Economic Collapse, these two words may seem like a punchline to a joke, but it is an actual threat that has been looming over Americans for years now. With the debt ceiling crisis and European Economic woes hitting the headlines every day, economic collapse is coming closer into view with each passing day.
If you think it is something that will happen in the distant future or that it could never happen to you, you are mistaken. the economic collapse is not only possible but probable if we continue on the path we are on now. it can be defined as a severe decline in economic activity which leads to unemployment, poverty, and civil unrest.
Economic collapse takes time to develop, though the warning signs are plain as day. it has happened throughout history, and Economic recovery has taken years or even decades. Economic recovery can be helped by planning for Economic collapse so that you can at least minimize the impact on your life.
The warning signs of it are everywhere: unemployment is high, gas prices continue to rise, the housing market is still in a slump, and foreclosures continue to devastate families. it can cause a severe shock to an economy that may be difficult to recover from.
The economic collapse will likely lead to civil unrest which can be dangerous for everyone. it may not happen in the near future, but it is still important to prepare for it in order to minimize the damage. You should expect the worst and then modify your plans to match the actual gravity of the situation.
You may prepare for an economic recession by stocking up on goods, learning how to live without them, and monitoring economic indicators. Styleter brought you 6 ways to prepare for economic collapse.
Preparing Your Finances
Take a look at your current finances and ask yourself: will I be fine if Economic Collapse hits?
If the answer is no, then you need to start preparing for that immediately. You should consider canceling any credit cards that you do not use regularly in order to avoid overspending. Theoretically, economic collapse could lead to banks collapsing. If you have debt, start paying it down as much as possible in order to minimize the damage.
Evaluate your monthly budget and make cuts where necessary; this could mean canceling subscriptions (like Netflix) or selling unnecessary goods (like old clothes). These may be small changes now but they will add up and keep you from going into debt during an economic collapse.
Preparing Your Goods
Stockpiling goods is a good way to prepare for Economic collapse, but the idea is that the stockpiles are not used unless absolutely necessary. You can purchase camping equipment or perishable goods with the intent of setting them back if it does not happen.
If it does happen, you can use your stockpiles to live on so that you do not have to spend more money than necessary during the Economic downturn. It is better to have these stockpiled goods and not need them than it is to need them and not have them. You should consider stocking up on food, clothes, hygiene products, tools, and more.
Preparing Your Skills
You need to get prepared on more than one front. You may have all of the money and goods you could ever want, but if you do not have any skills for earning a living then Economic collapse can still devastate your life. it causes massive unemployment which means that anyone with marketable skills will be able to find a job.
It would be advantageous for you to learn how to do as many different things as possible in order to survive it and the unemployment that follows it. You could become a farmer, an electrician, a construction worker, etc. The more you know how to do the better off you will be during and after the economic collapse.
Preparing Yourself Mentally
Preparing yourself mentally is necessary, but it can also be taxing. You need to remain optimistic and determined despite the fact that this will not be an easy time in your life. You need to realize that living through this will require extreme amounts of patience and diligence, but if you are effective then you should only need to do this for a few years at most. This will be the hardest part of preparing for Economic collapse, but it is extremely important. You need to remain confident and hopeful in order to make it through financially and mentally intact.
Preparing Your Family
It is your job to protect your family by preparing for Economic collapse. This will be difficult on them as well, but it is possible with enough work and planning. You should expect the worst and that way you will not be surprised when things go bad. You should prepare your children by teaching them how to live without certain luxuries (like video games) and how to provide for themselves in the future. Teach them about money management so that they are not tempted by credit cards or loans. You need to stay positive in order to set an example for your children during this trying time, but you also need to teach them important survival skills so that they can be independent adults who know how to provide for themselves.
No matter how much money you have saved up, it is important to continue shopping frugally. You need to cut out unnecessary spending now in order to prepare for Economic collapse. You need to stop spending money that you do not have and only spend money on things that you absolutely need.
If you can hold off on buying new clothes, video games, and other luxuries then it would be best to avoid purchasing them now. If this means having a boring life for the next few months or even a year, then so be it. It will be worth it in the long run if you can avoid spending money on things you do not really need.
Economic collapse may not happen any time soon, but you should be prepared just in case it does. There is no time like the present to start preparing for Economic collapse.