America today is poised on the brink of an economic collapse. With banking institutions being transformed into a high risk game of debt and leverage styled in the form of a pyramid, the American economy has entered the greatest debt bubble in world history. This has lead to an estimated amount of as many as three million preppers in the US. You can’t really blame people who are preparing themselves for the impending bubble burst; when everyday you yourself see the dollar collapse a little more.
To survive the dollar collapse, the first thing that one needs is preparedness, then based on the short term and long terms impacts of the collapse a proper plan can be chalked out.
Keep an Emergency Fund
When the financial crisis of 2008 hit the US, Millions of American citizens lost their jobs at one go. And many of them had not saved up for a rainy day, and thus fell short on their mortgages and lost their homes. So, the learning out of this is, one should have ample amount of savings, enough to cover all expenses for at least six months from when the crisis hits. Also never put all your eggs in one basket. Simply put, it is advisable to keep your money distributed among different banks, rather than putting all in one. It provides you with an insurance of sorts, say one of the banks fall prey to the crisis, but still you are in a safe spot, as you have your resources in different banks as well.
We all know about the wealth confiscation of Cyprus, if that has taught us anything, then that is one should always have some cash at hand. At the time of a crisis, bank holidays can be frustrating and even crippling.
Invest in Gold and Silver
With the skyrocketing inflation and the US Dollar losing its value every other day, many people are taking to investing in gold, silver and other precious stones & metals. Against the backdrop of a fast and rapid dollar collapse, investing in gold is probably the wisest thing one can do.
Get out of debt
Many people are under the impression that in case of an economic collapse, all debt will be written off. But that is not the case. Try to get out of any and all debts as soon as possible; an economic breakdown will only make the situation worse. Also try to reduce the expenses, and save up as much as possible. If you are short on cash, start a new side business which requires less capital investment. The major advantage of this being, it makes you a little less dependent on your job. So when the time comes, you can still fall back on your business.
Buy agricultural Land
This might seem a bit too drastic, but is actually ingenious. As and when the economy collapses, people would have less cash at hand and banks will be rendered moot. But people will still need food to survive, and if you have arable land under your belt, it’s like having all four aces up your sleeve. And in case the dollar collapse is somehow averted, you can always sell the land and move on.