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14 Questions People Ask About How To Prepare For The Collapse Of The Economy
How in the world is someone supposed to actually prepare for an economic collapse? What should you do with your money? How can you make sure that your family is going to be okay? How can you prepare if your resources are extremely limited? These are the kinds of questions people ask me all the time. Once people understand that the economy has been collapsingand will continue to collapse, then the next step for most of them is that they want to get prepared for the storm that is coming. So where should someone get started? Well, the truth is that no two people are facing the exact same set of circumstances, so preparation is going to look different for each individual. But there are certain core principles that we can all benefit from. For example, when a financial storm is coming that is not the time to be blowing thousands of dollars on vacations and new toys. You would be surprised at how many people there are that claim that they have no extra money in their budgets and yet somehow have plenty of money to run down to Wal-Mart and buy a big stack of DVDs. When times are difficult, each hard-earned dollar becomes much more precious, and we all need to start getting into the habit of making the most out of our limited resources. The seemingly endless prosperity that we have all been enjoying for decades is coming to an end, and most of us have absolutely no experience on how to deal with truly hard times. If you are under the age of 60, it might be a really good idea to read a book or two on what conditions were like during the Great Depression of the 1930s. There is a lot that we can learn from our own history.
Another key characteristic that we will all need in the years ahead is flexibility. Anyone that has spent any time in the military knows that very few plans ever work out perfectly. As the global economy breaks down and the world becomes increasingly unstable, conditions are going to change rapidly. What might work really well in one situation might be the exact wrong thing to do 6 months later. If you are not willing or able to adapt to dramatic change then you are going to have a lot of difficulty in the years ahead.
Many people refer to me as a “doom and gloomer” because I run a website called “The Economic Collapse” and I am constantly pointing out that the entire world is heading for a complete and total financial nightmare.
But I don’t think that it does any good to stick your head in the sand. I believe that there is hope in understanding what is happening and I believe that there is hope in getting prepared.
It is those that are completely oblivious to what is really going on that will be totally blindsided by the coming crisis. When they finally realize what has come upon them many of them will totally lose it.
From my little spot on the wall I am trying my best to warn people so that they can have a chance to be prepared for what is coming.
I am not spreading doom and gloom.
I am spreading hope.
And I want to make another point. Generally, things are going to be getting progressively worse as the years roll along. As I have written about before, I believe that the economic collapse is not a single event. Rather, I see it as a series of waves that will be punctuated by moments of great crisis.
So advice about preparation is going to be different depending on whether you are talking about the short-term or the mid-term or the long-term. Hopefully you will keep that in mind as you read my answers to the questions below.
The following are common questions that people ask about how to prepare for the collapse of the economy….
#1 How Do I Get Started?
When the financial crisis of 2008 hit, what was the biggest danger for most Americans?
The biggest danger was that they would lose their jobs and not be able to pay their bills.
During the last recession, millions and millions of Americans did end up losing their jobs.
And because many of them were living paycheck to paycheck many of them also ended up losing their homes.
You do not want that to happen to you.
So what I am about to say next is not considered to be very “sexy” in prepper circles, but it is absolutely crucial advice.
You need to have an emergency fund saved up that can cover your expenses for at least six months.
That way if you lose your job or your business goes under you will be able to keep going for a while as you figure out what your next move will be.
These days it takes the average unemployed American nearly 40 weeks to find a new job, and it will likely be even worse in the next major economic downturn.
So make sure that you have plenty of cash saved up just in case. If you are currently living paycheck to paycheck you are extremely vulnerable.
#2 What Should I Do With My Money?
I get this question a lot.
People always want to know where they should put their money.
Well, my first piece of advice is always to build an emergency fund. See #1 above. Most people do not have one.
After that is done, I am a big believer in not putting all of my eggs into one basket.
Sometimes people will tell me that they are going to take all of their money out of the banks because they don’t feel safe having their money in them.
Well, if you stick all of your money in your mattress, what happens if there is a fire or what happens if someone robs you?
That is why I believe in spreading your risk around. Having money a bunch of different places is a good thing.
But one place I would not put it is in the stock market. If you were fortunate enough to catch the recent rally you should get out while the getting is good.
If you have blind faith in the stock market you are going to be deeply disappointed eventually. I do not have a single penny in the stock market, and a couple of years from now that is going to look like a very wise move.