Estimated reading time: 7 minutes
The stock market has seen nearly perpetual success over the last eight years. The country is also carrying 20 trillion dollars in debt that will expand exponentially in the coming years. Worse than that, many Americans are so woefully unprepared for an economic downturn that if we see something like a derivatives bubble burst, most Americans will be thrust into a position of serious desperation.
There are eight very important things you must consider today in preparation for economic woes tomorrow. It is not too late to take advantage of the time before the next bubble bursts. Some of these recommendations are changes that will also improve your quality of life! Either way, you will be more prepared for the worst-case scenario.
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1. Cache Some Cash
It’s truly astounding how little Americans are saving. We are at a point where nearly half of the nation could not survive 3 months without a steady paycheck.
This puts many Americans in grave danger of becoming desperate in times of economic downturn. If we were to see a serious economic crash that rivaled 1929 or even 2008, most Americans would be out of options very quickly.
To this problem, I say cache some cash. We know that banks will always operate within their best interests. In the very best conditions, you can only take 300 dollars out of an ATM per day. Whether you realize it or not, that is a serious issue.
Not only do you need to save more money, you need to save more of it in cash. Of course, the next statement must be about how that cash is kept safe. Hide your money in plain sight. Ask your Grandmother where she used to hide cash. Here are a few suggestions. Also, search the keyword “Diversion Safe” for some very interesting ideas for hiding your cash.
These caches could also extend out of your home into more traditional caches buried or hidden away from the home. This will keep your cash safe if you are robbed or invaded by looters.
2. Food Storage
Food has never been more affordable and readily available. Take advantage of these sales and incredibly low prices now while they exist. Do not disregard the importance of having a very comfortable level of food.
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This should be enough that you can get through at least a month of hardship. I’m not saying you must eat like a king, but you should have at least three square meals for one full month.
Invest in freeze-dried foods with very long shelf lives. These can be purchased all over the net today. The freeze-dried foods will offer you the most efficient storage capabilities for full entrees including meats. You won’t need a freezer full of meat if you have freeze-dried food options. Make it easy and invest in dinner entrees first.
3. Diversify Income
You won’t hear a lot about this radical idea but it is something I am very passionate about. I believe we are quickly moving into a world that will require each of us to live off multiple income streams.
When the next economic bubble bursts, it will take jobs with it. Could you survive without your job? The scary thing is the harder you worked to get a great job that pays well, the harder it will be to replace that income.
If you want to foolproof your income, it should be coming to you in many ways. Investigate the internet and how it can make money for you. There are so many ways to generate income like freelancing, blogging, YouTube, flipping products around your house, writing eBooks, or even consulting.
I recommend picking on a few of these options and learning about them ASAP. See what makes sense for you and get involved.
4. Precious Metals
When you talk about an economy collapsing or a multiple bubbles bursting, people will quickly turn to things that carry value in times of economic stress.
In the foreseeable future, gold and silver will still hold their value. In fact, as the dollar struggles the price of precious metals always goes up. It’s just how these things work.
Begin gathering junk silver and bullion across the web. Build a little precious metal spending into your monthly budget today to have a backdoor for tomorrow.
5. Guns, Ammo, and Proficiency
If you look back on the Great Depression, you find desperation like never before in American history. Skyrocketing suicide, failing Fathers leaving home, and women left alone to face the cold world with hungry children. It was a terrifying time.
When dealing with the desperate, you must mitigate their spontaneity. At any time, a desperate person can become a threat. I mean the type that will break your door in to take what’s yours.
Real power comes from the barrel of a gun. – Mao Tse-tung
To protect yourself and your family, there is no substitute for the firearm. If you do not have a firearm today, you should get your hands on one ASAP. Beyond that, you should buy plenty of ammo for it along with a kit to clean it. Also, one part many people leave out: you must practice and become proficient with your firearms.
