Interesting views on how to deal with high inflation?!

[BaiAnrui]

The whole world suffers from it, high inflation. And because not every entrepreneur on this forum (including myself) can live from their 'passive income' yet, we are still much depending on our skills.

I am also need my specialized skills, and I am working on the next step: setting up a system (or specialized unit as MJ calls it), but it takes some time. A big pro of my personal skills tough, is that i have total controll about them! But that is a different discussion

Now, I want you to look at to two opinions on this topic.
Maybe the first one is already familiar to you, but I'll share it anyway. This is @MJ DeMarco 's vision, in which he explains (in a very clear way) how you can develop yourself as an entrepreneur.

Link to video:

View: https://www.youtube.com/watch?v=r_58zPgArb4&t=366s


Another view on this toppic I realy like, is from Warren Buffet. His opinion is that this is the time to work on your skills. The only thing that is inflation prove, is invest in yourself!

Read the article here:
When inflation is high, Warren Buffett says the best thing you can do is 'be exceptionally good at something'

Personally, I think these two views match, MJ and Warren both talk about special skills that you need to improve for more income.

What are your thoughts?

 

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[MJ DeMarco]

While I agree a specialized skill *might* float with inflation, it depends on the market. It industries with a high-degree of participants, inflation might create high supply so inflation gains are erased through increased competition. IOW, more people fighting for the same business, to pay bills, and put money on the table.

The best inflation proof system is a business where you can control prices. Like much of Buffett's advice "invest in yourself" is terribly vague and basically a worthless soundbite that grabs headlines. Moreover, Buffet's advice always appeals to the "average Joes" who aren't entrepreneurs. I stopped listening to the guy years ago.

 

[socaldude]

I can’t help but roll my eyes when I read a Warren Buffett article. I don’t dislike the guy but I no longer admire him like when I was 16. The advice is partially true and hard to question because it comes from a person like him(Halo Effect).

Funny how that’s not how he fights inflation. He gives one kind of financial advice but got rich through totally different financial engineering.

Use Logic. Try to figure it out through your own intellect. The answer to fight inflation is in the same contra-mechanism where you get harmed by inflation. Use deductive-inductive reasoning. Own land, real estate or even other kinds of assets like art or watches.

 

[Antifragile]

The whole world suffers from it, high inflation. And because not every entrepreneur on this forum (including myself) can live from their 'passive income' yet, we are still much depending on our skills.

I am also need my specialized skills, and I am working on the next step: setting up a system (or specialized unit as MJ calls it), but it takes some time. A big pro of my personal skills tough, is that i have total controll about them! But that is a different discussion

Now, I want you to look at to two opinions on this topic.
Maybe the first one is already familiar to you, but I'll share it anyway. This is @MJ DeMarco 's vision, in which he explains (in a very clear way) how you can develop yourself as an entrepreneur.

Link to video:

View: https://www.youtube.com/watch?v=r_58zPgArb4&t=366s


Another view on this toppic I realy like, is from Warren Buffet. His opinion is that this is the time to work on your skills. The only thing that is inflation prove, is invest in yourself!

Read the article here:
When inflation is high, Warren Buffett says the best thing you can do is 'be exceptionally good at something'

Personally, I think these two views match, MJ and Warren both talk about special skills that you need to improve for more income.

What are your thoughts?

Want my advice? During the downtimes - just survive. Inflation is just another variable for entrepreneurs to deal with. It’s a problem, like many others. But it’s here, accept it and deal with your own reality as best as you can.

Don’t listen to Warren. He’s different from how he was when he was young and how he made his money. And worse yet, his time was different too! Now he’s a billionaire old guy where even if he farts people find “wisdom” in it.

 

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[Andy Black]

The whole world suffers from it, high inflation. And because not every entrepreneur on this forum (including myself) can live from their 'passive income' yet, we are still much depending on our skills.

I am also need my specialized skills, and I am working on the next step: setting up a system (or specialized unit as MJ calls it), but it takes some time. A big pro of my personal skills tough, is that i have total controll about them! But that is a different discussion

Now, I want you to look at to two opinions on this topic.
Maybe the first one is already familiar to you, but I'll share it anyway. This is @MJ DeMarco 's vision, in which he explains (in a very clear way) how you can develop yourself as an entrepreneur.

Link to video:

View: https://www.youtube.com/watch?v=r_58zPgArb4&t=366s


Another view on this toppic I realy like, is from Warren Buffet. His opinion is that this is the time to work on your skills. The only thing that is inflation prove, is invest in yourself!

Read the article here:
When inflation is high, Warren Buffett says the best thing you can do is 'be exceptionally good at something'

Personally, I think these two views match, MJ and Warren both talk about special skills that you need to improve for more income.

What are your thoughts?

When times get tougher, what businesses do better?

Some of our Google Ads clients had to pause campaigns when lockdowns hit a couple of years ago (think hospitality etc). Others went into overdrive (think home office equipment, gym equipment, etc).

When people feel they have less discretionary spending then what do they do? Repair vs replace? Cook vs takeaway? Borrow vs save? DIY vs DFY?

I don’t have FU money, but try to have FU skills (skills that people pay for even if or especially when times are tight).

 

[BaiAnrui]

Ok, obviously there aren't many Warren Buffet fans on this forum...lol

But it is interesting to read how everyone sees this situation. Of course there are always many possibilities, but I find it difficult to enter an area that I have little feeling for, or that I am simply not good at.

Thanks for the advice so far...keep it coming.

 

[Andy Black]

I find it difficult to enter an area that I have little feeling for, or that I am simply not good at.

Then don't.

The number one rule of productivity is that you will never be fully productive if you're not using your super-powers.

What are you so good at that others wonder how you do it, while you wonder why they're so impressed?

What are you compelled to do?

Those are clues as to what your super-powers are.

Maybe listen to this:

• (Radio Interview) Freedom, Motivation, & Grow What You Know

EDIT: It’s not just about using your superpowers. The market doesn’t care who does what.

 

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[Antifragile]

Ok, obviously there aren't many Warren Buffet fans on this forum...lol

Lol. I don’t know about that. I think there is a lot I took from Buffet over the years. I am actually a fan. My comment was specific to this place and the article you posted: FL is an entrepreneur forum. I assume it’s for business owners.

Unlike employees, we ALWAYS must sharpen our skills. That article seemed to be targeting general public. And general public might see it as gospel because of who wrote it. It’s good advice. But when shit hits the fan, your time is best spent not “reading books” or “sharpening skills” - it’s best to focus on making your business survive. Ensuring your employees get paid. Etc.
hope that clarifies my earlier post. And good luck.