Repeat Old Advice, Warren Buffett Explains How To Deal With Inflation

TEMPO.CO, Jakarta – Inflation is taking a toll on the economies of many countries around the world, with everything from gas to foodstuffs experiencing sharp price increases.

There’s not much individuals can do to avoid inflation, but Berkshire Hathaway CEO and legendary investor Warren Buffett says people can take certain steps to protect against its effects.

Speaking at the 2022 Berkshire Hathaway annual shareholder meeting, Buffett repeated his long-held advice that one of the strongest safeguards against inflation is to sharpen your skills and work to become the best in your field.

“The best thing you can do is be really good at something,” Buffett said, last week April 29, 2022.

He cites professions such as doctors and lawyers as examples of high-paying jobs. “People give you a share of what they make in return for what you give.”

Buffett adds that skills, unlike currencies, are resistant to inflation. If you have a skill that is in demand, it will remain in demand no matter what the dollar value is.