My friend’s grandfather lived through the Great Depression. Recently he told her about 9 things she could start doing that would help protect her family from another economic downturn, income loss, natural disasters and other catastrophes.
Get out of debt as soon as possible.
Start or keep building up a savings. Aim to be saving 10% of your income.
Have a food and water storage. Aim to accumulate at least enough food and water to last your family for 3 months. It is also wise to have basic food staples (wheat, rice, oats, beans, powdered milk, etc.) to last one year.
Protect yourself financially. Her grandpa has been telling her that the safest places to put your money are in precious metals, real estate, and indexed/cash-value life insurance policies.
During the Great Depression life insurance companies kept 99% of their customers money SAFE! When you need cash you can sell silver and gold in a matter of minutes. If/when cash is no longer strong, silver and gold will be great ways to buy things or trade with. Affordable housing will also always be a necessity. So if you can purchase real estate to rent out or turn an unused portion of your home, garage, or property into a rental unit, that is a great way to get more financially secure as well.
Learn how to garden. The quality of American food is declining while prices are simultaneously rising. Learning how to garden and grow your own veggies and fruit are great skills to have at any time, but especially during hard times. In addition, raising chickens for eggs and meat are also important skills.
Get armed and protected. It’s important either for protection or for food/gathering to have a gun and other forms of protection.
Learn how to be frugal. There are so many ways to save money. Often we spend more just for convenience. Saving a little here and there really does add up.
Learn how to fix and repair things (AND teach your children). Prepare your family by teaching them skills and making them learn how to work hard.
Have a 72 hour kit. Some times when people lose shelter and have no food it isn’t brought on by a depression but by a natural disaster. Usually in these situations relief does come, but it is not immediate. Having a good 72 hour kit that is kept near the door or in the car is a great way to prepare for desperate times.
I thought her grandpa’s advice was very good so I wanted to share it with you. For more information on life insurance, and the importance of having it during tough times, please contact me.
To Your Success!