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10 tips for surviving a financial depression

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sty

posted on Feb, 11 2009 @ 10:25 AM
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an interesting article on Tiscali`s website: link

1)Build up a savings buffer
2)Cash is king
3)Concentrate on repaying debts, not spending more
4)Concentrate on repaying secured debts first
5)Overpay on your mortgage
6)Check your credit rating
7)Consider fixing your energy tariff
8)What about protection?
9)Reduce your outgoings
10)Where else could you make savings?

Read the detailed page for more .
I also wanted to ask - if this is what we should "do" as individuals, why are our governments doing the opposite ?




posted on Feb, 11 2009 @ 10:44 AM
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Email from a friend:

Governments issue FREE money for themselves and cronies.
Stupid people like you work like # all your life for pennies.
Wake up, you sheeple!

To survive a financial depression:

1. Print money.
2. Print money.
3. Print money.
4. Print money.
5. Print money.
6. Print money.
7. Print money.
8. Print money.
9. Print money.
10. Print money.

Let's say we have 1,000,000 people printing money,
what can the f**king corrupt governments do?
Nothing!!!


sty

posted on Feb, 11 2009 @ 10:48 AM
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reply to post by ctjctjctj
 


well, US has 3 000 000 people in prisons at the moment (1 % of the US population is behind bars) . If 1 million ppl would print money.. then you will have 1.33% of the US population in prison!



posted on Feb, 11 2009 @ 10:58 AM
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Originally posted by sty
an interesting article on Tiscali`s website: link

1)Build up a savings buffer





2)Cash is king


Depends on the situation. Cash is fine for the short term, but over 2-3 years inflation is going to start to kick in due to the the quantitative easing measures (ie printing money).



3)Concentrate on repaying debts, not spending more


Again, unsavvy advice. If interest rates are close to zero percent, then don't bother paying loans at the moment... there's no financial incentive to. It would be better to stick the money in a higher rate savings account or invest it, then pay off the debt when the interest rate goes above the rate of return on the investment.



4)Concentrate on repaying secured debts first


Same as above. I would actually say pay off unsecured debts first, since they most often have a higher interest rate. Your mortgage probably racks 5%-6%; an unsecured loan could be anywhere up to 30%


5)Overpay on your mortgage


Again, there is NO sense in doing this, if your mortgage interest rate is below the rate of return on an investment. If you can get a high interest account paying 5% and your mortgage only has a rate of 4%, then it makes sense to put it in the savings account. Also if hyperinflation occurs, your debt will be a minimal concern!



6)Check your credit rating
7)Consider fixing your energy tariff
8)What about protection?
9)Reduce your outgoings
10)Where else could you make savings?



The government is doing the opposite because they government is not a single entity. The government is spending more in order to put more money into the system.



posted on Feb, 11 2009 @ 11:46 AM
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I agree with soul slayer, most of those "to do's" listed really wont do much to help you and your family out. I would say the best things to do would be to:
1. Stock up on food and water
2. Stock up on ammo and firearms
3. learn how to grow your own food

When you have these things figured out, dont tell anyone about it.



posted on Feb, 11 2009 @ 11:58 AM
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I know you must be right with the savings point, but aren`t we supposed to continue spending in order to keep the economy going?



posted on Feb, 11 2009 @ 12:45 PM
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That's not bad advice but I'm considering buying farm land in New Zealand or some other out of the way country or State incase it gets really bad. Having the means to be self sufficient is the only sure why to safe guard your existance. I also disagree about cash being king, if you hold USD then you should look into putting at least 20% of your wealth into gold. Actually that's not a bad idea regardless of what currency you have your money in, some currencies look safer then others based on what we know but any of them could crash and crash fast. It's the unknown as well as the known you must prepare for and for that same reason you don't want all your money in gold either.



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