Increasing cost of living - how can we cope?

[Judith87403]

Debt are good, if one uses it for a better purpose as you have earlier stated, but repaying it can be a tough thing, which can delay their plans, because as it has its own advantage, so does it also have its disadvantage but it necessary for one to repay back, because that's your obligation which you are to entitled to obey it.

That’s why it’s important to only take loan based on your financial circumstances and capacity and not just because of how much you really need that loan. Before taking  loan, you’ll need to know and be certain about how and when to repay, because you can’t have an income that’s not passive or consistent, and then when things goes unexpectedly and maybe your income depletes, repaying such loan suddenly becomes a problem.

[Hispo]

The problem is people are not willing to accept their new reality and realize they have losy purchasing power within their society.
People want to climb the social ladder in their country, get more money, live better with each year that passes by, when the opposite occurs an important percentage of the population are not ready to accept that reality, so they engage in accumulating debt in order to create an ilusion of control.

Accepting reality and adjusting is not for everyone, and that is why banks are always happy to increase debt limits to their customers, because they are aware it is all future gains for their, in detriment of the personal economy of people.

[Swordsoffreedom]

Honestly speaking why would someone ever think of such to happen by using borrowed funds to start a business like what hard earned risk is that already…firstly the person most be sick in the head to think of such investment having to use borrowed capital to start a business put you at a disadvantage well even though in business it not good to calculate failure it always good to have positive mindset about your investment well thing can really go upside down sometimes that just the rules of life thing are not always might to go right all the time…the disadvantage are higher talking about the interest of the loan that still an upside down issues…

It cannot be denied that borrowing money to start a business involves risk because nothing guarantees that our plan will go as expected and succeed

But that is the nature of business, risk and uncertainty are part of the game. That is why business is not for everyone, but only for those who dare to step out of their comfort zone and are willing to accept whatever might happen. Business is not for cowards and those lacking willpower, those who want to get rich but do not dare to take action

It would be truly short-sighted to say that borrowing money to start a business is a sign of mental illness.

[Crytohillss]

Honestly speaking why would someone ever think of such to happen by using borrowed funds to start a business like what hard earned risk is that already…firstly the person most be sick in the head to think of such investment having to use borrowed capital to start a business put you at a disadvantage well even though in business it not good to calculate failure it always good to have positive mindset about your investment well thing can really go upside down sometimes that just the rules of life thing are not always might to go right all the time…the disadvantage are higher talking about the interest of the loan that still an upside down issues…

I wouldn't proceed as far as calling people sick in the head for using borrowed money to begin a business. Sometimes individuals don't have enough capital and taking a loan is the  only way they can even try.  the real problem is how well the risks is calculated beginning with borrowed funds definitely puts people under pressure because of interest and repayment, so if the business doesn't pick up quickly it Can become a serious issues but at the same time not every successful business man that begins with personal savings some persons took that risk and it works for them.

 

[BADecker]

@OP   You will need to change your mindset.

Get together with neighbors, and make the things you need. Then barter for them with each other. Choose wise people from among yourselves to organize the group. Prepare for other groups like yours to further make and barter for things you like and need.

When you stop buying from the stores, they will have to reduce prices or die. If they die, you will be way ahead in the new order of barter that you are causing to emerge.

Consider how co-ops handled it in the Great Depression. Same shit is happening today.

[DYOR+BTC]

The problem is people are not willing to accept their new reality and realize they have losy purchasing power within their society.
People want to climb the social ladder in their country, get more money, live better with each year that passes by, when the opposite occurs an important percentage of the population are not ready to accept that reality, so they engage in accumulating debt in order to create an ilusion of control.

Accepting reality and adjusting is not for everyone, and that is why banks are always happy to increase debt limits to their customers, because they are aware it is all future gains for their, in detriment of the personal economy of people.

This general money minded behavioural patterns of political representatives is what the government needs to look into because they where elected into power to effect positive change in the society but get away with the little that was supposed to be for construction of job creation facilities and so on but because they are rooted in wickedness the poor is just nothing in there eyes.
What the world needs now are leaders with good visions and plans positivity and not what they are offering to us now all over the world,  although i won't blame most of them because we abandoned transparency just to choose money.

