So, your main concern and reason for prepping and preparing to ‘make it’ when times get tough, is because of the threatening economic situation (house of cards) in Europe and the United States.
From the standpoint of survival preparedness for economic survival, what are the specifics that may be unique to this type of preparedness versus say, preparing for a hurricane?
Economic collapse. Money collapse. Purchasing power collapse. Net worth reduction. Bank failures. Inflation. Deflation. Stagflation. Job loss. Loss of confidence for the future. Heavy loss of investments. Limited income. Bank runs. Cash hard to find. Foreclosure. Overwhelming bills. Fewer services. Higher taxes. Higher prices. Higher unemployment, Lower home values. Product shortages. Dwindling savings.
How do you specifically prepare for economic collapse?
First think about the money. We all need some amount of the paper funny money because that’s what most of the stores take in exchange to give up their goods. You’ve got to save up some money. Sure, all bets are off if it turns into a zombie apocalypse, but until then, for goodness sakes, save some money…
Cash will be King in the early stages of a major collapse. Most funny money is in the form of digital dollars. But if the digital system is in upheaval or unavailable for a time (a.k.a. ‘bank holiday’), people will always take cash, until and unless they lose complete confidence in it. Therefore, keep an ample supply of Cash at home, not at the bank. Do not keep 100′s. Keep 20′s, 10′s, 5′s, and also 1′s. It’s kind of funny looking at a $1K stack of 1′s versus the same stack of 20′s.
The poor man’s gold, Silver. Keep some silver at home. If the dollar devalues rapidly (inflation), then the price of silver (and gold) will continue to go higher and higher. You will hold your value through the storm with gold and silver commodities. Whatever comes out the other end, will surely transfer your silver and gold to the new currency. Silver will be simpler to barter with, because a one ounce coin is currently worth $43 whereas an ounce of gold is currently worth $1882 (as of this post).
The less money that you owe, the better you will survive through the economic storm. Be wary of taking on any new debt at this time. Debts eventually come due. Lower your monthly expenses. Look closely at your regular bills and your regular habits. Find ways to trim them back, save the cash or buy a silver eagle or two…
Do not invest in Wall Street. At least I wouldn’t at this point. Even though the Fed and US government is doing what they can to keep it propped, the problem is, it could and probably will suffer another very serious drop soon – probably worse than 2008. If it doesn’t, it will only mean that the Fed has decided to pump Trillions more into the system and your dollar purchasing power will be going down and down as prices go up and up.
Don’t keep all your money in one bank. Even though you may feel confident that your bank is too big to fail, who’s to say what will really happen. Be aware of which banks are in the most trouble. Often you hear their names in the news. Here is a good website to check on the financial strength of your bank.
Think of the things that you will need, before you ever become short of money, and buy those things now, before there is a problem. In other words, stock up! Your regular weekly consumable supplies, your food and other items that you consume each month.
Reduce your debt. Work out a plan to eliminate your debt. Don’t get discouraged, keep plugging away. The big thing though, don’t use your cards anymore, for anything! Pay cash for everything instead. Seeing cash leave your hand is harder to part with than handing over a credit or debit card.
Think about other ways that you could earn some money, should you have to. Examine your inner self and the things that you enjoy. See if any of those things could be put to work ‘on the side’. Starting a little side ‘hobby’ / business, could lead to a great backup plan for income.
So, there were a few ideas about how to prepare for economic collapse. If you have more ideas, please add a comment to this post!
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