With the fragile global economy, it’s necessary to pay attention to the important preparations for an economic collapse. In simpler words, I mean: what are the things to prepare for before the economy collapses?
While several SHTF scenarios involving nature can be squeezed past due to our level of preparations, I daresay that an absolute economic collapse will change the lives of about everyone alive in ways never seen before.
The reason for this is clear: modern society has become so interwoven in every regard, such that what happens in this part of the world affects that part of the world, and vice versa.
I Have Good News & Terrible News…
The good news about an economic collapse is that it rarely happens overnight. There are always preceding signs to pay attention to; and…
The terrible news is that when it eventually happens, every person & thing is severely affected.
Various things can happen when the economy collapses, and a few of them are:
- Money loses its value;
- Prices of products & services spike;
- Jobs become non-existent;
- Chains of supply become inaccessible;
- Crime comes to stay & becomes more rampant;
- Access to utilities may be lost & that’s bye-bye to your home;
- Water, good & power shortage becomes the norm.
Losing the ability to cater to family needs & yours is a horrible situation to find yourself in. But as I said before, there’s good news, and that’s the fact that some of us have the resources to prepare ahead of such a time to maintain some level of convenience then (even if minimal).
6 Important Preparations for an Economic Collapse
You have to assess your daily lifestyle now & have an idea or even a clear image of how you want to be in the future. This may require that you make some difficult decisions with how you manage personal finances & the type of lifestyle that you live.
Let’s see the factors to consider when preparing for the fall of the economic chips.
You don’t have to be a professional financial manager to become wise with your finances. All it involves is logic. The things to take note of in terms of finances during an economic collapse are:
The failure of the system will lead to the loss of savings & retirement accumulations on the part of very plenty of people, thereby leaving people with a certificate not worth the paper it was printed on. If there are strong indications of an economic fall, the wise move may be to empty the markets of your monies.
A Rush on Banks
In the event of an economic collapse, a rush on banks is always at the corner. This means that many people will run to banks to withdraw the maximum amount to salvage from their money. Banks no longer have huge cash stockpiles & so such a rush is sure to lead to depletion of the available funds. Various things can also cause banks to shut down, so what do you do when this happens?
Or I’ll rephrase: should you wait until this happens? Of course not. You’re a prepper & regardless of how anyone will put it, money is a very significant part of our lives. Therefore, you have to be on the lookout for possible signs of an economic collapse so you can take necessary action before it happens.
The apparent solution in this puzzle is to withdraw much of your money before the hullabaloo starts, leaving just enough to pay online bills in your accounts. Cash-out all your checks, or the majority of them, and keep your money in a physical safe somewhere safe.
Does this sound weird? Sure, it does. I mean, such a large amount of money at home is sure to look strange. But is it necessary? I think yes because I’m sure you wouldn’t prefer that you are without cash when prices of goods are high, the value of currencies is low & there’s no way to earn money.
Investing in precious metals (gold & silver) is an excellent thing to do at this time. But these metals have to be in their physical form and not as virtual stocks.
If you are a vehicle owner or own any fuel-using machine, fuel is, without doubt, one of the must-have items during an economic shutdown.
In such a time, fuel will be hardly available to the public, leading to unprecedented spikes in prices. If you have no idea of what I’m talking about, you can research the not too distant past to see what fuel prices looked like during ordinary fuel shortages; how much more during a total collapse of the system. Scenes of thousands of people hanging around city blocks eager & desperate for very little gasoline are always a norm in such times. Trust me; you don’t want to find yourself in these spots.
Fuel should be stored in large containers, but you can do so in small containers too. Large containers are usually tanks or barrels with the capacity to store hundreds of gallons. This container type is ideal for people who have a sure settlement & are not planning to move this fuel supply anywhere.
Small containers are mostly small cans that you can buy at hardware stores. They typically have 1, 2 & 5-gallon capacities. All you need to store these containers is an empty or spacious garage. Thanks to their small sizes, too, you can easily move your fuel supply when necessary.
Now, even if there are no discussions of an economic collapse hovering, it is advisable always to have a full tank as often as you can. This is because there’s no telling when whatever disaster may happen, and you may need to do some long-distance traveling.
Conclusion of the Important Preparations for an Economic Collapse
As I stated earlier, there are six important preparations for an economic collapse. We have looked at only two above & will be assessing more in our next posts. Before then, you may want to make some moves on the little discourse we’ve had above.