Some signs of a financial crisis are many people losing their jobs, companies declaring bankruptcy, banks collapsing and so on. During times of uncertainty, you may find yourself out of a job.
The stores may run out of supplies as people panic and buy whatever they can get. You may find that trying to withdraw all your money out of the bank may not be as easy as you think.
When people lose confidence in the banking system, everyone will try and take out whatever money and valuables they have in their bank. If too many people do it, the bank will go on a run.
At times like these, the bank may even deny their customers’ requests, to maintain the bank’s standing. If it loses all the funds, it will collapse.
As a survivalist, if you’ve saved all your money in the bank for a survival situation, you’ll be stuck between a rock and a hard place if you can’t access your nest egg.
So, how do you prepare for this?
For starters, you begin preparing early. You’ll need to make contingency plans to factor in what could possibly happen if there’s an economic collapse?
Do you have access to other funds? Where can you go? Is there a Plan B? By being prepared that’s half the battle won.
If you’re riding out the crisis at home, do you have supplies of food and water to last you 3 months. Generally, during an economic collapse, you’ll still have running water since the government will still be trying to get control of the situation.
Food and other supplies may be difficult to obtain. So, it’s imperative that you have enough food, medicine and other supplies to tide you through this period of economic upheaval.
Do not tell your plans to others. Even if you’re well-prepared, act clueless like the rest. If people know that you have food, supplies, money, etc. they will come to you for handouts and expect you to give it to them out of humanitarian reasons.
Even if you barely have enough for yourself, you’ll be deemed selfish and unhelpful. The fact that you were preparing for years for such an event will slip everyone’s minds.
Store as much as possible
When storing items, try and store as much of the necessities as possible. Any extras can be used to barter trade with others. During a recent natural disaster, it was shown on several social media sites how some people were trying to profiteer from the crisis.
People were selling bottled water for ridiculous prices. By having extra, you could quietly help those who really need the supplies. If you wanted, you could sell the items at a reasonable price.
Selling bottled water at $5 a bottle will be deemed reasonable because even cinemas charge an arm and a leg for popcorn and tidbits. People are accustomed to paying these prices.
They would willingly pay you the 5 dollars. Asking $30 a bottle, however, is going to annoy and anger others. Trying to make money off a crisis is distasteful to most people.
Diversify your risk
Finally, don’t keep all your money in one bank and don’t keep all your supplies in one place. Split up your money and keep some in one bank, some in another and ALWAYS have cash at home for an emergency.
Keep it in a safe. In the event you need to evacuate, you can grab the cash you’ve stored and go. You’ll not need to look for a bank (which might be closed) and you won’t need to frantically search for a cash machine (which might have no money in it).
Keep these tips in mind and you’ll survive an economic crisis better than most. Being prepared is crucial.
Mistakes to Avoid During an Economic Crisis
To be a competent survivalist, not only must you know what to do, but you should also know what not to do. Making the wrong moves can not only get you in serious trouble but could also mean a loss of property or life.
In this article, you’ll find 7 mistakes commonly made by most people. Avoid them and you’ll have a much better chance of surviving an economic collapse without too much suffering.
Not being prepared
Like they say, “Failing to prepare is preparing to fail” – and you must be prepared if you’re going to weather the storms of life. Save your money, store your food supplies and whatever else you may need if you must huddle in your home for a few weeks.
Not having cash
Having a few thousand dollars in cash safely stored at home is a very good idea. In an emergency, you’ll not have time to get to the bank or an ATM.
- Flaunting your wealth
Never flaunt your wealth or boast about how prepared you are. This is asking for trouble. Desperate people will not think twice about robbing you or even hurting you to take what you’ve got.
Taking part in protests
During an economic crisis, there may be groups of people protesting at certain places. Do not join in the protests. Nothing worthy is ever achieved during these protests. In fact, it can get violent and the police may end up firing tear gas or shoving people out of the area.
You’ll not be helping yourself and may even get injured in the process. Stay at home and think of ways to help yourself instead of looking for trouble.
Protecting Your Valuables in a Time of Crisis
During a time of crisis, safeguarding your valuables is one of the most important things that you should do. Depending on where you live, you’ll need to prepare for the possible crises that are most likely to affect you.
One important point to note is that no matter where you live, your valuables at home should be protected from human threats. Do not place your jewelry, cash, expensive watches in closets or drawers.
An experienced burglar will know exactly where to look when they break into your house and ransack it. The modus operandi for many of them is to take one of the pillow cases from your bedroom and put all the valuables they find into it. Experienced burglars don’t even bring their own bags to carry the loot.
In this article, we’ll look at several ways to protect your valuables during a crisis.
Whether you use a safe or not will depend on the type of crisis. If you live in an area that’s prone to earthquakes, etc. having a floor safe might not be a good idea. Even a wall safe might fall out if the structural integrity of the house is compromised. You’re better off keeping your valuables in a safety deposit box at the bank.
When getting a safe, it should always be heavy and fixed to the wall, ground, etc. Even if a safe is heavy, 3 or more people could cooperate and lift it away when you’re not around.
The safe needs to be airtight, waterproof and fireproof. Invest in a good safe. Ideally, if you’re a prepper, it’s best to only keep cash and your important documents in the safe. Gold jewelry would be good too, since gold doesn’t lose its value during a crisis.
Is your home secure?
Burglar-proof your home. Install motion sensor flood lights, burglar alarms, etc. You may wish to keep a dog such as a German Shepherd to discourage even the most motivated burglars.
If you live in a country where ownership of firearms is allowed, invest in a shotgun. This is one of the best home security systems. A house owner holding a shotgun and ready to fire will make any criminal run off.
Are you carrying too many valuables?
If you decide to bug out, only take the cash and documents you need. You could bring a few items such as your jewelry, watches, etc. but do not wear them.
Split these items up into a few airtight sealable plastic bags and place a few in one bug out and a few in another. Don’t put all your eggs in one basket.
Cash is NOT king
Contrary to popular belief, during a crisis, cash is usually not king… but this will also depend on the crisis. If there’s a major flood, a box of aspirin will be more valuable that a hundred dollars because the pain can only be addressed with the medication.
So, having useful items can be just as valuable as having cash. This is especially true for items like bottled water, food rations, eye wash, medicine, first aid supplies, and items that people will really NEED in a crisis.
If you have enough of these, you can always barter them for items that you may need.
The key point to note is that it’s best to keep your valuables in a bank vault. Floods can wash houses away, wildfires can burn houses to the ground and terrorists can tear your entire house apart just to get to the valuables inside.
Be aware of all of these points when deciding how to protect your valuables and investments. You do not have to lose everything in a crisis. Plan cautiously.