It’s no secret that the maneuvers on Wall-Street as well as in stock markets around the world are not only killing the middle class, but they also caused the financial bubble we’re in right now that is about to burst.
Many of us (myself included) are concerned about a financial disaster that will cause entire economies to fall like domino pieces.
One such economy has already collapsed, that of Venezuela. This unfortunate event has some amazing lessons for us, and that’s exactly what I want to do in hat follows… I’m not going to debate here whether or not the stock market will crash in the near future, but on what to actually do and on the lessons that we can learn from others who have gone through what we will.
7 financial preps you should work on:
#1. Get out of debt.
Ok, I get it. Not everyone can pay their mortgage overnight, but the least you can do is stop using credit cards. Cash and debit cards ensure that you’re only paying with money you actually have.
No one knows for sure what will happen to debt once a financial disaster hits… You’ll still owe money and, if the inflation is high, you might actually have to pay using devalued currency unless they pass laws correcting that.
Ideally, you shouldn’t get to that point by becoming and staying debt-free, because you can never guess whether the tables will be turned in your favor or not.
#2. Set some cash aside
The more the better, but the larger the sum, the more you have to worry about caching and security. At the very least, you should keep some in your bug out bag, your get home bag and, of course, your EDC kit.
Keep in mind that, even though you’re still going to be in debt, your deposits might disappear overnight. And even if they don’t happen that fast, they might still get frozen so you won’t be able to withdraw any money from ATMs. For example, Greek banks limited withdrawals to 50 euros / day in an attempt to keep the money that weren’t really theirs and avoid panicking folks to get them back.
#3. Stay away from the stock market
Stay away from it regardless of whether or not you believe it will crash. “They” will always try to take your money by getting you to “invest” in the stock market. Unless you want to become an expert at it, you should just forget about it. A much better way to make money would be to start a business related to prepping, such as starting a large garden and selling the excess produce.
#4. You still need to prep like you would for any other disaster
Whether or not Americans will end up eating dogs, cats and pigeons is open for debate. However, regardless of the details of the economic crash, you’re still to need food, water, security, a place to sleep and a long-term survival plan.
Everything you’ve been reading about survival applies to a financial collapse. Every piece of gear, every candle or flashlight, every bag of rice still matter. Looking at Venezuela, you can see the domino pieces in motion. They not only ran out of money but you can hardly find food, there are energy restrictions and they even have to import cheaper medication from China.
#5. Invest in gold and silver
Gold and silver will most likely retain their value when the big one hits. In fact, never in human history have these two precious metals lost their value, making them a really safe bet. Banks can seize your cash but no one can take away your gold, so long as you’ve hidden it really well.
Now, please don’t turn all your cash into gold, there will always future expenses beyond those you foresee. Take it slow and inform yourself to avoid having to sell some of your gold back just to get some cash.
#6. Inform yourself on the tools and gear to buy
There’s a myriad of survival products that are being promoted on the Internet these days. One way to “prep financially” is to avoid spending money on bad product and to make sure you consume your stockpile instead of throwing it away.
I won’t go into the details about what could cause you to lose your stash: predators, improper packaging, temperature, a flood in your basement and so on. Suffices to say that, if you do survival “by the books”, you’ll save a lot of money in the long run because you’ll make far fewer mistakes.
#7. Make long preparations
As you probably know, it takes decades to recover from a financial collapse, once it is over. So things like having a bug out retreat, a garden, a renewable water source (such as a well) and even growing animals should be taken very seriously.
If you want to survival a financial crash, you should stop competing in the rat race and focus all your attention on how to become self-sufficient. We live in a world where people are focused on the want and not the need and this is what’s causing the massive debt. We buy things we don’t need with money we don’t have just to impress people we don’t like.
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– This post is Syndicated. Original publish date 28 October 2016 | 10:24 am on prepperswill.com