Estimated reading time: 8 minutes
I once shared an article on Facebook about the potential for an economic collapse in the near future, and someone left a comment saying, “Why do I keep hearing this warning over and over for years, and yet nothing ever happens?” Good question. When people keep saying that the sky is falling and it never does, it’s hard not to be skeptical.
As I said in my response to him, “After the stock market crash in 2008, everyone started claiming an economic collapse was about to happen, but what they didn’t realize is that it DID happen… in 2008. Since then, the economy has slowly been recovering. But the systemic problems that led to the crash were never corrected, and the bubble has been re-inflating. It can’t re-inflate forever.”
To stop the economy from completely collapsing into chaos, the Federal Reserve had to print huge sums of money to prop up Wall Street. Then they had to do it again during the Covid recession. But every time they do this, they print even more money than before, and the bubble re-inflates and gets even bigger. The larger it gets, the larger the next crash will be.
Eventually, we’ll get to a point where the Federal Reserve can’t save the economy. They won’t be able to keep printing money because it causes too much inflation. But they won’t be able to raise interest rates because it causes the economy to grind to a halt. Basically, they’ve painted themselves into a corner.
Want to save this post for later? Click Here to Pin It On Pinterest!
We are currently in the mother of all financial bubbles. I believe the next depression (they’ll call it a recession) will begin within the next few years. Something will spook the markets, and even the Fed won’t be able to stop the economy from melting down.
All this is why I believe it’s more important than ever to prepare for a financial collapse, so in this article I’m going to cover 13 things you should do before that happens, starting with the most obvious ones:
1. Stockpile the Necessities
Having some extra food and water is a good idea in general, particularly if you live in an area where inclement weather can affect your daily life. To prepare for an economic collapse, however, you’ll need to have months of rations on hand.
Stockpile enough food, at a minimum, to survive a season without any incoming produce grown yourself. Store enough water for several months’ use and make sure you have multiple ways to purify future water supplies.
Also, stockpile plenty of medical supplies as doctors may be in short supply after a major collapse. Another thing that may be in short supply is electricity. Get all the things you’d need for a power outage, including ways to cook food and keep warm (or cool if it’s summertime). And don’t forget home security measures.
Desperate times means desperate people.
2. Build Some Bug Out Bags
Depending on the severity of the collapse, your town or city might become so dangerous that you have no choice but to leave it and head for a bug out location. But first, you’ll want to put together bug out bags for yourself and your family. You could even make bug out bags for your pets.
You should also consider getting a good bug out vehicle. If all you have is a small car, then you’ll have a hard time getting where you need to go.
3. Grow Your Own Food
Unless you have an underground vault the size of the Sistine Chapel in your backyard, you probably won’t be able to stockpile a lifetime of food for you and your loved ones. A more sustainable option is to grow your own food.
Growing your own food takes quite a bit of trial and error to reach a point where you can live off your own produce, which is all the more reason to start sooner rather than later.
4. Create Your Own Electricity or Learn to Live Without
In the event of an economic collapse, being dependent on the power grid is not the best situation to be in. The more you rely on electricity to accomplish your daily tasks, the more you’ll be behind when the power goes out. Solve this problem by learning to do as many daily activities without electricity as possible.
For example, start using kitchen gadgets and off grid lights that work without power. Combine this with a portable generator for the essentials and you’ll be self-reliant and comfortable.
5. Keep Cash on Hand
If the market tanks, you may still have some time to buy your way out of a sticky situation before inflation hits or the economy collapses altogether. Keep a hefty sum of cash on hand at all times so that you can make an emergency purchase without having to take a trip to the bank.
You never know when you might have to use it, especially if the electricity is out and no credit card transactions are possible.
6. Invest in Precious Metals
When other currencies lose their value, you can trust that gold and silver will still be viable for making purchases in a disaster scenario. In fact, when inflation hits, the price of gold and silver goes up tremendously because these precious metals keep their value despite economic changes.
