In prior articles that I have written about the impending economic collapse of 2009, I discussed how to spot the warning signs of an economic collapse, what will transpire immediately as the collapse begins, and what you have to look forward to as the second wave of after-effects begins. Additionally, if you own a business, the fourth part of this series gave you suggestions on how to protect it from failing in the face of an economic collapse. Now we come to what you need to do should the worst case scenario arise as the result of a total economic collapse.
What steps can you take to protect yourself and your family as well? The object here is to remain financially and psychology stable in the wake of a catastrophic collapse in the economy. If enough people toughen up and put their minds to it, it is quite possible to avoid a personal financial and psychological crisis. In order to take care of our family and loved ones as well as avoid any excessive hardships, it is essential to become as economically stable as possible.
The following is a list of suggestions for insulating yourself and your family against the repercussions of an economic collapse taking both financial and psychological aspects into consideration:
Step #1 – First and foremost, take control of your attitude and empower yourself against the fear of losing everything. Your attitude can be a powerfully controlling factor in your life so keep it in check and try to reinforce a positive outlook about the situation. Remember that being out in the cold both desperate and hungry is not an option, so adjust your attitude first and foremost before you attack the financial issues.
Step #2 – Devise a plan to pay off that mortgage and become debt free if this is at all possible. Remember that if the economic collapse gets serious enough, your money will become totally worthless. It follows then that if this happens and you are a homeowner, you could lose your home because you have no way to pay for it.
Step #3 – Start planning a way to continue providing for your family without government aid or assistance. You may feel that you have a good job and are already providing for them sufficiently, but what happens if you lose that job as a result of an economic collapse? Will you have the means and the tools to keep food on the table and a roof overhead to protect everyone from the elements?
Step #4 – Prepare for an economic collapse the way you would prepare for a destructive natural disaster (e.g. earthquakes, hurricanes, tornados, etc.). Educate yourself on disaster preparedness and stockpile recommended essentials such as water, dried foods, flashlights and lanterns (don’t forget batteries), ways to prepare and cook your foodstuffs etc. If you don’t have a vegetable garden, now would be a good time to consider planting one.
Step #5 – If you live in a metropolitan area (or in “suburbia”), consider selling your home and moving into a more rural location. History has proven that people who are living in the more rural areas fair much better than those living in the city. Living in the country negates that vulnerability that you are subject to when living in the city. Remember that if money becomes worthless, looting and rioting for commodities becomes inevitable.
Step #6 – Consider converting some of your assets and cash into precious metals such as gold and silver. Typically, precious metals increase in value when there are problems within the economy. Additionally, they have always been a hedge against inflation, but if your money becomes worthless, this gives the ability to purchase life-sustaining necessities.