If the dollar collapses, precious metals will be valuable to have on hand.
Poor economic times usually spark the fear that total economic collapse is just around the corner. When the U.S. dollar weakens and the price of goods such as oil, grain and gold rise, many people find themselves worrying about the economic stability of the country and how a downturn or even a total economic collapse could affect their bottom line. So, how does one survive total economic collapse? There are a variety of survival skills, concerning both finances and day-to-day living, that you can adopt to help you and your family survive total economic collapse, if such a situation befalls you.
Instructions
1. Make a plan for survive a total economic collapse. List your debts and assets. How quickly can you pay down your debt, while still purchasing necessary supplies? Your goals should include no debt and the procurement and storage of valuable assets. Your preparation timetable should be as short as possible.
2. Pay off debt and avoid new debt by paying with cash instead of credit cards. Concentrate on paying off high-interest debt, loans with adjustable rates and unsecured debts first. Sell expensive vehicles that have loans to pay off what you owe and buy cheaper replacement vehicles using cash. To survive a total economic collapse, you need to have assets, not liabilities.
3. Convert your liquid savings into silver and gold. If the dollar collapses, having precious metals will preserve your money, and precious metals can be used as currency or exchanged for a currency with value, such as Swiss francs. As the dollar continues to lose value, silver dollars preserve their value or go up in value, thus protecting your assets in the event of a economic recession, allowing you to financially survive a recession or depression.
4. Re-evaluate your stocks and mutual funds. To financially survive a total economic collapse, your investments must be secure. Consider putting some of your stocks into gold or opening a precious metals IRA. Research stocks that will survive a total economic collapse.
5. Purchase goods and valuables such as guns for hunting and personal protection, and basic food supplies such as whole grains and legumes, which are easy to store. Invest in water purification bottles and tablets, and keep some bottled water on hand to meet immediate needs in the event of a shortage. All of these will make it more possible to survive a total economic collapse in the event of panic-induced disaster.
6. Prepare a first aid kit, sewing kit and other practical necessities of daily life to aid in survival of a total economic collapse. These are good things to have on hand anyway, for regular daily life as well as for emergencies.
7. Get to know your neighbors and build a community wherever you are. In the event of total economic collapse, life will become very local and survival will depend on working together with others, beginning with families.
8. Grow some of your own food and raise animals for meat, if possible. Chickens and rabbits are small and easy to tend. Chickens provide eggs as well as meat and are excellent sources of protein and fat, both of which critical for survival. In economic downturns such as a recession or depression, being able to produce food is a important skill to have.
9. Learn barter, and stock items to trade. Think about necessities (wool blankets, soap, boots, duct tape, ammunition) as well as luxuries (chocolate, tobacco, alcohol). Useful tools will be more valuable than money if there is a currency collapse. Useful barter items will be helpful to have on hand as you prepare to survive an economic collapse.
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