I hope you don’t mind me asking, but two main questions come to mind when I hear about triple digit inflation.
First, is it normal to keep savings in another currency? I know in Turkey at least, it’s common to save money in gold, but I don’t know if either that or saving in, for example USD, is common.
Second, how do raises work in times like that? As things inflate at rates like that, your salary would so quickly become quite outdated. Are raises or job hopping common at that point?
And I guess a third question. How do you even life bro? I’m fortunate to live in a country with relatively high incomes and stable currency, and our 10% inflation hurt.
yes people do try to keep their money in foreign currency or gold. it has gotten so bad lately and banks practically stopped giving loans because they don’t make profit from giving them at low interest rates and with the loan, people just convert it to dollars so it devalues the currency even more.
salaries get crushed, middle class disintegrates and rich get even richer. raises are never adequate. there are no alternatives where would people job hop to?
life is painful, people are just trying to survive daily, they are always in debt and try to shuffle the debt between credit cards. but if your source of income scales with the foreign currency congrats, you are practically in heaven.
In my country we have 120% anual inflation or even more by some estimates. It’s awful living like that, I tell you that
I hope you don’t mind me asking, but two main questions come to mind when I hear about triple digit inflation.
First, is it normal to keep savings in another currency? I know in Turkey at least, it’s common to save money in gold, but I don’t know if either that or saving in, for example USD, is common.
Second, how do raises work in times like that? As things inflate at rates like that, your salary would so quickly become quite outdated. Are raises or job hopping common at that point?
And I guess a third question. How do you even life bro? I’m fortunate to live in a country with relatively high incomes and stable currency, and our 10% inflation hurt.
not OP but i can answer,
yes people do try to keep their money in foreign currency or gold. it has gotten so bad lately and banks practically stopped giving loans because they don’t make profit from giving them at low interest rates and with the loan, people just convert it to dollars so it devalues the currency even more.
salaries get crushed, middle class disintegrates and rich get even richer. raises are never adequate. there are no alternatives where would people job hop to?
life is painful, people are just trying to survive daily, they are always in debt and try to shuffle the debt between credit cards. but if your source of income scales with the foreign currency congrats, you are practically in heaven.