Preparing For A New Great Depression
I know and you know how close the world is to another Great Depression. There are so many similarities between those two time periods and in our modern day. Every day the world is becoming more and more unstable. Greed and bad decisions continue and will lead to big failures. New wars will be created by those in power, but the reality is no one will save you.
You have to have a plan so you are not a victim in this ever-changing world! That’s why it’s essential that you are prepared, cause if you are not it will be devastating. We are going to go over what you need to prepare for in the worst case.
The economic crisis that occurred in 2008 demonstrates that it can happen at any time. It was a real wake-up call to many!
The Last Great Depression
The last Great Depression, allows us to see commonalities in our modern day and age. The Great Depression happened around the world and last for a decade. There were various things that occurred such as the stock market/stock falling and banks failing.
As a result unemployment numbers grew to record levels. There were major things that occurred as a result. One of which was the social security act and the FDIC. Along with various other programs.
Story Of A Family Friend In The Great Depression
They passed away a few years ago and she was an amazing woman. A grandmother to one of my good friends. She was Italian and was in the Great Depression when she was twelve. young. She always talked about this time period of when there was no food to go around and people living in the streets.
There was a constant fear that they would be homeless. The faith in banks and the stock market evaporated. I think there are many similarities and fears of this occurring again.
It Can Happen Again
It can happen again. Some will say that it can’t but that’s not true. You should prepare for the worst and hopefully, it never comes to pass. The Great Depression was not just one event but multiple events that occurred at the same time.
How To Prepare For The Next Depression Or Economic Crisis
I know of various ways to prepare yourself for an economic crisis or the next depression. My friend’s grandmother always said to cut back on your spending. That you should invest more than you spend. This holds true today and into the foreseeable future.
Please keep in mind that preparing for an economic crisis or depression is something that should be maintained. Not something that you do once and forget about it.
The best investment you can make is in yourself!
That will hold true, even more so during times of turmoil, war, and crisis. So focus on education, which doesn’t mean you need to become a doctor. It does mean that you should learn new skills or side hustles that can protect you.
Knowledge is power and the more you have the better. I know many people who will say an economic crisis will not happen and others who will say it will happen. It happens every year. The reality is that all things come down and things change. A reality check such as COVID 19 or what happened in 2008 demonstrates that.
So stay informed and become more valuable. In whatever you are doing or pursuing. I listen to podcasts and books related to the subject. The more valuable you are, the better your chances of getting through rough times.
If unemployment reaches new levels, people with more qualifications and experience will be far better than those who do not. So think ahead and prepare for unforeseen events occurring.
Wars Occur And Affect The World
I know that wars affect economies around the world. There was a preconception that a major war in Europe could or would not happen. People always have this mindset of “it could happen but won’t” until it does.
I would prefer to prepare ahead of time than not.
The war in Ukraine is an example of a reality check for the world as was COVID-19 and the economic crisis in 2008. These “reality checks” will not stop and are out of your control. What you can control is what you do about it. It’s like the saying of “it’s better to be safe than sorry.”
So do not be sorry and be prepared.
Precious Metals Hedge Against Inflation
The first thing I would do to prepare for a second Great Depression or an economic crisis is tangible assets. You should have things that hold value that you can touch. If it is only numbers on a screen(stocks, savings), something can happen to it.
So one great way is precious metals that held value in the great depression and would if a second one occurred. There is intrinsic value in these stores of value.
I think for a prepper or person who wants to have security in this volatile world we live in, gold is a good choice. It has and will continue to be valuable. The biggest mistake in my opinion that currencies are not tied to gold.
So again, tangible assets are your best choice.
I also have silver as a part of my overall plan for being prepared. My first choice would be gold, followed by silver.
This one requires more knowledge to make sure you are buying a quality diamond. I would do your research first if you do not have experience or extensive knowledge related to diamonds. If you are looking at diamonds for investment the key aspect will be not paying retail prices. It will require you to focus on doing your due diligence related to color, clarity, size, and the like.
Ruby’s/Emeralds And Other Precious Gems
I would say there is a greater risk when dealing with other gems. But also greater returns as well. If you do not have extensive knowledge about these gems you should acquire more!
