All posts in "Financial Crisis"

How To Survive The Dollar Collapse

America today is poised on the brink of an economic collapse. With banking institutions being transformed into a high risk game of debt and leverage styled in the form of a pyramid, the American economy has entered the greatest debt bubble in world history. This has lead to an estimated amount of as many as three million preppers in the US. You can’t really blame people who are preparing themselves for the impending bubble burst; when everyday you yourself see the dollar collapse a little more.

To survive the dollar collapse, the first thing that one needs is preparedness, then based on the short term and long terms impacts of the collapse a proper plan can be chalked out.

Dollar Collapse

Keep an Emergency Fund

When the financial crisis of 2008 hit the US, Millions of American citizens lost their jobs at one go. And many of them had not saved up for a rainy day, and thus fell short on their mortgages and lost their homes. So, the learning out of this is, one should have ample amount of savings, enough to cover all expenses for at least six months from when the crisis hits. Also never put all your eggs in one basket. Simply put, it is advisable to keep your money distributed among different banks, rather than putting all in one. It provides you with an insurance of sorts, say one of the banks fall prey to the crisis, but still you are in a safe spot, as you have your resources in different banks as well.

We all know about the wealth confiscation of Cyprus, if that has taught us anything, then that is one should always have some cash at hand. At the time of a crisis, bank holidays can be frustrating and even crippling.

Dollar Collapse

Invest in Gold and Silver

With the skyrocketing inflation and the US Dollar losing its value every other day, many people are taking to investing in gold, silver and other precious stones & metals. Against the backdrop of a fast and rapid dollar collapse, investing in gold is probably the wisest thing one can do.

Get out of debt

Many people are under the impression that in case of an economic collapse, all debt will be written off. But that is not the case. Try to get out of any and all debts as soon as possible; an economic breakdown will only make the situation worse. Also try to reduce the expenses, and save up as much as possible. If you are short on cash, start a new side business which requires less capital investment. The major advantage of this being, it makes you a little less dependent on your job. So when the time comes, you can still fall back on your business.

Dollar Collapse

Buy agricultural Land

This might seem a bit too drastic, but is actually ingenious. As and when the economy collapses, people would have less cash at hand and banks will be rendered moot. But people will still need food to survive, and if you have arable land under your belt, it’s like having all four aces up your sleeve. And in case the dollar collapse is somehow averted, you can always sell the land and move on.

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Ways To Ensure Surviving The Financial Crisis

December 30, 2013

Surviving the financial crisis requires a plan, good-timing and an accurate knowledge of one’s finances. Although a financial-crisis can be a devastating situation, an individual can endure it.

Surviving The Financial Crisis

Priorities

In a financial-crisis, one needs to determine what his priorities are to help him create a plan. He needs to list all his bills & expenses, and then put them in order based-on-priority. He should put the items with lowest-priority at the top of his-list. Upon the crisis getting bad enough that he needs to commence considering cutting back on expenditure or even postponing settling of certain bills, then his priority list is where he begins. For instance, if he feels that having a cellular phone is a low priority in a financial crisis, he should put it at the top of his priority list. The cellular phone will be the first item to go when he begins cutting back on expenditure.

Surviving The Financial Crisis

Work security

If one is an employee, he/she should carefully consider his/her work-security. When-the-looming financial-collapse happens, the least-tenured employees will-be-the ones to go 1st and if one is the least-experienced in his department, he should begin creating a plan B. He/she may begin thinking of a home-based-job that can help-augment his family’s needs or consider switching careers so he gets a higher-pay & better security in his work place.

Surviving The Financial Crisis

Write it out

The initial shock of a financial crisis is what makes it disastrous. Rather than concentrating on the short-term implications of the crisis, endeavor to put it into a long term perspective by writing the problem down on a piece of paper prior to collecting data to utilize in solving the solution. For instance, a job loss can seem catastrophic. But when one writes down his bills, he should be sure to find ways to cut back on his expenditure prior to comparing his expenses to what he actually has available in savings along with the unemployment he’ll receive. He may find that he is able to sustain himself for months while looking for a new job.

Surviving The Financial Crisis

Debt reduction

Whenever one has debt, the respective lending company, bank or financial company is bound to control his financial-future. He therefore needs to plan-on important-ways to stop-accumulating extra-debt as plans-to-reduce his current debt. For instance, overpaying mortgages monthly might find him extra-couple-of months off his debt. What’s more, consolidating loans ensures efficiency in payment & greatly minimizes the risk-of-missing payments. Furthermore, an individual may use-automatic-debit from his bank account to avoid worrying about-missed-payments in future.

Surviving The Financial Crisis

Simplify life choices

Learning how to lead a simple life deters one from accumulating extra debt and helps one save. For instance, in lieu of-eating-out or shopping, one can-cut-down on these-activities so as to save money. An individual can switch-to-more productive & free hobbies like gardening, reading, etc.

One can also indulge his family-in-eating simpler but nutritious meals e.g. choose home-grown-vegetables & fruits to substitute eating out.

Aforementioned tips can help one in Surviving The Financial Crisis. All it takes is a bit of creativity, motivation & determination to make it happen.

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