The way I see it is that the sooner you prepare for what's coming, the lesser the hit, even though it will come. This is what I have learned, not from listening to my parents, but from having lived through 4 years of hyperinflation, and shortages of basic goods, and I can't enumerate how many more struggles. Adapting and not being afraid of change and reinventing yourself is key.
Let's hope the situation will improve for everyone soon.
What I learned from my parents was that they were bloody terrible with money and I had to learn far more than they had. They were self-made victims of economic circumstances, because they didn't want to take the time and effort to understand.
Experience is a far better teacher than hesrsay.
And yeah, adapting and reinvention is key. Sometimes it is necessary to become a completely different person.