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?
I’d keep $5k cash at home. Within a couple of weeks of shit going down, cash will be worthless. That amount will get you from point A to your apocalypse destination and will buy you essentials that are available. But only for a week or two. Do you think you’re going to walk around with gold and silver nuggets? Think again. Gold and silver are good to have with a functioning economy. If it truly goes down, ammo and food are the true currency kings on the short term.
Just my little take on it all.
You make good points, but I'm hedging my bets.
I have cash (on hand). I have PM's tucked away for when we have a functioning system of barter (beyond immediate survival).
Arms and munitions, and emergency food tucked away, along with fuel and two generators.
Enough to weather a storm and build a new life under new conditions - that's about all it will do - provides a chance at making it through to the other side.
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.
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