Your Money isn't Safe with Inflation; You Either Invest it or Lose it
Inflation isn't a new thing in any country, and while the government tries to balance this, you also need to watch your finances. You see, as a child, my father would continually tell me to be very careful about what I buy as assets. He told me that there are properties you buy thinking they are assets, not knowing they are liabilities. He specifically would mention cars, and would tell state that "the day I purchase a car and start to drive it, the value starts to drop". This has been true for a long time, but in the last 3 years in my country, buying a car, driving it for a year or two, and selling for a higher price than it was bought is now possible. This is very disturbing, and I must tell you that when you start to sell your already used car for a higher amount than the price you bought it, then the value of your currency is going down the drain, and you might be facing a threat of hyperinflation.
A typical example is, a person bought a car for 4.7 million naira, when naira was at 450 naira per dollar in 2019, drove the car around, and did a lot of repairs on the car, only to sell the car in 2022 for 5.6 million naira, at the rate of 700 Naira per dollar. This would look like a good transaction, but the truth be told, this isn't a good one at all. In 2019, the person bought the car for $10,000 and the person is selling the car for $8,000, but the naira equivalent is different.
The US Dollar serves as the reserved currency for the world, but it should be stated clearly that the US Dollar has been facing inflation itself, so when your country is facing worse, then you have to start doing things about your finance differently. At this point, saving money in the bank is a wrong choice, you cannot save money in the bank and get the same value for that money because the price of goods and services will be on the rise while the currency keeps losing value. At a point when your countries currency is diving, it is good that you invest in other currencies, investments, stocks, real estate and cryptocurrency. You cannot have your money doing nothing in a country where the inflation rate is growing, if you do leave your money without it working for you, then you are about to change your status to being poor
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You have to be careful of how badly assets "leak". Hyperinflation is likely to establish a new "classing" of assets, as some are likely to lose their "status".
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