[Judith87403]

I wouldn't proceed as far as calling people sick in the head for using borrowed money to begin a business. Sometimes individuals don't have enough capital and taking a loan is the  only way they can even try.  the real problem is how well the risks is calculated beginning with borrowed funds definitely puts people under pressure because of interest and repayment, so if the business doesn't pick up quickly it Can become a serious issues but at the same time not every successful business man that begins with personal savings some persons took that risk and it works for them.

If someone goes ahead to borrow money or take up a loan with the mindset of repaying the loan from the same business he wants to invest the money in, then the person is indeed sick in the head, not that I like using that word, but such action is a product of a stupid and naive mindset. even if the business is a surety and would give instant profits, it's still not a guarantee that things would go exactly as planned, especially when the business is still a new one. Don't get me wrong, I'm not saying borrowing money to invest in business, sure one can do so but only if you have a more solid alternative of repayment.

[Xackie]

It's not really easy coping with this hard economic hardship especially for we in Nigeria. Prices of goods keeps increasing eveytime, rent, transportation and fuel prices. The government aren't even doing anything to resolve this situations. Eveytime they keep dropping fake promises. The people I pity the most are those earning average and below salary, they are the ones who face this hardship the most. Imagine earning $70 per month as salary, it doesn't even cover any expenses. Our corrupt government should do better, because I still don't understand Nigeria who sit on oil and other resources suffers much like this. It's as if good blessed us with enough resources and then cursed us with bad leaders.

[BADecker]

Ever heard of mass production?

Are you a hermit, because mass production is difficult for hermits.

Get together with a few friends who understand, and start manufacturing some of your needs and bartering between yourselves.

Once it starts working, get together with a few groups like yours, and expand your barter base. Consider the co-operatives of the Great Depression.

You might even be able to start barter internet and get off the system.

[DanWalker]

because I still don't understand Nigeria who sit on oil and other resources suffers much like this. It's as if good blessed us with enough resources and then cursed us with bad leaders.

Sometimes I wonder whether a country possessing vast mineral and oil resources is an advantage or a disaster. Because if they lack the strength to protect them, they will find it hard to avoid outside interference and may even lose control of it to other. That is exactly what is happening.
Not just Africa, but also Venezuela, Yemen, and Iraq. Despite possessing vast oil and gas reserves, they couldnt even live a normal life, let alone become wealthy.

[Y3shot]

Every one of us should not rely on a single source of income, therefore we should try as much as possible to ensure that we have other alternative sources to what we do so that we will not be stranded at any point, the economy is not stable and things keep changing each time, we have to plan more and ahead before such time, we can't afford to be caught unexpectedly in situation to find it difficult in affording a living because inflation is affecting the entire economy and things are becoming more unaffordable.

Everyone is trying to spend wisely and extravagantly. This is why it will be very difficult to create other sources of income because no one is ready to spend money on things they don’t really want or things that are not considered to be basic necessities.

Before, when the economy was okay and money wasn't a serious problem, it was very easy to create different sources of income. But the truth is that it is very difficult to create more sources of income when money is not flowing as it is supposed to because everyone is just managing their money to survive.

[BADecker]

Every one of us should not rely on a single source of income, therefore we should try as much as possible to ensure that we have other alternative sources to what we do so that we will not be stranded at any point, the economy is not stable and things keep changing each time, we have to plan more and ahead before such time, we can't afford to be caught unexpectedly in situation to find it difficult in affording a living because inflation is affecting the entire economy and things are becoming more unaffordable.

Everyone is trying to spend wisely and extravagantly. This is why it will be very difficult to create other sources of income because no one is ready to spend money on things they don’t really want or things that are not considered to be basic necessities.

Before, when the economy was okay and money wasn't a serious problem, it was very easy to create different sources of income. But the truth is that it is very difficult to create more sources of income when money is not flowing as it is supposed to because everyone is just managing their money to survive.

