Inflation is Real, Maybe Even Hyperinflation

Given the recent prominence of inflation, many more people now know what it is and how it negatively affects our personal/family budget. Fewer people have a similar level of understanding regarding hyperinflation. So, what is hyperinflation? Simply put, hyperinflation is the excessive, out-of-control increase of prices on goods and services. Often, this is a rate of inflation exceeding 50% month-over-month. For instance,  Brazil once experienced hyperinflation in the 1970s and 80s that topped 400% annually. Friends of ours said that prices for all manner of products would increase while they stood in line to pay for that product. Can that occur in the US? Certainly it can, it is a possibility in a host of economies across the globe. 

So, given rising inflation, or the possibility of hyperinflation, what would I want to be aware of in protecting and providing for those I love? 

First, the worst thing most anyone can do in any circumstance, growing inflation included, is to panic. When we panic we typically cannot think very clearly and make decisions driven by fear, that seldom leads to wise decisions. 

Second, this is a good time to reduce financial exposure by paying down/eliminating debt. 

Third, stock up on necessities and have an alternate plan in place for preparing meals. 

Fourth, have 3-6 months of food items on hand that will feed your family. 

Fifth, acquire foods that have a long shelf life. You can store these yourself or purchase them already sealed like the foods Joseph's Harvest offers.  

Sixth, since ATMs may not work or may be overcrowded, you may want to consider keeping some cash available. 

Seventh, keep some over-the-counter medications on hand for potential emergencies. 

Eighth, keep staples like vinegar, salt, baking items, and other similar products on hand. 

Will hyperinflation visit the US? No one can say for sure. Regardless, now is the time to prepare and/or expand your preparation.