--- title: Day 10 - How to tame the inflation monster? description: So this was today's task. Understand the impact of inflation on your income and wealth and the need to invest to mitigate this risk image: https://www.financialplanningindubai.com/hubfs/Day%2010%20Tame%20the%20money%20monster%20%28740%20%C3%97%20400%20px%29-1.png --- [![Financial_Planning_in_Dubai_logo](https://www.financialplanningindubai.com/hs-fs/hubfs/Financial%20Planning%20in%20Dubai%20Logo_9090-2.png?width=90&height=90&name=Financial%20Planning%20in%20Dubai%20Logo_9090-2.png "Financial_Planning_in_Dubai_logo")](https://www.financialplanningindubai.com/?hsLang=en-gb) - [Home](https://financialplanningindubai.com/) - [Blog](https://www.financialplanningindubai.com/blog) - [Services](https://www.financialplanningindubai.com/services) - [Islamic Investments & Takaful Plans](https://www.financialplanningindubai.com/blog/salama-hyat-plus-takaful-plan) - [Medical Insurance](https://www.financialplanningindubai.com/blog/topic/medical-insurance) - [Free Resources](https://www.financialplanningindubai.com/free-finanical-tools) - Tools - Calculators - [S&P 500 Investment Calculator](https://financialplanningindubai.com/sp-500-investment-calculator/) - [Life Insurance Calculator](https://www.financialplanningindubai.com/life-insurance-calculator) - [SIP Calculator](https://financialplanningindubai.com/sip-calculator/) - [Lumpsum investment calculator](https://www.financialplanningindubai.com/lump-sum-investment-calculator) - [Inflation Calculator](https://www.financialplanningindubai.com/inflation-calculator-uae) - [Net-Worth Calculator](https://www.financialplanningindubai.com/blog/free-personal-balance-sheet-template-networth-statement) - [The Best Budget Planner for Expats](https://www.financialplanningindubai.com/expat-budget-planner) [Book A Discovery Call](https://www.financialplanningindubai.com/meetings/damodhar?hsLang=en-gb) # Day 10 - How to tame the inflation monster? ![Damodhar Mata](https://app.hubspot.com/settings/avatar/e63bc971ec29ebe6c012fd042c1a8215) [Damodhar Mata](https://www.financialplanningindubai.com/blog/author/money-mata-aka-damodhar-mata) 18 Jan 2023, 08:53:50 ###### [30 Days Challenge](https://www.financialplanningindubai.com/blog/topic/30-days-challenge) Would you pay 5 Trillion Dollars for a loaf of bread? I am not surešŸ¤” But did you know that people in Zimbabwe did pay that much money to buy basic stuff like milk, bread, and rice? šŸ˜± Prices went up so fast in Zimbabwe in 2008 that people had to carry money in wheelbarrows for essential grocery shopping. Imagine how difficult yesterday'sĀ [spend-only cash](https://www.financialplanningindubai.com/blog/day-9-spend-only-cash?hsLang=en-gb)Ā challenge would have been if you had to carry around so much cash!šŸ’° The Zimbabwean government had to print 10 trillion Dollar currency notes to make things easy for people. ![10 Trillion Dollars (1)](https://www.financialplanningindubai.com/hs-fs/hubfs/10%20Trillion%20Dollars%20(1).jpeg?width=2560&height=1276&name=10%20Trillion%20Dollars%20(1).jpeg) When the money's worth goes down, you would have to use more to buy the same amount of stuff. This is known as inflation. This is exactly what is happening now all over the world. See the chart below and click to view the larger image.Ā  [![Inflation in 2022](https://www.financialplanningindubai.com/hs-fs/hubfs/Inflation%20in%202022.webp?width=740&height=956&name=Inflation%20in%202022.webp)](https://www.visualcapitalist.com/mapped-which-countries-have-the-highest-inflation/) Here is cool animation explaining how it all started. In this cartoon, theĀ [Tuttle Twins](https://www.angel.com/watch/tuttle-twins)Ā learn about Inflation from Professor Milton Friedman, a Noble prize winner for his contribution to economics. He teaches the children the basics of economics and money in simple language.Ā  [![The Inflation Monster With their eyes set on a big carnival prize, Ethan and Emily learn that printing more tickets causes prices to rise. They visit Ancent Rome and Modern Zimbabwe to see the Inflation Monster at work then rush back to save the carnival.](https://www.financialplanningindubai.com/hs-fs/hubfs/Screen%20Shot%202023-01-18%20at%208.06.44%20AM%20(1).png?width=979&height=540&name=Screen%20Shot%202023-01-18%20at%208.06.44%20AM%20(1).png)](https://www.angel.com/watch/tuttle-twins/episode/5daf8a13-4532-4fbf-a89f-e37d544c0ec0/season-1/episode-6/the-inflation-monster) ## How to tame the inflation monster? Inflation is like a monster eating away at your income and wealth, one or more bites at a time. It is the most potential but least understood financial risk, and it takes a lot of planning and discipline to tame this monster. While you may feel you are not taking any risk by keeping your money in the bank, your money is at inflation risk. The only known antidote to inflation is prudent investments in assets that grow at a rate that is faster than inflation.