Warren Buffett, Elon Musk and others have suggested similar strategies when it comes to inflation hedges.

Tesla CEO Musk will be speaking on Sunday tweetedIn times of inflation it’s “generally more beneficial to have physical items like a house or stocks in companies that make quality products” than keep your cash in cash.

He aligns the second part of his tweet with Buffett’s investment advice, Berkshire Hathaway CEO. given in the past. Buffett spoke at Berkshire Hathaway in 2009 at the end of Great Recession. annual shareholder’s meeting that one of the best ways to protect against inflation is to own a part of “a wonderful business.”

This is because, regardless of how the dollar values change, the products will continue to be in demand.

As an example, he used one of his investments: “If Coca-Cola is owned by you, you will receive a certain portion of the labor of 20 years and 50 years for your product. It doesn’t matter what happens to the price level.” Because people will continue to pay for the products that they love.

All winter, inflation has steadily risen. Consumer prices in the United States are currently up 7.9% over last year, which is the highest jump in 40 years. Prices for gas have risen, and then hotels, furniture, and rent cars.

Cash loses its value more rapidly the higher the inflation rate. Investments on the other side, however, tend to grow over time. Musk and Buffett recommend that you invest in companies with strong stocks, which are more likely to remain consistent during high inflation.

Delano Saporu is a financial advisor and CEO at New Street Advisors Group in New York. recently told CNBC’s Michelle Fox.

It’s vital to keep in mind that stock picking is risky and that even though a company has performed well in the past it doesn’t guarantee its stock will rise in the future.

Buffett is one of many people who recommends investing in low-cost index funds. They are safer and more likely to grow with the market. These funds are automatically diversified because they hold all stocks in the index.

In fact, the S&P 500, which includes companies like Amazon, Apple and Microsoft, has outpaced inflationThese changes have occurred over time.

“Consistently Buy an S&P 500 low-cost index fund,” Buffett said in 2017. Keep buying it thick and thin and even through the thinnest.

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