[kat82]

In unstable economies, people switch. Do you think this protects wealth?

[germainebull]

In an unpredictable economy, many people choose to store money in foreign currencies as a means of protection. This is seen as a way to reduce the risk of a depreciation of the local currency.

International currencies like the dollar or euro tend to be more stable, so they can help preserve the value of assets. This brings financial stability to families and businesses.

However, there are challenges such as currency exchange fees and dependence on market fluctuations. It is important to understand the risks before switching to a foreign currency.

With the right knowledge and solid planning, storing in a foreign currency can be a pillar of financial security.

[Ofonime]

For me saving in local currency is almost the same with saving in foreign country, so I believe that be it local or foreign currency you can still save money

[germainebull]

For me saving in local currency is almost the same with saving in foreign country, so I believe that be it local or foreign currency you can still save money

I agree with your point. Saving is a smart thing to do, whether in local or foreign currency. What matters most is the discipline of saving and the financial goals you are pursuing. Any currency can help build a solid financial foundation.

However, it is good to understand the economic environment. A local currency can be stable for everyday use, while a foreign currency helps protect the value of savings against price changes. Each has its advantages depending on market conditions and your personal needs.

[monster_masterpiece]

We need local currency just to pay for local retailers no more than that. Or local bills or similar tricks.

[kat82]

For me saving in local currency is almost the same with saving in foreign country, so I believe that be it local or foreign currency you can still save money

That is true. What really matters is the discipline to save, not just the currency. Whether it’s local or foreign, consistent saving builds stability and prepares you for future opportunities.

[germainebull]

For me saving in local currency is almost the same with saving in foreign country, so I believe that be it local or foreign currency you can still save money

That is true. What really matters is the discipline to save, not just the currency. Whether it’s local or foreign, consistent saving builds stability and prepares you for future opportunities.

You have said a very basic thing. Savings are not about the type of money you use but the discipline of saving regularly. Even if it is a small amount, when it accumulates it brings big changes later. Discipline is the foundation of financial success.

Many people are busy looking for foreign currencies thinking that they are the most valuable. But the truth is that even local currency can help you a lot if you save in a good way. What builds stability is the habit of saving without hesitation.

[Padmavati753]

In unstable economies, people switch. Do you think this protects wealth?

Indeed, switching strategies in unstable economies can serve as a buffer for wealth preservation. It highlights the need for adaptability and informed decision-making in volatile financial environments.

[germainebull]

In an unpredictable economy, changing strategies is very important. This helps protect your assets and minimize losses. Many people get stuck because they cling to one path even when the situation changes.

As an entrepreneur or employee, it is important to learn to be flexible. When the economy is unstable, you need quick and informed decisions. If you just sit and wait for the situation to stabilize, you can lose everything. The ability to change is your weapon.

Even if the situation is difficult, there is still room for improvement. With a good plan and if you learn from the situation, you can move forward. Do not give up early. Every challenge comes with a new opportunity. This is the time to be brave.

[Padmavati753]

It can offer protection, but risks vary. Diversification is key.

[SHAHID987]

In my view it remain safe and profitable to save foreign currency. This comes in my record as people those who were saving dollars are rich now because it's rate in local currency becomes much more higher.

[germainebull]

We need local currency just to pay for local retailers no more than that.

Let's be honest, our local money is only used to pay for our shops. That is its main function and it should not be more than that. We need it to buy hot potatoes and push vegetables to the market.

But for big things like foreign trade or the price of duni we need dollars. Our money is not good for the international market. If you put all your savings in shillings you will cry later.

Remember that the life of money is like the movement of the market. It should move quickly and give you fruits. Don't make it like the pocket of an old man. Local money is just like the water of a river that flows.