When hyperinflation hit Zimbabwe, it destroyed the economy & currency, taking all savings denominated in Zimbabwe dollars to near zero in purchasing power.
One group of Zimbabweans fared well. These people worked across the border in South Africa, which paid in the South African rand.
Those with high debt denominated in Zimbabwe dollars, were able to trade the rand for billions of Zimbabwe dollars, easily paying off their Zimbabwe dollar debt at pennies on the dollar. In fact, these people wished they had held MORE Zimbabwe dollar debt.
Responsible people who held NO Zimbabwe debt & no alternative currency, had to sell their homes & assets at pennies on the Zimbabwe dollar just to buy food.
Those rich in Zimbabwe dollar savings were totally wiped out.
The lesson: Hold your savings in something outside the declining US Dollar currency. Gold, silver, real estate & real goods.
High-debt income properties are perfect if the rents pay the mortgage & all property expenses. Now buy & hold one American Silver Eagle coin for every $1,000 of debt you hold to pay off those mortgages at pennies on the dollar when hyperinflation hits.
Back to Mike's Warm, Wealthy Wisdoms
Back to Mike's Website, WorldsBestWriter.com