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6. Grow Food
For all we know about the food industry, about pesticides and the frailty of our food systems, it’s hard to believe more Americans aren’t already growing their own food. If you are not part of the raised bed community who is planting each year and harvesting food for your family, I say start now!
Whether we are affected by the scarcity of food in certain areas or hyperinflation that makes food much more expensive, you will need another option to feed your loved ones and yourself. There are tons of options to grow food these days. If you don’t have the dirt, invest in grow lights and grow indoors.
If you have no other options, join a CSA with a local farm and get your food from other more local sources.
7. Meet Neighbors
Through much of this article, we have mentioned the desperate. This is the group we worry about. The desperate will kill and hurt to get the things they need in dark times. Start meeting your neighbors and building cohesion in the community today! Say hi to everyone and start talking to the people in your neighborhood.
Plan gatherings and create a small family inside your neighborhood. When things get ugly, you will have less desperate people to fight off and more people who look at you as a person. As people get comfortable, you can begin telling them about the economy and the power of preparedness.
8. Evaluate Your 401K
I know we opened the article about saving money and the woefully unprepared American population. Many Americans laugh at the idea of saving money because of the debts they carry. The best way to save money is to make more money than you need!
Simple idea, right? Well, if you cannot magically increase your salary by 20%, use some money from your 401K to eliminate debt. Don’t build it up again!
You may also consider buying land or something else of value with that 401K money. If nothing else, you should certainly diversify your savings and investments. The less debt you carry and the smaller your monthly budget is, the better off you will be when troubled times come.
There simply cannot be perpetual growth. This ship will correct and when it does, people will lose money, jobs, and hope. Be prepared to stand up for what’s yours and to help those around you.
I wish you luck trying to find pre-’64 coins now a days. Back in the late ’70’s; two millionaire brothers tried to corner the silver market. the price of silver got up to around $49 an ounce. a lot of people who had pre-’64 silver coins melted them down. So they are very rare now a days.
Maybe you should do what people did back in the great depression.
1) PAY OFF your car.Then try to put 100,000 miles on it.
2) BUY a house that you can ACTUALLY AFFORD. Then live in it for about 20 years after it’s paid off.
3) Don’t be afraid to eat meats like cow tongue. You’ll still be eating beef.
Become e a farmer,or get to know one.you might trade your labor for his food .life won’t be easy ,but it will be better than dying.
Why would you pay off your debt? And especially with retirement money? They can’t go after your retirement money. If the world collapsed no one would care about your debt. And it’s fool proof. Not full proof.
It really depends on the type of collapse. If it’s the end of the world as we know it, then you’re right, no one will care about your debt. But if we’re talking about a deflationary depression, your debts could become a big problem. When money is hard to come by, debt collectors will be out in full force trying to get everything they can. Credit will be tight, so if you miss even one payment, you might not be able to get a loan for years. On the other hand, if we have a hyperinflationary depression, your debt will get wiped away. However, the Fed as a lot of tools to prevent hyperinflation so that doesn’t seem likely.
Pre 1964 nickels and dimes can be tough to find but are worth more than face value in their silver content, a few small silver coins (1oz and smaller) are better than a single 1lb bar of silver least of which for barter but also because you can cache smaller amounts in multiple places or spread the load between carriers.
As for food personally I wouldn’t bother with expensive freeze dried foods, i stick with dehydrated stuff mostly stuff i can leave soaking for a few hours and save the cash saving for other gear, i have a few pouches of mountain house in my crash/GooD bag that i used to replace the much heavier UK army ration packs.
Always have back plans because whatever happens may not be what you expected.
you want to save dimes and quarters pre 1964. nickels had no silver content.
An economic bubble burst and these matter?? Really????
{{{{If you want to full proof your income, it should be coming to you in many ways. Investigate the internet and how it can make money for you. There are so many ways to generate income like freelancing, blogging, YouTube, flipping products around your house, writing eBooks, or even consulting.}}}}
hi JJ, item 3 in this list was “diversify your income” which means just what you said, make your income in many different ways..