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What Financial Preps are you Making?
As titled; As far as I can tell, and with zero hyperbole; we seem to be in truly historic times.
Events that typically only happen once in a lifetime - or less often - are converging all at the same point in time.
What are you doing to prepare yourself financially for what appears to be the coming reset / collapse of the US Dollar?
Gold & Silver? Cash?
Not asking anyone to divulge specifics, of course, but % are safe; i.e.; putting 50% of assets into gold & silver, 25% into food, 25% into lead, brass & copper, etc. etc.
Curious to see what my frens are doing to prepare for these crazy times.
Thanks!!
(This was a thread / post, but I was asked to move the discussion into here, in case you saw my post. :-) )
I buy nothing on credit, I have put away over 300 oz of silver, my basement has enough stored food and military mres to last a couple of months, my son has bought all these bottles of booze for barter, we dont drink it. I have some paper dollar money too stored away. I do not use a bank, I use a credit union. I have a nice balance for credit, but I guess it would be useless if forced to use it. Unfortunately, the mortgage has 7 more years to be paid off, that worries me but not too much.
Thanks for your response!
Are you getting more heavily into gold & silver with the latest bank collapses & such, or continuing what sounds like your relatively well-balanced approach?
I have been doing silver and gold as a savings plan since the Enron collapse. Over those years I've been able to buy cars, small farm equipment with cash, but I always keep about 300 oz in the safe for emergencies. Right now silver cannot seem to escape the $24-$25 fence it's in. So, instead of saving 400 a month in the bank, I purchase silver. I do have some savings in the credit union. If Silver ever goes as high as it did during the fiscal collapse when George W was around, it would be hard to not cash it in, we shall see. Buy on the dip and hold.
Roger that. Thanks again so much for the advice.
My approach is to place the bet on the the humanity becoming free, and also prep for at least a few weeks to a couple months of extreme turmoil.
Whatever you are betting on, make sure you divest between various things and hope in the end your losses are compensated by your wins.
Yep, absolutely. Diversify and continue to act logically & rationally; don't panic invest....
I hear you fren.
IMO: the biggest downside / risk I see is mere opportunity cost.
Let's say you decide to take $100k cash and invest it among gold, silver, firearms & ammo, food, etc.
Pretty much all prep / tactical gear maintains decent resale value, if kept in good shape.
Firearms & ammo outright appreciate in value, though of course I'd never tell anyone to buy them specifically as investments. It's just an added bonus & reason #7,620 why guns are awesome. :-D
Gold & Silver; held over the long term, they are THE definitive safe-haven asset; no long-term risk there, realistically.
Food; if you prepped right, you stockpiled stuff you already eat, so it means fewer trips to the grocery store in the future.
Literally the only downside I see to prepping is opportunity cost; if you had plunked that $100k into stonks instead.
But personally I see the stock market as unreasonably risky right now, maybe I'm wrong / paranoid.....
But the #1 rule of money is; Don't lose money.....
I take a much wider view when it comes to stock market. Its not unreasonably risky right now. It has always been unreasonably risky by design.
Stock market went from a place to invest in companies based on their value, into a vehicle to launder central bank fiat currency after 70s, definitely by 90s and rise of the tech.
Think of stocks as vehicles used by smugglers to transfer their goods. You are feel to ride on it, and you might even get to far away nice places, but its equally likely you might get caught in the crossfire.
This is exactly what happens in stock market. Until we can go back to the world without no funny money, no derivatives, no wall street and where stock value only depends on the real value of the company, as established in a free market, its best not to think of stocks as investment, but as gambling.
Ha, that's funny. As I started reading your first sentence, "gambling" is EXACTLY what sprung to mind!
I don't remember exactly where I heard it, but I definitely remember hearing that recently that the stock market has really always been gambling, unless you are an insider....
I hear you & agree..... I guess I can throw some money into commodities, mining stocks, etc.....
Are you in the market at all? If so, what sectors, If you don't mind? :-)