Getting Ready for the Coming Wild Economic Ride – Part 1

bank-runUndoubtedly, you’ve seen the recent shakeup in the news on how the Fed is thinking about tightening up the free money they’ve been handing out to bankers. The purpose of all this printed money, we were told, was to give the economy time to heal itself and thus avoid an economic collapse. Trillions of dollars were given to Wall Streeters and bankers, yet we have little to show for it.

The media has long ignored the fact that this injection of money hasn’t accomplished anything but keep friends of the Fed in a constant supply of cash. This is, of course, an overly simplistic overview of it, but it’s an apt one.

Prudent preppers know this money infusion will stop at some point, as even simple math will illustrate this path must end eventually. Now that the Fed has signaled this is in the near future, it’s time to go over your economic collapse prep plan and make sure you’re still good to go. Here are some things to consider when going over your plan.

Maintaining an income should be at the top of your plan. Being able to make money when others cannot can mean the difference between suffering painfully and simply just suffering. Let’s be honest, we’re all going to be suffering when this house of cards come tumbling down, but having an income will mean that we’ll suffer less.

If you haven’t made yourself invaluable at work, now is definitely the time to start, though it’s possibly too late to get entrenched enough to resist lay-offs. During the Great Depression, those that had a job fared much better than those that didn’t. Be prepared to shift your income stream to another job or different source entirely. Freshen up your resume and keep it up to date, so you can immediately start looking for work, without having to take time to “polish up” your resume.

Don’t be afraid to switch jobs, either. There is no such time as job security anymore; everyone is expendable. I know an executive that was recently let go and he was completely taken by surprise by it. He thought that because he was a partial owner he was immune to being laid off. Surprises like this can affect you mentally, too, which hampers your ability to look for work. Never forget your job is only needed so long as the company deems it necessary to keep you.

Additionally, you should be networking with people in your current field, as well as those in the next field you might like to work in. It today’s economy, and the high potential for job loss that accompanies it, always keep your eye open for potential jobs, even if it doesn’t pay what you’re making now. Take this time to learn new skills, especially those which would be useful in a post-collapse scenario.

If possible, get a second job now, or have your spouse get a full or part-time job to bring in extra money. Not only does this provide extra money – which you can use to either build up your preps, pay off debt, or both – but it also reduces the risk of completely losing all income. Though it’s possible that both of you could be laid off in the same week, the chances are you won’t. Having some money coming in is far better than no money coming in.

Learn to get by with less now, before you have to. Again, use this money towards your preps or reducing your debt. Similarly, reduce your material footprint. Start getting rid of the things you don’t need or don’t use anymore. There are two benefits to this: the first is you have less stuff to move should you need to relocate. Secondly, in a post-collapse economy, there will be less stuff available. If you’re used to buying the latest releases on Blu-ray, or upgrading your mobile devices at every iteration, your withdrawal symptoms are going to be unpleasant.

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2 Responses to Getting Ready for the Coming Wild Economic Ride – Part 1

  1. Pingback: Episode 184 – Getting Ready for the Coming Wild Economic Ride – Part 1 | The Preparedness Podcast

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