Be sure to have them in a form that is easily tradable, like coins, rather than in a larger form such as bars.
7. Stock Up on Barter Items
I know, I know, I’ve mentioned cash, precious metals, and barter items now. So you’re probably wondering, which one should I get? Well, all three, if possible. In a deflationary collapse, you’ll want cash. In an inflationary collapse, you’ll want precious metals.
And in a total collapse, you’ll want barter items. Try to have a little bit of each so you’re prepared for every possibility.
8. Get Out of Debt
Once you’ve acquired at least a little bit of cash, precious metals, and barter items, it’s time to start getting out of debt. If the economic crisis isn’t catastrophic (i.e. society’s infrastructure is left intact), you’ll want to make your money go as far as possible.
To that end, get out of debt as fast as you can! You want to be able to respond to a rapid change in the economy as quickly as possible. If inflation hits, you lose your home, or scarcity becomes a real problem, you don’t want to owe your creditors the money you need to survive. To do that…
9. Lower Monthly Bills / Spend Less
In the same vein as paying off debts, lower your bills and try to spend less at the store, so you can spend your money on more important things. Having a monetary obligation to too many places can be a serious drawback in the event of a crisis.
Great ways to lower monthly bills are mentioned earlier: grow your own food, provide your own electricity, and pay off your debts.
10. Create an Emergency Fund
After you’ve gotten out of debt, create an emergency fund that will allow you to handle anything that comes up during a disaster. If the economy is in crisis but stable enough that your money still has value, having 3-6 months’ expenses saved can go a long way toward keeping you out of crisis mode yourself.
To do this, start learning new ways to save money.
11. Learn to Eat Healthy and Exercise Right
Getting in the habit of eating right and exercising is very important for preparing yourself for a survival situation. When the economy collapses, chances are you’ll be burning a lot more calories simply trying to survive than you normally do.
Similarly, knowing the proper fuel to put in your body will pay off later when you’re having to work to stay full.
12. Learn Self Defense
The best time to learn how to defend yourself is now. Start with firearms training and become proficient with rifles, shotguns, and pistols. You may need them to protect yourself, others, and to hunt with. Stockpile ammunition as well, preparing for a shortage or a time when you won’t be able to purchase or find any.
13. Beef Up Your Home Security
After an economic collapse, there are going to be a lot of desperate people out there who won’t think twice about breaking into your home and taking your supplies so they can feed their families.
Don’t make it easy for them. Reinforce your doors and windows, set up hobo alarms so they don’t catch you off guard, put up solar-powered motion lights to try and deter them, and get some guns and ammo in case they manage to break into your house.
Like this post? Don’t forget to Pin It on Pinterest!
Cash and precious metals will be useless IMO. the economy as we once known will never return. Invest in food, water, gas, survival book, solar generator and pray no EMP attacks happens. stay away from gas generators that make noise and put off deadly fumes. guns, ammo, yes bug out bags, medical supplies. I could go on but you get.
Elbert Jones says
You need to learn to be a GRAY person.
1) what is so wrong with owning a 10 year old car(especially if it’s already PAID OFF).
2) wear cloths that protect you from the current weather conditions( WHO GIVES A @##$$%^ IF YOUR CLOTHES WERE ADVERTISED IN VOGUE OR GQ?)
3) A watch was made to tell you the time of day( WHO GIVES A %^^&&** IF YOU WEAR A ROLEX OR A TIMEX WATCH?). Wearing a cheap watch won’t get you mugged.
HAS ANMYONE REALIZED THAT trump LOST THE ELECTION !!!!!!!!!!!!!!!!!!!!!!
HAS THE STOCK MARKET LOST 50,000 — 100,000 POINTS IN ONE DAY YET.
If the chinese were able to weaponize Covid-19; Why didn’t they figure out a way to spread it without exposing their own citizens?
