By Dan Sullivan
I think we can all agree that, regardless of who’s in the White House, an economic collapse is more than likely. The US as well as the entire world are more divided than ever, which means any law that would be good for the economy could be blocked, repealed and so on.
Whether the almost $20 trillion debt, Russia or some other factor will trigger an economic collapse, you have to be prepared. Keep in mind that Venezuela collapsed recently because of the drop in oil prices coupled with their Government’s socialist agenda, of course. This is proof that the drop that fills the glass can fall at any time.
In this article, I’m not looking to point fingers. Instead, I want to give you sure ways to prepare and make sure that, no matter what happens, your basic necessities will be met.
#1. Pay Your Debt
I’m sure you’ve heard this advice before, but let me ask you this: are you really sacrificing things in order to do this? Are you eating out less, using less fuel and reducing your carbon footprint? Getting out of your comfort zone can be challenging when you’re used to a certain lifestyle, but how else are you going to pay off your debt?
I know it’s hard… The trick is to do it gradually. Make it a weekly goal to use less, say only twice a week. This way you’ll be forced to ride a bike or a bus to work, or even to walk to the grocery store. It’s good for your health too.
You can make an entire list of things to slowly give up and save. Don’t give up on them completely, that’s only going to cause you to bounce back to where you were initially. Instead, let your body get used to the idea of eating out less or always buying the latest iPhone. YOU DON’T NEED IT!
#2. Get Financially Smart
It doesn’t matter where you live, you’re sure to find laws that will help you save or earn money, even in small amounts. While those laws may not amount to much in case of an economic collapse, they’ll fit perfectly into your new financial disciplinary program.
The perfect example are those laws that give you tax cuts if you pay your taxes early, but you’re sure to find more. Some call them loopholes, and many are controversial, but you don’t know until you research.
#3. Start a Stockpile
If you looked at what’s happening in Venezuela, you probably read about people eating their pets to avoid starvation. It’s important to look at other countries to see what items are going to become valuable in times of crisis, as well as to notice the behavior of those who become desperate.
Food should be at the top of the list so, instead of blocking large amounts of money in gold and silver, why not start a stockpile? I’m not saying you should disregard precious metals, just to set your priorities straight.
#4. Buy Property in a Secluded Place
Not just to live there if things get bad at your current location, but to be able to live off the land when your food stockpiles will diminish. You can start a garden and set up a rainwater harvesting system, but make sure it’s legal to gather that much water. Some states forbid it, which is why doing your due diligence is important.
Another problem you need to solve from the start is security. Since you won’t be there most of the time, it’s possible that someone will eventually steal your crops or your harvest. The obvious thing you can do is pick a place that’s away from the main road and to make sure the entire place looks deserted form the outside.
Another thing you can do is start a permaculture garden, which is a self-running ecosystem that works with a lot less human interaction. The big benefit is that from a distance it looks like bush, meaning the veggies are hidden under a layer of weeds and herbs. Permaculture principles are definitely something to look into, particularly since some people report higher yields compared to traditional gardening techniques.
#5. Don’t Forget the Other Basic Necessities
Once you’ve taken care of food, don’t forget water (which is actually more important because, if your water supply is contaminated, you’ll quickly dehydrate), clothes, home protection (from thugs, looters etc.), self-defense (firearms), as well as knives, tools to fix your home and ways to communicate.
Although prepping still has a bad stigma attached to it, I think we can all agree it is now mainstream, and for good reason: people are starting to realize that, just because things seem ok today, that might not be the case tomorrow.
#6. Avoid the Shiny Object Syndrome
There are many financial presentations out there, convincing us to invest in this or that stock, or to buy this or that precious metal.
See, what happens is that most people fall for these presentations and, I’m not trying to say they’re wrong, just that they’re OPINIONS. These opinions may be right or wrong, and the guys who formulate them don’t necessarily put a lot of thought into. Once they have something marketable, they then focus on how to make the presentations more appealing.
If you want to make money as an investor, the surest way to do it is to specialize on one thing and not give up until you figure it out. For example, if you want to invest in tech companies, forget everything else and start reading all the tech news you can. Not for a week or a month, but for years on end. Become an expert on that financial aspect and you’ll surely see long term profits.
This applies to business as well. Don’t try to start 3 businesses at once in 3 different niches, and don’t give up on them after a couple of months. Start one and stick to it. I started my website at www.SurvivalSullivan.com 2 years ago and the first 12 months were horrible. But I knew I had a mission and I didn’t quit, and now things are working much better.
So long as you see people in that niche that are successful, it means you can be too, you just have to put in the work and, if need be, some money (maybe from a partner, so you don’t go into debt).
Of course, if you want a business that will also work in case of an economic collapse, anything related to food, water and basic services is probably a good idea: organic food production, rainwater harvesting installments, personal security systems, clothing stores and outdoor stores. Basically anything that could provide things people will be interested in post-collapse (whether they’ll pay in cash or barter for).
All of This Sounds Easy, but How Should You Go About It?
Easy. Sort of. Start with #1 and make plans to pay off mortgage and other outstanding debt. After a week of nothing but focus on this one thing, start focusing on having a basic food and water stockpile. Again, make a plan, use an online spreadsheet to estimate costs and only purchase things you’ve thoroughly researched.
Once this is taken care of, you should look into buying some land, as well as to improve your stockpile. Now, I realize that you may not have the money since you’re still in debt, but this should only motivate you to pay it all off faster.