Billionaire Warren Buffett advises what to do in times of high inflation
Billionaire Warren Buffett. (Image: Getty)
Inflation in the United States is at its highest level in more than 40 years, severely affecting the country’s economy as everything from gas to groceries skyrockets in price.
CEO of Berkshire Hathaway Warren Buffett It is difficult to avoid the impact of inflation on their pockets, but there are a few things people can do to protect themselves from its impact.
Speaking at Berkshire Hathaway’s 2022 annual shareholder meeting, Buffett repeated his long-standing advice that one of the best ways to combat the effects of inflation is to hone your skills. yourself and strive to be a leader in your field of expertise.
“The best thing you can do is be exceptionally good at something,” advises the 91-year-old billionaire.
Taking the example of professions like doctors and lawyers, Mr. Buffett said: “These people will give you some of the things they make in return for what you provide.”
“Skills are not like money, this is an effective anti-inflation path,” adds Buffett, “if the skill you possess is popular, it will still work regardless of the dollar’s value.” How much”.
According to Buffett, the best investment right now is in personal growth, and that’s completely tax-free.
Before that, in 2009 when the Great Recession ended, Mr. Buffett, then 78 years old, also advised: “The best thing to do is invest in yourself”.
At the time, the legendary investor also suggested that everyone should invest in “a great business,” creating products that were in demand. Just achieve this, the performance of the USD will no longer be a big problem.
Using Cola-Cola as an example, he says people will still want their favorite soft drink for decades, and inflation should play no role in their decision. “It doesn’t make any difference to the price level, because people are always paying for the products they like,” the billionaire said.
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