Population control. Chinese kill their own
Elbert Jones says
You mentioned investing in gold The Spanish Dubloon was used for years because of one reason. It could be easily divided into smaller pieces.
Few people can invest in gold now a days. one ounce of it has been priced at over $1,000 for almost two years now.
Elbert Jones says
I wish you luck in trying to convince people to live within their means. Our last recession was partially caused by people who spent their money foolishly( buying an $800,000 house when you’re barely making $50,000 a year). The big banks were stupid too. They loaned those people money with out seriously checking their financial history. What is so wrong with owning a car for 10 years? Who gives a F@#K if you wearing an outfit you saw in Vogue or GQ Magazine?
SGM, so what will you do after thousands of people have foraged, hunted, and fished out all the available foods in the same areas you intended to forage so you will “never go hungry”? Depending on any one thing or method will result in failures. You should try to have a very diverse stockpile of supplies, knowledge, and Practiced skills before you need them. Anyone who thinks they can catch up after any SHTF will also result in failures.
Gregg Keyes says
don’t forget to add yeast to your prep supplies Beer & bread!
Elbert Jones says
If trump had taken Covid-19 seriously ;we would not have so many American dead from it. He brags about getting the vaccine created in record time. But he failed in getting it distributed just as fast. Look at how many people have been FULLY vaccinated since trump LEFT office.
I wish you luck in convincing people to learn to live within their means. Plus eating more healthy foods. trump really set an example for the nation on that one.
Trump did take action, the Dem,s condemned him, I remember Nancy Pelosi, telling people to go, out. Go to Chinatown. You people need to get over your selves.
Take your ignorant TDS elsewhere!
Bob - Enough says
f trump had taken Covid-19 seriously ;we would not have so many American dead from it. He brags about getting the vaccine created in record time. But he failed in getting it distributed just as fast.
Are you for real ?; the vaccine is the killer. Covid-19 DOES NOT EXIST – are you Yanks blind ?.
I give up, do what you must, but have you any idea what is going on ? .. even an inclining ?; FFS you really are silly people.
Not all of us are silly, but a nice majority are f*cking brain washed in the US. It’s the social media, iPhone that is destroying peoples ability to think for themselves
Elbert, it’s very sad to see people like you still deny reality and continue to blindly believe the Libtard propaganda..
COVID-19 is a SARS virus that was modified / enhanced in a Chinese lab and appears to be designed to be very prolific, but is not really very deadly when compared to other viruses, even compared to swine flu. This make me wonder what is the real purpose of modifying COVID-19 like this? Is it a potential delivery method that may be used to distribute a seriously more damaging / deadly virus that has also been genetically modified in some lab?
Why in the hell does every conversation have to be about Trump. This Has nothing to do with him. If you really think Biden is doing a good job you are clueless anyway !!!!
Let’s be realistic.
In the event of a major economic crash the elderly and the sickly will soon perish. Not too much we can do about that. One of the major reasons is that they will be quickly dispatched/plundered by the young and healthy who WILL form gangs and prey upon them. Don’t think so? In recent days, without an economic collapse, Seattle, Portland and other major cities recently were spawning grounds for lawlessness. Don’t count on your local police force or sheriff to come to your rescue when all Hell breaks loose. Law enforcement will be protecting their own families.
Don’t count on anything that runs on gasoline, which will quickly become hard to obtain. If you don’t have an underground tank and a manual pump, forget it. Do you own a bicycle? Do you own good walking shoes?
Bugging out? Is that your plan? I say…fuggedaboudit…where you going to bug out to? NOBODY will want you arriving in their town or neighborhood with only the clothes on your back and a couple days food supply. Stay home. Prepare for the long-term where you are. Besides, It would soon be way too dangerous to leave anyway…remember those gangs mentioned earlier? They’ll see you coming and take whatever you’re carrying.
Your best bet? Learn which bugs are edible and where to find them. Learn which weeds are the most nutritious and where they are currently growing (parks, waterways, backyards–nobody is going to be mowing grass again).