Yet, everybody is spending "money on things they don’t really want or things that are not considered to be basic necessities." How? Taxation and inflation.

Time to get rid of the Federal Reserve Bank and their system. Place money back under the Constitution - the US Treasury - directly, so that there doesn't have to be any more inflation and taxation.

[LOVER BOY 422]

If a country should increase cost of living, it will affects the citizens of that country in many ways , just like the Nigeria has increased their cost of living everyone is indeed in pain , so it's not good if they should increase in cost of things in a country, things will automatically change from good to bad , just the way it's now in our country.
The cost of living here is too much, a bag of cement has increased to the point that the poor can't even build, a bag of rice has also increased to the point that the poor can't buy a bag of rice , and so many other things, this is a country they promise you and I good during their campaign but just look at it , so if at all a certain country is to increase their cost of living indeed they will definitely face hardship.

[Iranus]

If a country should increase cost of living, it will affects the citizens of that country in many ways , just like the Nigeria has increased their cost of living everyone is indeed in pain , so it's not good if they should increase in cost of things in a country, things will automatically change from good to bad , just the way it's now in our country.
The cost of living here is too much, a bag of cement has increased to the point that the poor can't even build, a bag of rice has also increased to the point that the poor can't buy a bag of rice , and so many other things, this is a country they promise you and I good during their campaign but just look at it , so if at all a certain country is to increase their cost of living indeed they will definitely face hardship.

Fiat is designed to depreciate over time, and balancing supply and demand is very difficult and can easily spiral out of control in the event of an external shock. Therefore, it is inevitable that the cost of living and the prices of goods will increase over time. Every economy has to go through that.

But the difference is that many government are failing to regulate the economy, causing inflation and prices to rise too quickly while people's income increase too slowly. That is the real reason why people's lives are becoming increasingly difficult.

[Shineup]

The first step is by accepting the reality which will help you to be calm and when you are calm, you think clearly enabling you to make the right decisions on how to cope with the changes which may include having multiple sources of income, adjusting our priorities and spending habits such as    avoiding          extravagant spending. Also being contented and living within our means may go along way as it helps us to avoid unnecessary debt and stress, also we do well to save for unforseen event such as health issues, lost of job etc.

This is the first step to failure. I reject taking this step, hoping for financial freedom.
For me, the first step is to take the bull by the horns. Engage in the recent happenings of the world, and interact with those who can help your life get better. Find a new job or start a new skill that pays well yearly.

Adjusting to the current situation of the world will make you stagnant in life. There will be no progress, and gradually you will be adjusting towards poverty.

Adjusting to your current situation doesn't and will not make you a failure rather it gives you the rest of mind that will still keep you in check without getting overly reacted to your current situation in such a way that it will affects you negatively, when you adjust it helps you to manage your available resources well while hopeful for things to change more better, people who don't adjust will end up complicating their current situation by attempting to funding a lifestyle that is above their current situation and this one terrible mistake alot of people do by trying to impress others even when their resources are less.

[OgNasty]

You can either invest or work until you die.

[Btcdeybodi]

The only way to overcome the high standard of living is to invest in human capital development. Government needs to invest in the youths by offering them skill acquisition trainings and other necessary skills by which people can become productive to the society. Many people do not have technical skills, they only depend on their salaries and the little money they make from their businesses and many people don't want to engage in creative skills that will help them become experts in a particular field. There is no creativity in many youths, most of them have even identify creating contents online to earn money, they don't want to study and discover new things that will be helpful to the society.

[BADecker]

Gradually become a prepper. Reduce spending on anything that is society maintained. If enough people do this, the prices will come down. If you do it, prices will come down for you because you won't need as much society stuff. Look thru my posts here - https://bitcointalk.org/index.php?action=profile;u=149737;sa=showPosts. Find the ones that pertain to living outside the system, both in law and in other activities.

[tvbcof]

Back when I was young and broke we used to cope by smoking dope.

[BADecker]

Back when I was young and broke we used to cope by smoking dope.

I'll have to place some Wintogreen Lifesavers in my desk drawer.