Sunday, October 27, 2019

Worried about inflation? Here are 8 steps to help you prepare.

Many folks are getting worried about the possibility of high inflation in the future. Concerns over the growing national debt, the ongoing trade war with China, and the political Left's push to embrace full-blown socialism are fueling these concerns. The news coming out of Venezuela, which is currently experiencing very high inflation, is only driving home the point of how devastating high inflation can be. Rather then sitting around worrying about the possibility of high inflation, here are eight practical steps you can take now to protect your family later.

1- Get your finances in order.
Reduce your living expenses as much as possible. If you are in debt, try to pay it off (a good use for any end-of-year bonus checks). Refinance larger debt (such as mortgages) into low fixed rate loans if possible. Set aside an emergency fund. Look for ways to increase your income.
My articles, Financial Preparedness: Get Back to Basic and Quick Financial Tips for Preppers (and Everyone Else), give many practical tips, ideas, and details for getting your financial house in order.  

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. Most homes and other buildings are not very energy efficient, and lots can be done to improve their energy efficiency, leading to lower energy costs. These improvements can range from the inexpensive (such as filling in gaps where pipes & wires come into the house with a can of spray foam insulation, which has the added benefit of blocking insects and other pests from entering your home) to the expensive (such as replacing your old windows with energy efficient windows). Consult your tax preparer regarding energy improvements to your home, as some improvements may be tax deductible.

More Details: Saving Energy

5- Take care of your health so that you are less likely to need expensive medical treatment. Now is also the time to get any elective procedures you've been considering, such as LASIK eye surgery, mole removal, or orthodontics.

More Details: Steps to Good Health 

6- 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. Also, pay close attention to preventing identity theft.

7- 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 basics first. Remember, wealth is not wealth if you owe it to someone else.

8- Take steps to protect your current job. The employment situation his excellent at the moment, but good times won't last forever. High inflation will mean higher costs of raw materials for manufacturers and inventory for retailers. It will also mean that their customers will have less discretionary income, reducing sells. Companies will try to manage these higher costs and slowing sells by reducing labor costs (wage freezes, hiring freezes, and eventually layoffs).

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

Note Well: Economic times are good right now, but nothing lasts forever. The time to prepare for bad times is during the good times, before it is too late. 
Of Interest:

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, but the bottom line is that this book is by far the best emergency food storage book I've read. HIGHLY recommended.

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