If you have been watching the news much, no matter which outlet you have been getting it from, you have undoubtedly heard plenty of fear mongering over potential consequences of the outcome of the upcoming election. Liberal media will tell you that Trump’s policies will cost jobs; conservative sources will warn of government paralysis if Clinton is indicted and impeached after taking office, which could lead to numerous economic downward trends. Either way, the potential for disaster is not going away anytime soon.
But not all disasters are the same, often we think of disasters like earthquakes or hurricanes that completely destroy the flow of resources to an area overnight. But economic disasters can come slowly, and can leave some relatively unaffected while devastating others. Does your disaster plan include the threat of a slow economic disaster? If not, here are some things to consider.
Having a basement full of supplies won’t do you much good if you can’t pay the mortgage or the rent and the basement is no longer yours. As much as it is possible given your budget, save money now, and keep cash stored on hand in a safe hidden place. Cash will be more useful in person to person transactions and if needed can always be deposited in your account to pay bills via check or online.
Often a rise in unemployment and currency restriction is going to be accompanied with rising prices on basic necessities such as fuel. Keeping enough gasoline stored to fuel your vehicle for one month of regular use will help you ride out temporary hikes in prices. Likewise, storing propane or even wood for cooking now will reduce your financial vulnerability to rising energy costs.
Now is the time to start planning. Review your budget for costs that could be reduced or eliminated to allow you to save up money and invest in things that could help you in a financial crisis such as non-perishable food, fuel, and alternate transportation like bicycles. Now is not the time to take lavish vacations or buy unnecessary luxuries.
Like any other disaster, a slow economic disaster can be survived if one plans ahead. The steps necessary to prepare for economic disaster are not ones that would be wasted in a best case scenario, they will simply have your survival plan more adaptable.
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