Your survival is your own responsibility. You are currently in charge. You can make plans and practice necessary skills (including self-defense skills).
DO NOT ADVERTISE what you have stored. I repeat, NEVER tell anyone (outside of your ‘Tribe’) what you’re doing to get prepared..people will remember what you said and come to you for a ‘hand-out’…including ne’er-do-well relatives, the unprepared who overheard you, your neighbors, and, of course, the newly-formed local gangs.
Team up with family or friends (or any like-minded people you can trust with your life) because you cannot protect whatever is yours 24/7. It would behoove you to have persons with medical and military skills in your ‘Tribe’.
Your best bet is to get right with God and His son, Jesus, so that whatever happens on this earth, you will still be ready to enter His kingdom when you die. Yes. You will eventually die.
Charles Premo says
I agree with every thing you said. I have already told both my kids to head for my place when the SHTF. I live in a rural area and believe we all could survive working together. My son and I have both been in the military and along with our wives, we are comfortable carrying and shooting various weapons. But the most important thing you said was to be right with God and His Son Jesus and I say AMEN to that.
Sounds like the conclusion of a fatalist. I ain’t going to give up and fold. You want to quit?…….. Go ahead. I’m experienced, educated and prepared. We need to talk. God bless you…………
Kieran Roberts says
You are oh so right, and I agree with you, especially getting right with God and his son Jesus.
My brother is a plumber / handy man.
My Brother in Law Mick is a builder.
My younger brother is a gardener, so between Mum, Paul and his Wife can get a garden going and growing in a small space easily enough.
My youngest brother and his wife are chefs so they could make meals out of a few ingredients.
I have a few relatives who have been in the Military in the past. One uncle worked in Military intelligence, so he can be useful.
As for myself, I am reasonably well skilled when it comes to animal husbandry, Sewing and collecting things.
Really_Olg_Guy, after browsing through all the comments I had to come back to yours and thank you for a the most honest and realistic comment posted. And you included your personal beliefs without overdoing it. It’s discouraging that so many of these type of comment blogs get dragged so far off topic and become political and religious lectures that are not at all informative or helpful.
Elbert Jones says
VACCINE IS SPELLED WITH TWO “C”. HAVE YOU CONSIDERED THAT WE’VE DISCOVERED 19 STRAINS OF A COVID VIRUS? WHAT IF THE PATENTED VACCINE ONLY STOPS # 4?
S. Clemens says
It’s 19 for 2019 not for the amount of types of the virus.
Thx for the explanation of false claims
Scary to people who have a problem
Elbert Jones says
If trump truly supports ALL of the people in America; Why’d he sign a tax cut that only helped people who have a few MILLION DOLLARS in their bank accounts? Why is the second Fed Govt. virus Stimulus plan only helping People and groups that have those big bank accounts?
You really don’t do any research before you speak do you? My wife and I benefitted from not only the stimulus checks but also the tax cuts that Mr. Trump got through. And as to helping only those with big bank accounts……. My wife and I live on social security totaling just over $2000 a month. I’ll bet you take in more than that. Also, the tax cut he signed reduced the tax rate of some of the wealthy but it also took away many, many of their deductions so in many cases they paid more taxes than before. Do some research before you end up sounding like a complete fool again.
Gregg keyes says
why do so many politicians create tax loopholes for the rich to avoid paying taxes if they want the rich to pay more in taxes?
Generators take gas so if the power grid goes down there will be little or no gas to run these with and you cant stockpile gas.
Learn to make your own ethanol
There are solar generators. No need for gas. They are quiet and can be inside unlike gas powered generators that need to be run outdoors.
