Inflation is taking a toll on the US economy, with a steep increase in prices from gas to groceries.
There is little that one can do to avoid inflation, but Legendary Investor and Berkshire Hathaway CEO Warren Buffett advises that people can take certain steps to protect themselves against the effects of inflation.
Buffett repeated his long-held advice in his speech at the 2022 Berkshire Hathaway annual shareholders meeting. He said that one of the strongest precautions against high inflation is strengthening your skills and working for being top in choice of your field.
Buffett said, “The best thing you can do is to be exceptionally good at something. People are going to give you some of what they produce in exchange for what you deliver.” He mentioned professions like doctors and lawyers as examples.
Buffett also mentioned that skills are inflation-proof and if one has a skill that is in demand, it will remain in demand even in times of inflation.
Buffett said, “Whatever abilities you have can’t be taken away from you. They can’t be inflated away from you. The best investment by far is anything that develops yourself, and it’s not taxed at all.”
Inflation is taking a toll on the US economy, with a steep increase in prices from gas to groceries.At that time, he also said, “the next best thing a person could do is invest in a wonderful business that makes products that are in demand regardless of the performance of the dollar because people will still pay for the products they like.”
