What should the poor people do?!

Ok, maybe I'm exaggerating in the title. I'm not necessarily 'poor', but like many Americans, I do have debt. Debt, which if collected all at once, would leave me incredibly poor (negative nothing). Let me also point out that I do not buy things that I can't afford or don't need, I don't have cable, I don't eat out much, etc. I live quite frugally but still have a mortgage, car payments, etc that keep me on my toes. Here's my question. Everyone suggests investing in gold.

What about those who can't afford in investing in gold, silver, or precious metals? Many of the sites I've visited with the intention of purchasing gold/silver have a minimum amount you must spend (it's usually around $1000). Is there an alternative to precious metals? I would rather not dig myself into a hole of debt to invest in a future that may or may not happen.

Could you please provide your personal TOP 5 links to the most important and useful resources of this nature? Perhaps we could compile a great list for others like myself.

reply to post by Avarus


First off, you do not have to buy coins on the internet...scout around at local coin shops. Last week I found one in my neighborhood, within walking distance. They sell gold coins starting in the 150.00 dollar range.
So start small.

Second of all, start saving some money if you can at all. Cash will be good for a couple of months at least. My guess is through the end of 2009. Hopefully.

Accumulate some basics of getting by...

Weigh the costs of staying where you are...do you own your own home, rent etc? If you are renting, make your plans accordingly, so in other words, plan to be mobile. Collect light weight stuff you will need.

I will check back to see if any one else has put some information in and try to fill in the blanks

reply to post by burntheships


Thanks for the helpful information. I do own a house. I've always been uncomfortable with the idea of owing the bank 100K.

Also, Ive' been setting aside about 10% of my paycheck in an account. I just have a hard time justifying this when I still owe on a CC (needed home improvements and car repairs).

*sigh*

Don't feel bad. Most American's have some sort of debt, even if it's just a mortgage and car payment. Actually you should feel lucky if that's all you have!

Personally I wouldn't go spending all my savings on gold/silver right now. Sure, if you can afford it, buy a small amount but to sink all your savings into it now may prove to be a huge mistake, considering the price just keeps rising and rising.

Something that I've put some serious thought into is food. If you can stock up on food you'll have a reliable commodity for trade.

While saving some cash is prudent, I wouldn't save too much (personally) since it'd be better invested in some sort of tradable commodity for the future. That being said, don't "over" invest is something that you can't personally use. Who knows? This may all blow over and cash will still have some intrinsic value and still be usable.

It's really hard to say 100% what you should do, since no one knows 100% what's really coming down the pipe.

For very poor people I say - invest in yourself. nothing can take away : health (good teeth , very heathy diet , sports) and education. get some extra certiffications etc. This is something that you would still have after any great depression.

www.abovetopsecret.com...

You will find alot of the answer you are looking for here!