Surviving an Economic Collapse

It''s easy to tell when there might be an economic collapse and prepare for it but at times it could happen suddenly catching you unawares. Many Greek last year weren't prepared for that and had it not been for the EU bailout things would have been much worse.

Have some cash with you at all times. In case of a collapse stores no longer will accept credit cards and as you may not withdraw any money from ATMs if you don't have the cash or don't have some supplies stored away it won't be long before you starve or be forced to thrust morals out the window and start looting stores and robbing those who might be weaker.

 

I knew a man who owns a convenience store and he accepts only cash. None of that money is sent to the banks. He believes very soon banks will fail and everyone who had their money in some account will lose it.

How much is enough? A quarter of all your savings? Or maybe edge closer to the extreme? 50% maybe?

 

When the balloon goes up, cash will be king until there's no stuff left to buy, then bartering will beome the norm. If society did fall in a major way, I'm sure that trading posts will eventually be set up and some form of currency will prevail. I do have a stash of silver, it's not *specifically* for any kind of economic disaster scenario, it's more a long-term plan to add to my retirement fund, but it would come in handy if we found ourselves without money.

 

I read a while back that the economy was building up for something akin to another Great Depression. I forget where I saw this, however. Though, when I did see it, I was reminded of the day my grandmother, who grew up during the Great Depression in the 1920s, pinched my elbow and said, "The best way to save money is to stuff a little bit into your mattress." Also, she told me to always buy in bulk, because you never knew where the next meal was going to come from or if there'd be money to buy it tomorrow. My Italian grandmother, on the other hand, grew up on a farm. She learned how to grow her own food and preserve a lot of stuff. Good thing to know if there's ever another economical collapse.

 

The possibility of an economic collapse is a scary one though there is a tendency by people to be paranoid. An economic collapse can occur in the areas of inflation or depression but whichever direction it flows, I have discovered that the best method to beat them is by investing in capital goods like machinery or fast moving consumer goods which are always appreciating in value and have a bright future outlook. A good example is sugar which appreciates every time govt estimates are made. It is always good to create shock absorbers. Investing in land is a water tight option.

 

A stash of cash is important, but if cash no longer has value, then we are left with trade. I think a supply of small, useful tools might be good currency. I like the idea of starting an Amazon store ,where you could sell such things, keep them in stock now. Then in the event of economic collapse, you would have that inventory. It would be a little extra hedge against the critical circumstances.

 

Hmm this post got me thinking. I think I will start withdrawing money from my accounts. Maybe 50% of it at a time. I can definitely see the economy collapsing soon.

 

At the rate things are going these days with uncertainties of the global economy I am bracing myself for challenges that may arise. Financially, I am not able to withstand the various changes coming at me but in terms of my frame of mind I would not be mentally shocked to see the changes. I do not like walking around with cash in hand because because of the factors involved with attracting negative attention.

 

I would keep an emergency stash of cash outside of the bank. However, if money becomes completely useless that wouldn't help. That's why I suggest learning how to produce your own food by gardening, hunting, or fishing. Start stalking of on canned goods and other things that can be stored for a while just in case.

 

A lot will depend on why the banks are closed or the electronic sales stuff is down!
Without any other problems cash will retain its value because most will think things will blow over and return to some sort of normal!
If it is an EMP attack or some natural catastrophe then people will soon realise that cash is worthless and by the time anything re-establishes again there will
be a new currency! so old stuff will be useless.

 

But you wouldn't be walking around with 5k on your person, would you?! I keep a good stash of cash at home, enough to keep me going for a while if I couldn't get money out of a bank. It's in a small safe, hidden away somewhere...

 

I don't have a stash of cash in the bank or elsewhere. Saving money isn't my strong point, I only earn just enough to live on so I'd be pretty doomed.

 

I don't think that any extreme financial collapse is coming up any time soon. But if it did, any "emergency cash stack" or anything of the sorts would be worthless. Anything money related would be! The best way to survive would be to mantain and grow a small farm and be self sustaining.

 

Anytime soon I will go through economic collapse. I have limited earnings, however, I have debt every where from banks and financial institution to friends and relatives. Until now I have somehow been able to pay the EMI on banks and financial institutes and interest to the private lenders. However. I many not be able to do so for a long time. I have a piece of land, if I am able to sell it I may survive, otherwise I will fall.

 

That is why I am learning to forage and cook for myself. I also go for hikes to gain some stamina so that when things go under I can be prepared to walk for long lengths of time. I think my family will be okay.

 

They better not charge me rent in the economic collapse. I hope it happens after I finish school because I been through too much to not finish. I think it might happen but I want to finish before it happens.

 

Paper currency has no real value. It is no longer backed by anything other than the good name of the nation issuing it. In an economic collapse currency will just be worthless paper. Look up the demise of the Weimar Republic, currency became so worthless that it took a wheel barrow full to buy a loaf of bread. People began burning it to keep warm. I invest in precious metals such as gold and silver, they have had value since the beginning of recorded history and will in future times as well. It is not just the aesthetic beauty of precious metals but their utility that make them valuable. Silver is a great conductor of electricity, and it is a natural disinfectant amongst other uses. Other precious metals have utilitarian uses as well and have been and will always be desired. They have a real worth and value, unlike a printed paper note.