There are many types of precious gems that are Great stores of value for economic crises or depressions. Some common ones are rubies and emeralds or Kashmir sapphire.
I would focus on other gems once you have what you deem as enough of the top three “gold, silver, and diamonds”.
Form A Plan
This plan should have a few key aspects to protect you and your family. They should have precious metals, property/land, and food products.
In times of crisis and with ongoing inflation core aspects of life will become more expensive. Food costs will rise, electricity and the like. So form a plan to solve these potential problems ahead of time.
These two types of investments hold their value as they are tangible assets. Let’s say you buy land to protect yourself and your family in the future. The land is farmable and can be utilized to sustain life. Well, that’s a good asset to store your money. There is a finite amount of land.
I would focus on having a home that I own outright, as it’s a basic element of survival. They are water, food, and shelter. Shelter/property will not go out of style regardless of what’s going on in the world.
If you have land, even if you do not use it currently, you could. When I say this I mean using the land in order to produce food. Food will become more expensive for being able to produce it will be a good thing to have.
You Should Have A Firearm
I am not a big gun guy by any means.
I think that they do provide protection as they are the greatest equalizer among people. Let’s say there is a home invasion of a 70-year-old woman’s home. She doesn’t pose a deadly threat to a 6’3, 25-year-old male. If she has a firearm, she has level the odds and can defend herself. Without said, firearm that would not be the case.
Looting And Rioting
There will be increased rioting and looting. I know that these behaviors bring out the worst in people across the board. So having a way to prevent harm befalling you or those you love, have a way to protect yourself.
And learn how to use it, if you do not know how to already.
Water, Food, and Medicine
I know that these are three essential things you should have. I have stockpiled of these three things to last me and my family for a long time. This brings me so much peace of mind that, can’t be put into words.
If you have a home, look into ways of collecting your own water. Or producing your own power be that through hydro, solar, or wind. The two best ways of producing power are hydro and solar. Especially for one person or family.
I always have stored water, even when I just started out prepping. This can be as simple as gallon jugs and the like. Or larger containers or totes that hold hundreds of gallons. Start small and you will feel good that you have supplies.
Learn How To Garden
Maybe, you have a green thumb. I do. Or maybe you do not. So learning how to garden is a great thing to know how to do. You can do it, anywhere in the world. In certain climates, you may need a greenhouse.
I can’t stress this enough but in your plans, you should stockpile medicine. This can be done over time. Having medicine that deals with common colds and similar things is a good idea to have. A first aid kit and things to treat yourself.
If you have medicine that is prescribed to you, having extra and building up a stockpile is always a good idea in my opinion.
Should I Invest In The Stock Market During A Crisis/War
I am not a financial advisor and any choice you make will be up to you. This is not financial advice.
I would focus on having a diverse portfolio. You could put more capital into sectors and companies in those key sectors. Such as companies in commodities (food, oil). The more diverse your investments the better in my opinion.
You could also have an investment plan for buying back when the market crashes. This way you make a good profit(but also great risk)
Whatever you do, long-term investing is your best bet in my opinion. And having a diverse portfolio.
What Would I Do If The Market Crashes?
I would look into different asset classes that are tangible. Gold holds value, people need food and shelter. They also need power(electricity).
Again this is not financial advice and I am not a financial advisor. The risk is yours to make.
If You Are In Debt
If you want to prepare for a new depression or economic crisis look at your current situation. I would look at what debt I currently have or maybe you have none. Is the debt good debt or bad debt? Does it fit into your plan so you and your family are protected?
Ask yourself these questions.
You may not be able to control the economy but you can take control of your own personal economy and your own life.
Preparing For A New Great Depression
I would prepare for things that are out of your control be that a new Great Depression or an economic crisis. Or a new deadly virus and the like. Do not be like most people who only prepare once they get that “wake up” call.
Some people thought I was crazy for saying there would be many new and deadly viruses. That would spread across the world and become pandemics. Covid-19 acted as a wake-up call that non of us are invincible.
So prepare and stay safe out there!