What, if anything are you doing to prepare for the comming economic collapse?
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What I did was sell all my stock and put it into a gold fund. I am in my mid-seventies, my investments are my only income, and I am convinced this crash is going to intensify to the point where the stock and bond markets all collapse, at which point only gold will still have value. I really think this is going to happen.
Live below your means.
Get out of debt.
Get out of dollar-denominated investments and into foreign currency funds and foreign investments (Avoiding ADRs and Pink Sheets).
Buy gold funds.
Buy physical gold.
Settle for the low return and relative safety of CDs and municipal bonds
Don’t go “doomsday/survivalist” weird.
Remember that “your citizenship is in Heaven”.
I am more concerned about the impending implosion/collapse of civilization as a whole from the perversions of Relativism, Materialism, and Liberalism.
lying awake at night worrying about it, haunting the internet for financial advice, and working myself up to an ulcer.
doing what we have done for 40 years, work hard, save, don’t spend beyond necessities, live below our means, avoid debt, practice and teach our kids the old-fashioned virtues of thrift and generosity, follow our long range plan, which is to take mandatory withdrawals from annuities and retirement plants and reinvest for income rather than growth, support those dependent on us, and most of all, continue tithing and remain committed to the spirituality of stewardship.
where is link to current news article required by this forum? if none, please shift to faith and finances
I’m taking advantage of the low stock market to invest in stock market based mutual funds every payday to save for retirement.
Exactly. I know some who have stopped contributing to their 401K. I have not. I am dollar cost averaging down and am thinking of maxing out ($16,500 next year)
Bought a bit more land. Bought some stock at a dip, sold on a rise. Bought again on another dip; thinking about selling on the current rise. Reducing debt as I can. Bought a handful of cows. Sold steers youngish. Kept back heifers with an eye on 2011. Working at my job.
Other than taking cautious advantage of the volatility, and slowly deleveraging as I go, I’m not doing anything really different. Have one kid in graduate school and thankfully, she’ll graduate this May. I’m kind of big on trying to set up my children occupationally and with as many assets as I can muster before God tells me to depart from my body.
I don’t think this is the Great Depression. If it is, I’m dependent on my arms, legs and head for whatever living I can make. Might have to eat those cows myself, huh?
By the way, if this is the Great Depression, gold will go down like a spent rocket too.
My bet is on continued moderate, bumpy deflation during 2009, moderate inflation in 2012, roaring inflation by 2016 and continued volatility for at least 2009.
But only God knows.
If all the farmland isn’t enveloped by stripmalls and subdivisions. I would farm, raise different crops, cultivate my own food to support family, host a smoke house for the meat, cows for milk, etc.
Self-reliance. An American tradition that is lost on most people in this age of commercialized globalization.
It’s almost all ranches around here. Ranches and poultry farms. Beef cows tend, in a very dramatic way, to resent being milked. But I get the point. Maybe I can trade some beef for some chickens and eggs and such. Only thing is, I do owe money. But then, if it’s a depression coming on, nobody will even be able to pay their property taxes either.
True- it’s going to be a matter of neigh supporting neighbor- community self-reliance. Again, a characteristic that is totally lost in this age of big box chains, Wal-Martized economy, and globalization where nearly everything is from afar.
There is no real hint of local ingenuity or support anymore.