The Next Depression: 5 Essential Economic Collapse Preparation Tips

In 1929, the stock market crash led to the loss of $40 billion. This caused the greatest economic depression in U.S. history. 

The worst part of this and other crashes was that most people didn’t see it coming and weren’t prepared.

Economic collapse preparation is needed to secure your future. 

Follow these 5 tips to be ready for any kind of national or global financial crisis. 

1. Acquire Survival Skills

If you want to know how to survive economic collapse you have to be aware of its consequences. Many jobs that support your well being like electricians, farmers, and mechanics won’t stay active. 

This means that you will need to learn how to do these jobs to survive. Start a garden to grow your own food. Install solar panels and know how to fix them. Become knowledgeable about your car’s engine.

These skills will make living in an economic depression easier. 

2. Have a Passport Ready

In some cases, to survive economic collapse you might have to leave the country to find work or even food. You can stay with friends or family aboard or relocate there by renting a house or an apartment. 

Make sure you have a valid passport that doesn’t expire within at least 6 months. You might need to get a visa to some countries and you cannot get one without a passport. 

Research which countries would be best during a financial crisis to make your travel plans.

3. Be Aquatinted be Nature

Buy camping equipment to prep for financial collapse. This is because you might lose your home if your bank goes bankrupt. If you have nowhere to go then camping may be your only option for the time being. 

Learn how to make a fire, cook, do laundry, and bath in nature. You can stay at a state or national park to access their amenities like a shower, wood, and camp store. 

Buy warm clothes, hiking boots, flashlights, and anything else you need to camp. Go on some camping trips so that you are familiar with your necessities. 

4. Set an Emergency Savings

Money in a survival economic collapse situation is complex. It may lose its value but is still part of society. That is why you want to have emergency savings set aside that is liquid, meaning it is backed by an asset and can be easily withdrawn. 

You should also have cash, gold, and several forms of currency just in case one is no longer accepted. 

After the collapse, getting cash through a title loan is a fast and easy way to get money using your car as collateral. 

5. Avoid Large Financial Obligations

How to prepare for a depression so that you limit your losses? Avoid making large purchases that require financing like a new home, car, or wedding. 

Wait until after the market has recovered to make these major life changes. You will be able to save yourself the burden of losing your investment and savings.

Knowing When to Start Economic Collapse Preparation

It is never too early to start economic collapse preparation. However, you can monitor current events and the value of the U.S. dollar that could show signs of a crisis. 

Visit the investing section of our site to stay up-to-date on market changes. 

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