Sunday, June 21, 2015

Steps to prepare for high inflation and economic chaos

How can you prepare for an extended period of high inflation, economic chaos, and shortages of various commodities and consumer goods?

1- Get your finances in order. Reduce your living expenses as much as possible. If you are in debt, try to pay it off. Refinance larger debt (such as mortgages) into low fixed rate loans if possible. Look for ways to increase your income.


2- Stock up on canned & dry foods, water, medicine, soap, toothpaste, first aid supplies, matches, firewood, shoes, clothing, and any other necessities you might need that will store for at least a year without spoiling. Consider buying your next set of tires now.


3- Raise a portion of your own food by planting a garden. Consider planting fruit & nut trees and berry bushes if you have the room. If you live in an apartment or condo, consider participating in a nearby community garden (or starting one).




4- Make improvements to your home’s energy efficiency
to reduce the impact of high energy inflation.

More Details: Saving Energy

5- Take steps to improve your vehicle’s mileage to reduce the impact of rising gasoline prices. Consider trading to a more fuel efficient vehicle.


6- Take care of your health so that you are less likely to need expensive medical treatment.


7- Consider becoming a farmer. There is a lack of farmers in our country and agriculture is likely to be the hot industry over the next few decades. Even if you don't become a farmer, try to grow/raise at least some of your own food (see # 3 above).


8- Think about your and your family’s personal security. Crime and even civil unrest are likely to increase. Take steps now to protect yourself and your family. Pay close attention to preventing identity theft.



9- Investing in gold, silver and other commodities could be quite profitable during a period of very high inflation. Gold & silver investing should be on your “to do” list, but it should be near the bottom after you’ve taken care of other fundamental areas first. Remember, wealth is not wealth if you owe it to someone else.


10- Take steps to protect your current job, and to prepare to quickly find your next job.



The single most important thing you can do now to survive any future chaos is to start taking responsibility for your own life.


I own and recommend "Emergency Food Storage & Survival Handbook" by Peggy Layton. I have previously written a book review, which you can read by clicking here.
 






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