How to Survive an Economic Crisis When the Stock Market Collapses
A crash in the stock market has dire consequences for the population: Germans saw their hard-earned savings wiped away with the collapse of their market post World War I. The remnants of the infamous Black Tuesday crash of the Great Depression left 25 percent of the population unemployed. Despite controls and measures implemented since these dark times, a collapse in the stock market is still possible. Just as a person must take precautions for natural disasters, doing the same for an economic catastrophe is wise.
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Instructions
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Eliminate debt. Avoid the scrutiny and harassment of financial institutions by following the suggestion of Albert Sindlinger, author of "Common Sense Survival Guide," to sell or downsize your home and eliminate credit card debt, as well as diversify investments.
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Take inventory of your assets. Write down the value of your jewelry, cars and other items that can be quickly converted into cash. Use these assets as a type of emergency fund to barter for other useful items like food or shelter.
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Bolster your emergency savings. Immediately cut back on frivolous spending and put any spare money into various accounts. Save enough money to last you and your family at least six months. If the currency is being quickly devalued due to the stock market crash, convert all of your cash into commodities like gold or silver.
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Make an emergency supply kit full of items useful during power outages. The Economic Collapse Survival Guide recommends stocking candles, matches, lighters, flashlights, a gun, blankets, batteries, a few gallons of gasoline, a water filtration system, first aid kit, cash, canned foods and other essential supplies.
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Purchase land in the countryside. Have a shelter site away from large, congested cities that could be the target of food shortages, bombings or other catastrophic events. Choose land with rich, fertile soil and a mild climate. Examples include Vilcabamba, Ecuador, or Kona, Hawaii.
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Learn to grow your own food. Instead of stocking only canned goods and dried food, purchase seeds that are compatible with your rural shelter. Start a small farm and team up with neighbors to create a small co-op that provides you with a diverse array of foods.
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Prepare to live off of the land. Learn how to identify edible plants, hunt animals, start a fire and build a makeshift home. Also learn first-aid safety and basic medical skills. Take a course through institutions like the National Outdoor Leadership School or Mountain Shepherd.
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References
Resources
- Photo Credit Stock Market Crash image by Paul Heasman from Fotolia.com
