With inflation, you will not be able to avoid higher prices. However, there is one action you can take that will not be affected by inflation. As advocated by legendary investor Warren Buffet, one of the strongest protections against inflation is investing in yourself. Obtaining additional career skills and improving existing ones will keep you in demand.
These added skills, unlike a lower value of the dollar, are inflation-proof. Various career abilities will be in demand no matter what the dollar is worth. These competencies can’t be taken away from you, and this investment in yourself is not taxed.
As a business owner or investor, the advice is similar. Offer a top-level product or service that will be in demand even in times of inflation. As noted by Buffet: when inflation is high the best thing you can do is be exceptionally good at something.
For additional information on an inflation strategy, click here.
- Have students talk to others to learn about the actions they have taken in their lives to enhance and expand their career skills.
- Have students research online sources available for free and low-cost classes and certification programs to enhance a person’s career skills.
- What actions are you taking to enhance or expand your career skills?
- What are examples of exceptional products or services that might be in demand even in times of inflation?