An economic depression can be felt in the air. Many people around the world are surprised by the continuous economic instability that is currently being experienced by one of the most powerful nations on Earth—America. The value of the US dollar has weakened and the prices of goods like gold, oil and grain have risen. Because of this, a lot of Americans are also trembling to lose their finances due to the struggling economy.
Good thing, there are still some measures you can do to save your finances. Simply, you need to take an effort to learn some basic economic survivalist skills. The following lists provide some guidelines as to how you can save yourself from a total economic collapse:
Read. Read relevant materials on how you can survive a total economic collapse to educate yourself. One of the suggested reading materials is “Empire of Debt: The Rise of an Epic Financial Crisis” written by William Bonner. Always remember to look for materials with well-written analysis of the present situation.
Plan. Planning is very vital in almost everything that is being pursued by a person. So for you to survive an economic downturn, take time to craft a plan. Write down your debts and assets. Afterwards, think as to how you can pay off your debts while buying the needed supplies. This time, your top goals should include the procurement and storage of valuable stuffs without increasing your debts. Also, your planning program should be as short as possible.
Zero debt. Take the effort to pay off your debts and avoid making new ones. Always pay with cash instead of using your credit cards. Focus on paying your high-interest debts, unsecured debts and loans with adjustable rates. Sell your expensive vehicle if needed to pay off your debt, and then, settle on buying a cheap replacement that you can use for the meantime.
Invest wisely. Take time to re-evaluate your mutual funds and stocks. Your investments must be secured in order for you to survive an economic downturn. Hence, you can consider opening a valuable metals IRA or placing some of your stocks into gold (GLD).
Grow food. The ability to produce your own food is a very important skill to have whenever there is a recession. So can try to raise animals for meat such as chickens. The best thing about chickens is that they can provide you with eggs as well.
Barter. Learn how you can barter store items to trade in the future. In times of recession, useful stuffs are more important as compared to luxuries. Therefore, trade store stuffs like wool blankets, duct tape, soap and boots instead of tobacco, alcohol and chocolates. Keep in mind that useful tools tend to become more valuable than money during an economic collapse.
To sum things up, what you need to have are assets and not liabilities in order for you to survive from a struggling market. Take time to expand your knowledge on the must-have skills to save yourself from falling into the pit of misery during an economic collapse.