to put this as simple as possible. Is the economy going to dump more and then eventually go back up, indicating a buying opportunity in stocks, real estate, etc. Or is all going to zero? Would I be safe if I invest in good companies or is it not worth it all,because the USDollar may go to zero? What are your thoughts? Should I take this as a buying opportunity or embrace the possibility of a complete financial collapse where my money is now toilet paper?
Im just a broke trade school student unsure about this whole shitty clown show, and dont want all of my money to go down the drain.
To go off topic a bit, Would trump even let that happen, because if you introduce a new financial system, what are you going to do if millions of hard working middle class Americans lose all their wealth from the old system?
OP, I've been hearing doomsday predictions about how the "economic collapse is going to happen any day now!" for over a decade now. The economy isn't great, but anyone claiming to know exactly what is going to happen and when is full of shit. Here's some general financial advice to get you through whatever happens:
Priority #1 is having an emergency fund. Not just in the bank, but physical cash at home in case the ATMs or banks are inaccessible.
Prep. Even if the economy doesn't collapse, natural disasters and emergencies still happen. Make sure you have enough food, water, food prep supplies, medicine, and a means of keeping yourself and loved ones warm during an extended utility outage. Make sure the pets are taken care of, too. A good goal to aim for is two weeks' worth of supplies for your family. If you can add more, even better.
When you've got those two practical matters squared away, THEN you can start worrying about stocks, real estate, etc.
This is extremely practical advice. Reading about some of the deaths from this last winter storm just leaves me baffled. How can you live in a place like upstate New York and have electric powered everything? And no generator? No fireplace? Some lost electricity and just froze to death.
It's sad that people have to be told this stuff. But apparently they do. 🤷♀️
Having a stockpile of food at home also will make things less immediately stressful if you are to lose your source of income for a while.
I have been hearing "physical cash will be useless soon" since the 1990s. Again, reread my post:
We don't know if and when the collapse will happen, and until then, job losses, home repairs, car repairs, medical emergencies, and just life happens. What are you going to do if your furnace breaks tomorrow and it's 10 degrees outside? Pay the repairman in Silver Eagles? Go, "Oh, wait a few hours while I find a LCS that's open right now to cash in my silver"? If you can find one that willing to put up with that, more power to you, but that's just not happening/practical for 99 percent of people stuck in that situation. And to clarify, I'm not knocking people who own precious metals, but have some liquidity available because shit happens.