Estrellita Chan says
At least there is comfort that you are taking out time to share your ideas and calling on humanity to be prepared. For those who are not allowed to possess knives and ammunition and the sort the best advise is try to make contacts with other people in other countries to at least be able to be supplied whatever necessities needed when the time get worst. Of course, remember, that hand wash hand as how we would say, But many thanks for sharing and let’s just be prepared and keep the faith in our Lord God. Only Him and Him only can spare us.
Elbert Jones says
It’s unusual that you have an article like this on your site. While at the same time you also actively support DONALD TRUMP?
What makes you think I support Trump?
And so what if you do…..
You can support Trump 100% and still prepare for collaspe. Do you not know that “they” dont ant him in office bc their goal is to cause the united states to go under. Trump is for America and Americans. Bill Gates, Clintons, and others are for themselves. They want money and power. Covid 19 has had a patent since 2004 and a vacine patent since 2019. We got the virus in 2020…..how convenient. Study up my friend!
Maybe YOU should study up. https://www.factcheck.org/2020/01/social-media-posts-spread-bogus-coronavirus-conspiracy-theory/
Your so right
Take your medication.
Rosco P Coltrain says
Yes I support TRUMP! Just because it makes you crazier than you already are.
No man knoweth the hour nor the day, save The Father Himself! No human can predict the future, but God knows when it will happen, as well as how, who, why, and where. I’m sure that when the time is right, all of his children will be called by name to follow Yeshua to rule at the right hand of The Father!
Well it seems not only God knows the truth.. the future is now and it’s happening as predicted
Heather Albert says
How soon could it be before we lose electricity? And water?
God also said to be wise as serpents and cautious as doves.
Be careful when it comes to paper money or credit. It may not end up being any good. It may end up being forms of barter or exchange stuff for your labor.
Its ok to have some, note some paper money or credit. Just don’t put your total faith in it. Also be care in urban areas. You may have to become invisible so to speak and not be the subject of crime or urban gang’s that could steal or commit other acts on your person. Stay aware and informed and be alert.
Man agree with you 100%, I actually live in Japan and here is always in small scale disasters, but then, is expecting a very huge one in Tokyo area… matter of when… And here, people are not like americans, they are not like be prepared for eventual, but waiting for the government help them… That bad… As everywhere, nothing is perfect, so here is mobs and dumb laws that makes people completely unprepared for whatever, but completely depends of the government !? Like gun laws here ! Even knives like tanto or katana that you have to has a special permission to posses those !? Handguns is completely prohibited, may if we can get a license to hunt, what is not easy for a foreigner, we may can own a good rifle like Ruger Mini 14 or shotguns like Benneli, I used to see in a very rare store that sells real guns, even the level action . More easy if married with some japanese national, what I don’t, only if has a real thing, I will never ever marry someone by get things easier !
Another is the space, that is very limited, where I live is always roof high, way to say, of things I buy and goes accumulating… As I have too much interests in lots of things… Anyway, just saying hi a quite long hi !
Big Tee says
I wish you good luck!
One other item which would be very good to have on hand for different reasons is: activated charcoal. To know why activated charcoal is very good & important to have on hand check it out on Google.
Gardens will need to be guarded 24/7. Learn to garden, but also learn to forage. There is literally tons of wild foods growing in and around your area. If you can successfully hunt, trap, fish, and forage, you will never go hungry.
unless of course none of that food is edible due to pollution, and radiation, and a host of other horrible things done to the flora and fauna of our beautiful planet.
Something I’d add is pest control. Pests can destroy a garden and over-winter in the soil to destroy it again next year. Plus pests in your home or biting you (mosquitoes & blow flies) spread disease. Some double use items are dish soap (cleaning, soapy water kills or deters most garden pests); borax, peanut butter & syrup (making laundry soap, eating, baking, and the 3 together make a super efficient ant and roach killer for the home); essential oils and baking soda (repel or kill pests both in the garden and make carpet flea powder, medicine, surface disinfectant, and insect repellent for your skin- needs a carrier oil)
These are a gift to humanity. I hope it never comes to fruition.