Ā  A word of caution, though; do not follow the financial advice shared in the animation. Do your research and if necessary, consult a financial advisor.Ā  So this was today's task. Understand the impact of inflation on your income and wealth and the need to invest to mitigate this risk. In the next few days, we will learn more about investing and how to get better at it. Happy Investing. ![Damodhar Mata](https://app.hubspot.com/settings/avatar/e63bc971ec29ebe6c012fd042c1a8215) [Damodhar Mata](https://www.financialplanningindubai.com/blog/author/money-mata-aka-damodhar-mata) Author, Blogger & Independent Financial Advisor. My goal is to give you actionable tools for creating passive income and building wealth. More than 10,000 expats have already used my ideas to jumpstart their journey towards financial independence. Connect with me to start yours... Share this article on [mailto:?subject=Check%20out%20Day%2010%20-%20How%20to%20tame%20the%20inflation%20monster?%20&body=Check%20out%20https://www.financialplanningindubai.com/blog/day-10-how-to-tame-the-inflation-monster](mailto:?subject=Check%20out%20Day%2010%20-%20How%20to%20tame%20the%20inflation%20monster?%20&body=Check%20out%20https://www.financialplanningindubai.com/blog/day-10-how-to-tame-the-inflation-monster) ##### Read more - [The Real C-Suite ā€“ The Only Title That MattersĀ šŸ†](https://www.financialplanningindubai.com/blog/breadwinner?hsLang=en-gb) - [The Wealth Secret 99% of Investors Ignore ā€“ Will You?](https://www.financialplanningindubai.com/blog/the-iceberg-of-investing?hsLang=en-gb) - [From Risk to Reward? The Shifting Case for China Investing](https://www.financialplanningindubai.com/blog/from-risk-to-reward-the-shifting-case-for-china-investing?hsLang=en-gb) ## Further Reading [![The Best Gift for your child's Future](https://www.financialplanningindubai.com/hs-fs/hubfs/Stock%20images/Low%20angle%20view%20of%20a%20boy%20with%20toy%20aeroplane%20sitting%20on%20fathers%20shoulders%20at%20the%20park-1.jpeg?width=300&name=Low%20angle%20view%20of%20a%20boy%20with%20toy%20aeroplane%20sitting%20on%20fathers%20shoulders%20at%20the%20park-1.jpeg)](https://www.financialplanningindubai.com/blog/the-best-gift-for-your-childs-future?hsLang=en-gb) ###### [Child education Plan Dubai,](https://www.financialplanningindubai.com/blog/topic/child-education-plan-dubai)[education savings plan](https://www.financialplanningindubai.com/blog/topic/education-savings-plan) ##### [The Best Gift for your child's Future](https://www.financialplanningindubai.com/blog/the-best-gift-for-your-childs-future?hsLang=en-gb) #### The Best GiftĀ  The best gift you can give to your child is a quality education of their choice and... [Read More](https://www.financialplanningindubai.com/blog/the-best-gift-for-your-childs-future?hsLang=en-gb) [![Six Pillars for Creating Lasting Wealth.](https://www.financialplanningindubai.com/hs-fs/hubfs/6%20Pillars%20for%20creating%20lasting%20wealth.png?width=300&name=6%20Pillars%20for%20creating%20lasting%20wealth.png)](https://www.financialplanningindubai.com/blog/six-pillars-for-creating-lasting-wealth?hsLang=en-gb) ###### [Wealth Creation](https://www.financialplanningindubai.com/blog/topic/wealth-creation) ##### [Six Pillars for Creating Lasting Wealth.](https://www.financialplanningindubai.com/blog/six-pillars-for-creating-lasting-wealth?hsLang=en-gb) > ā€œWealth is the ability to fully experience life.ā€Henry David Thoreau [Read More](https://www.financialplanningindubai.com/blog/six-pillars-for-creating-lasting-wealth?hsLang=en-gb) [![Change the Way You Think about Money- Sep 16, 2017](https://www.financialplanningindubai.com/hs-fs/hubfs/Imported_Blog_Media/ChickenEgg-1024x1024-1.jpg?width=300&name=ChickenEgg-1024x1024-1.jpg)](https://www.financialplanningindubai.com/blog/2017/09/16/change-the-way?hsLang=en-gb) ###### [Financial Planning,](https://www.financialplanningindubai.com/blog/topic/financial-planning)[Parents,](https://www.financialplanningindubai.com/blog/topic/parents)[Retirement,](https://www.financialplanningindubai.com/blog/topic/retirement)[Money](https://www.financialplanningindubai.com/blog/topic/money) ##### [Change the Way You Think about Money- Sep 16, 2017](https://www.financialplanningindubai.com/blog/2017/09/16/change-the-way?hsLang=en-gb) # Change the Way You Think about Money This seminar is full of unique ideas, new concepts and... 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