How to prepare yourself for hyperinflation

Prepare mentally: Hyperinflation can be challenging and requires preparation. Even though there might be some clear signs in your country’s political or economic scene, people around you can be in denial. Talk with them without seeming paranoid. And acknowledge that even if you survive an initial wave, everything might degrade soon.

Learn a universal trade/skill. If your profession can be performed universally, it is an advantage. But it’s also worth learning a new skill that is in demand everywhere. Electrical, welding, and cooking skills are highly sought after and can be helpful — especially if you leave your country.

Have a migration plan ready. Prepare an escape plan in case the situation deteriorates. Twenty years ago, Venezuelans didn’t think their economy could collapse as it did, so it’s better to make arrangements in advance. Any country with a higher degree of freedom or one where a family can take you in for a while could be a good opportunity to start anew.

Purchase a more stable currency: If the money in your bank account starts to lose purchasing power, buying another currency in which you can accumulate good savings is a must. I also recommend buying commodities like gold, but be careful where and how you store it. Purchasing real estate is not recommended since properties can lose their value quickly when distrust in the local economy collapses and people start fleeing.

Open a foreign bank account: If you can do this, you have a guaranteed method to protect your finances and savings for emergencies.

Apostille all your documents. Your birth certificate, academic papers and all required documents should be prepared by certifying, legalizing and performing the Apostille Convention. Even if you initially don’t want to move from where you are, having these documents ready can’t hurt. In emergencies, the legal system can collapse due to the high flow of people who want to perform this procedure.

Видео How to prepare yourself for hyperinflation канала Learn Liberty