Preparing For A Potential Economic Collapse

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With the global pandemic of 2020, many doomsayers were preaching the collapse of economies worldwide, which did not materialise. However, it did show many people how unprepared they were for situations such as this. If you want to try and get ready if anything like an economic collapse did happen, below are some things you will need to do to prepare you and your family.

Spend Less & Avoid Debt

Save – it’s the most sensible thing to do. Learn to prioritise spending on basic needs as well as on things that can help you earn. If you have enough financial reserve, you will have time to come up with a solution to protect or still grow your money. You would be able to worry less as you have the cash for your needs, and you would have not much need for debt. The financial uncertainty is no time to incur unnecessary debt at a time when businesses are shutting down and opportunities to earn are put at peril. You have to be able to keep and set aside cash for more important expenses. Also, in the event that the dark cloud of economic instability clears, you wouldn’t want to be dealing with having to pay for massive debt.

Learn New Money-Making Skills

It’s a great idea to have other sources of income in case one source fails. Aside from obtaining part-time jobs, try to learn as many skills as you can and grab opportunities that can help you supplement your bread and butter. During this pandemic, talents and hobbies – especially those that can be done at home – prove to be great sources of income. These include cooking and baking, carpentry, and even some garden skills.

Make Sure You Have Some Gold

If the economy collapses, most likely, the money you have will become worthless, so you may need to stock up on gold and silver, which you will always be able to use as currency. You can visit reputable sellers such as those Adelaide gold bullion dealers and if you live elsewhere, you can easily find great dealers through Google Search. You may want to start with purchasing smalls bars of coins of gold that you can use to trade for goods and services if the economy collapses.

Have A Stock Of Basic Supplies

You will want to keep a stock of essential supplies that you can use in the event of an emergency, and you will also need to keep an eye on these and use and replace them before they go out of date. You can stock up on canned foods, cereals, rice, and pasta, which can all last for a long time and be used when food is scarce. You can also have water containers that you can fill, so they are ready if you need them.

Learn Survival Skills

If there does come a time when the economy collapses and you are left alone, you will need to take care of yourself and your family. An excellent way to do this is to learn survival skills that can teach you many things, such as:

  • Learn to hunt and forage for food
  • Build a shelter and other building skills
  • Learn how to build a fire
  • Learn how to read the weather conditions
  • Learn basic First Aid skills
  • Grow Food Yourself

Be Able To Protect Your Family

You will also need to ensure that you will be able to defend your family should the need arise, and they will also need to learn to protect themselves. You may wish to consider enrolling in martial arts classes in which the entire family can join and teach everyone some discipline and control, which are essential skills in emergencies.

Get The Tools You Need

You may also wish to ensure that you have the tools you may need in an emergency to help you provide and protect your family. Tools such as hammers, axes, machetes, and other similar ones can be invaluable in survival situations, and they can also become scarce if industries stop producing them.

Ensure that you have everything you may need and prepare for the worst, but hope for the best.

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