From the gas pump to the grocery store, Americans are feeling the pain caused by inflation. Whether caused by federal spending increases, supply chain delays, or higher energy  prices, the simple fact is escalating prices are making the U.S. dollar less valuable than it was a year ago. So gather around everyone as I inform you to what you should invest in when the dollar collapses

You’ll Thank Me When the Dollar Collapses

So what’s a person to do in these times of inflation? Is there a better solution for someone hoping to find an alternative to sticking those greenbacks in the bank. The dollar has traditionally been one of the most stable currencies in the world, but other countries have seen their entire financial systems collapse – from Argentina, Venezuela, and Ecuador to Cuba and Zimbabwe.

In fact things got so bad in Zimbabwe that the country once printed its own dollar notes in denominations as high as $100 billion. Like those old Soviet-era Russian rubles, the money was worth the paper they were printed on. That country along with Ecuador by the way now use U.S. dollars exclusively by the way.

Inflation is real and none other than Elon Musk thinks the problem is underestimated and will only get worse.

“I think the official numbers actually understate the true magnitude of inflation,” the richest man in the world told a Tesla investors meeting. “And inflation appears to be likely to continue for at least the remainder of this year.”

So with all this in mind, here are a few ideas to safeguard that cash rather than keeping it all in the bank or burying those hard-earned dollars in the backyard.

1. Stock Up

Sticking those dollars in a savings account means next year it will be worth at least 8% less than it is today. A better move might be to bulk up that 401(k), 403(b), college fund, or other investment portfolio. Investment returns may counteract the effects of inflation. Financial guru Dave Ramsey recommends 15% of your income going into mutual funds.

“All the data says that a decent-performing portfolio wins,” he notes. “And the big thing is actually putting money into the mutual funds.”

The stock market has a good track record of success over any 20-year period, meaning long-term stability. Time matters, not timing.

Investing in multi-national and international companies also offers an opportunity to have investments not solely reliant on the U.S. economy. On another positive note, some of those investments may come with tax advantages, but as always, it’s best to consult an investment expert.

2. Go Commodity Crazy

Okay so maybe not crazy, but having some commodities in your portfolio might be a wise way to offset a falling dollar. Some of the most common commodity investments include oil, natural gas, corn, wheat, soybeans, cattle, and hogs.

“Most commodities are priced in U.S. dollars,” U.S. News and World Report notes. “So generally, when the U.S. dollar collapses, the price of a commodity rises because it will take more of those dollars to buy a bushel of wheat or a pound of copper.”

In other words, moving some of those dollars into commodities may have you in hog heaven.

3. Crash Course in Crypto

Bitcoin, Ethereum, and other cryptocurrencies are certainly volatile. However, it’s a good bet some of those poor souls in Zimbabwe, Ecuador, and Argentina who lost much of their life savings during major currency devaluations would rather had some crypto.

A decade ago, Bitcoin could be had for about $14. In mid-April, that price was around 41,000. A $140 investment for those 10 coins in 2011 would now be worth more than $410,000. The token train might be worth a few bucks if you’re really worried about a currency crash.

4. European Vacation?

If the dollar doubts creep in, perhaps another currency might be worth holding in that financial portfolio. This doesn;t mean booking a trip to Europe to exchange those dollars for Euros and then stuffing them into your suitcase like a smuggler on Locked Up Abroad.

Instead, check out  currency mutual funds or an ETF (exchange-traded funds) to invest in specific foreign currencies. Like in other investments, diversifying cuts down on the exposure to too much risk.

5. Heavy Metal

You don’t have to be a 49er to grab some gold. Many investors have chosen this precious metal as an option to head against geopolitical turmoil and economic uncertainty.

This metal tends to be somewhat stable, although the price of gold can wax and wane. The price has risen since December reaching more than $1,950 per ounce in April. However, there is some volatility with this commodity and gold hit a five-year valley from 2013-18, leaving many investors possibly wondering if this can continue.

The quest for gold and silver  goes back centuries and may offer an at-times stable investment. But like any precious metal or commodity, its popularity can change. Know that going in when adding some precious metals to your portfolio. The gold boom may be on, but beware of the bust.

* When making any investments, please consult an investment professional.