Money, money, money, it makes the world go round. With the upcoming global economic collapse already well underway, does that mean that the world is about to stop? Well, if you follow our guide on ‘How to Survive the Upcoming Global Economic Collapse’, it won’t! The global banking system is now a high-risk pyramid, it is built on debt, risk and leverage and is ready to collapse at just about any time. For countries such as the United States that have been living way beyond their means, it could mean a dramatic lifestyle change for many. Those that hold banking jobs, construction jobs and various other posts are going to suffer. The US is steadily being deindustrialised and a state of poverty for many is on the way. So, how do we combat the inevitable? Check out our top tips to survival!
Have an Emergency Fund
Many of us are working, simply to keep ourselves and our family going from pay cheque to pay cheque. Paying off mortgages and bills is inevitable. But what happens when it all goes downhill? You don’t want to lose everything that you have worked for and end up in severe debt from your mortgage and outstanding bills. It is essential to have an emergency fund. The fund should be enough money to cover at least six months expenses, if you can cover more than that it would be even better.
Clear Your Debt
Many people are misled and believe that an economic collapse would cancel all of their debts, this is certainly not the case. If you are in serious debt or have lost your job, an economic collapse can be a very troubling and vulnerable time for you. As more and more debt collectors are introduced to our society they are becoming increasingly ruthless. Many countries are now even jailing debtors. Don’t be a slave to debt when the economy collapses, save yourself now!
Reduce Your Expenses
I think that everybody needs room to reduce their expenses. Most people are guilty of splashing cash on things that they do not really need. If you are tight with your cash, you are more than likely going to save a noteworthy sum that will help you out should you struggle in the economic pitfall.
Gold and Silver
Now is a good time to invest. People are now prioritising buying gold and silver over other precious metals as they currently hold great market value. As an investment it holds higher value. Gold is undervalued. We understand that it is adjusted from the real rate of inflation that is not published in the media. The dow/ gold ratio is a great indicator of how undervalued the metal is.
People are already feeling the blow of the economic downturn, and we have to be prepared for worse. Take on board our advice to combat what is yet to come and ‘Survive the Upcoming Global Economic Collapse’.
Iveta Ivanova is a commerce student who lives in Dublin. She has lots of interests such as business, SEO, digital marketing and social media. She loves blogging on different topics and especially things that can make our lives better. She writes on behalf of international recruitment.