Can we have a thread about what the hell to do right now?
🗣️ DISCUSSION 💬
First of all, I'm an idiot when it comes to anything financial. I know many of you aren't. What is the safest thing to do with the money (fiat) that we do have right now? Leave it in our local bank? Credit union? Keep it as cash in my sock drawer? Also, the money in my 401k? Switch it over to bonds or something else I don't fully understand? Any thoughts from someone who's been paying better attention to these things than I?
This is the correct answer. The people who poo-poo the idea of precious metals assume that the form of system collapse necessarily takes on the form of Mad Max or Book of Eli or something (in which case bullets and beans will be king). But it could also look like Venezuela or Zimbabwe in which case you'll want valuable commodities (gold, silver, etc) on hand that you can trade with since they'll retain their value as they always have.
Hedging your bets by having all of these things on hand in case of either scenario is the wisest way to go about it.
This is exactly it. Ideally you’d have a diverse physical holding of assets. Gold and silver are great to preserve wealth if you have it, but if you’re on a budget you’d first want to secure food, ammo, tools, fuel, etc. Not only are they useful but they’re easy to barter with.
i love all of the very good and diverse suggestions on this topic! to me, looking at this present situation we find ourselves in, one MUST consider that some of the personal variables would be different for someone in their 20's vs someone already retired...immediate needs of dependents would be primary concern, etc, so all of the suggestions are valuable and valid, but not a 'one size fits all'...just my opinion...
Yeah, it’s easy to say that people should go buy a bunch of precious metal, but that’s not possible for most, and it’s not the first thing they should be buying anyways. First and foremost is being able to survive the first few weeks. It’s -20 here right now. Food, water filtration, and having a place to keep warm are the critical pieces for me to have in place.
Get it into Gold, Silver, and/or certain cryptocurrencies (Bitcoin, Cardano,...).
For crypto do your research on what you think has the best foundation to take on 1 Billion+ people using it everyday, doesn't have a history of hacks, is consistently developing, and is bringing on projects that follow regulations in certain countries (but isn't forced on the rest of the blockchain network).
Get out of the US monetary system, leaving any wealth in there will leave you poor
John Law and the Mississippi Bubble
https://www.youtube.com/watch?v=diEVmQZ1QfM
Only asset backed cryptos
What are some asset backed Cryptos you'd recommend?
Do you mean like USDT or USDC stablecoins because I would not recommend those...
Blockchain protocols secure your transactions. Some blockchain protocols, like Cardano, have asset backed Crypto tokens running on the Cardano blockchain. Think for example Land Title NFTs, here is just one example on the Cardano Blockchain system:
https://www.landano.io/what-does-landano-do/
Cryptos are the asset...Bitcoin for example IS the asset. The whole point is to solve the problem of fiat AND the difficulty of moving physical assets like gold quickly or internationally. The idea that you have to be hold something physical is not the future.