Imagine a world where money is worth practically nothing, and the costs of goods increase rapidly, doubling and tripling day after day. This situation might sound like a fictitious movie plot, but it has happened many times before in our world. It’s called hyperinflation, and it can wreak economic devastation on people.
Right now, the increasing prices of goods and services across the board have already stretched people’s budgets. That’s just called inflation. But during hyperinflation, things would get dramatically worse. While the odds of this happening in the U.S. are small, there is no better time to get your financial house in order.
Financial planners and experts share their best tips and personal finance advice to prepare for any economic scenario, including hyperinflation.
This post originally appeared at Invested Wallet.