared for hyperinflation, you can almost be certain that other’s wont be and they’ll try to benefit from you. Social unrest and crime will increase as systemic failure deepens. You’ll need to be able to protect yourself and your family if the time comes. A handgun or shotgun is a practical tool which can be stored safely. Bear repellant, a machete, and a retractable cobra stick are also handy to have according to some of the world’s survival experts. Depending on your area, you may also want to consider where you could go if you needed to leave the area for safety reasons (bug out).
Form a Community
Seek out or develop a support group of people who are like-minded. These people will realize the seriousness of the situation and be able to support each other. While you can do a great deal to prepare yourself for hyperinflation, you’re going to have much better odds if you have this community in place. Make sure that you all have plans and a way to get in touch if traditional contact methods cannot be kept. Meet on a regular basis to plan for hyperinflation and you’ll find that you can benefit from each other’s wisdom and advice.
This list is a good way to get started planning for the case of hyperinflation, but it’s probably not tailored to your particular circumstances. You’ll need to look through this advice and determine how you can implement and add onto it to stay safe. A small amount of financial planning can be significant so don’t delay until it’s too late.