Financial survival?

[mangyhyena]

Sorry in advance if I placed this thread in the wrong section; didn't know where else to post it.

With whatever each of you sees coming down the line, what preparations are you making in terms of finances, if any?

So far we have paid off all debt with the exception of our mortgage and built up our savings to a modest amount I'm fairly proud of. I believe this is a good start. But I can now see a point where I'll be debt-free including no mortgage and having extra money each month for savings and investments. I hear people talking about buying silver and gold coins. Stock in large companies that can survive a depression/recession have also been mentioned here and there on the web. And I've heard people talking about using the extra money to stock up on items they feel would be good to barter with. I was just wondering what approach or combination of approaches you all are taking. Cause' you know, if I see something I hadn't thought of and it looks like a good idea I'm gonna' "borrow" it. lol. Thanks for any advice or comments.

[lumpy]

I lost yet another long post.I'll now give my condensed version.
I'm no financial expert but I have spent a lot of time on this issue.It appears to me that one has to prepare for two scenarios:deflation and hyperinflation.These are two completely different things.Commodities(precious metals for example) are the best way to provide protection against both of these.
What I'm doing to prepare:
1.Visiting sites like this,to learn as much as I can.
2.Wife and I both cashed in our 401k's when we changed jobs.Used this money to finish home.We can now rent our basement to family or friends if the need arises.
3.Trying to turn my land into a homestead.

[Nomad]

I think the best currency are your skills & ability. If you have a skill people want or need, then you'll always have some money. your savings wont last your lifetime but your skills will.

[mangyhyena]

3.Trying to turn my land into a homestead.

The place I live right now is in a neighborhood on a postage-sized lot, so no homesteading here. I plan to sell this place within 2 years and use the equity and my savings to purchase a modest homestead in an area that is much less expensive. I've got a night job that I can transfer to any state I wish, so I've got income covered when we move. Arkansas looks viable right now, but we're looking everywhere. Once we do that we will not have a mortgage anymore. Guess I'm trying to set up to live on much less than it takes right now. And once we move we'll have the space necessary to take in extended family should they lose everything and show up on our doorstep.

Alternative power for the new home is a must, IMHO. If we can get away from the grid I'll have no utility bill and I'll even be able to recharge an electric vehicle sans the electric bill, which would eliminate my dependence on OPEC and the utility company. I believe this is important because I can see a time coming when gasoline and utilities will skyrocket. (Think back to California utility prices skyrocketing during that scam they pulled when the privatized the electric companies)

We'll begin with a chicken coop and build from there, hoping to one day produce the bulk of our groceries. Goats and rabbits are on the menu and gardening will figure prominently as well. I figure we'll get better and better at producing our own food as time passes and we get more experience.

So far we've saved half of what we'll need to make this move. I've just got to hope nothing major happens between now and then to derail our plans.

So the things I see as helping us to survive hyperinflation or a depression or an economic collapse are being debt-free and producing food, which should be good for barter. If nothing happens for the next 5 or 10 years then we'll accumulate precious metals as well. I hold a modest amount of stock in Walmart, thinking that if any company will come through hard times that one will; like a cockroach. And we're already well stocked with food, water, and basic survival supplies.

Anything you all see that I'm overlooking?

[Sarge47]

The place I live right now is in a neighborhood on a postage-sized lot, so no homesteading here. I plan to sell this place within 2 years and use the equity and my savings to purchase a modest homestead in an area that is much less expensive. I've got a night job that I can transfer to any state I wish, so I've got income covered when we move. Arkansas looks viable right now, but we're looking everywhere. Once we do that we will not have a mortgage anymore. Guess I'm trying to set up to live on much less than it takes right now. And once we move we'll have the space necessary to take in extended family should they lose everything and show up on our doorstep.

Alternative power for the new home is a must, IMHO. If we can get away from the grid I'll have no utility bill and I'll even be able to recharge an electric vehicle sans the electric bill, which would eliminate my dependence on OPEC and the utility company. I believe this is important because I can see a time coming when gasoline and utilities will skyrocket. (Think back to California utility prices skyrocketing during that scam they pulled when the privatized the electric companies)

We'll begin with a chicken coop and build from there, hoping to one day produce the bulk of our groceries. Goats and rabbits are on the menu and gardening will figure prominently as well. I figure we'll get better and better at producing our own food as time passes and we get more experience.

So far we've saved half of what we'll need to make this move. I've just got to hope nothing major happens between now and then to derail our plans.

So the things I see as helping us to survive hyperinflation or a depression or an economic collapse are being debt-free and producing food, which should be good for barter. If nothing happens for the next 5 or 10 years then we'll accumulate precious metals as well. I hold a modest amount of stock in Walmart, thinking that if any company will come through hard times that one will; like a cockroach. And we're already well stocked with food, water, and basic survival supplies.

Anything you all see that I'm overlooking?

Some states are requiring the manditory installation of "computer chips" implanted in all animals owned by any citizen, this includes pets & livestock. Wisconsin is one of the culprits, not sure how far it's gone. This will be very expensive.

[Fog_Harbor]

Some states are requiring the manditory installation of "computer chips" implanted in all animals owned by any citizen, this includes pets & livestock. Wisconsin is one of the culprits, not sure how far it's gone. This will be very expensive.

Yeah, RFID - tracking cattle now, tracking you soon.

[wareagle69]

well the wife and i just got back from looking at a 68 acre homestead which we put an offer on has a 7 stall barn so i will be boarding horese to help w/ the bills the farm is an hour from town so i can live with the drive to work I have a couple of trades plumbing and heating plus am good at renovations not buying stock or metals just learning to grow my own food and find wild edibles.

[Aquila]

Had a friend just bulldoze her back half acres for four RV pads - which she's renting out to seniors at more than enough to cover her mortgage payment.