A financial crisis could be personal, nation-wide, or global.
Around the globe financial institutions are failing and some governments are in danger of defaulting on their debt.
The key to surviving any scenario is, of course, preparation and planning ahead.
Let's look at some of the things that are affecting us financially at the present:
These are just some of the indications that a financial crisis is here and more are coming.
You can't save everyone but you can do much to prepare your family. So where do you start?
Would you rather have no debt and no cash to pay rent and buy food, or would you rather have debt and some cash to survive? Cash, right? Me too.
That’s why you should not get over zealous and try to pay down your debt right now. Under “normal” circumstances, paying down your debt is a great strategy. But we’re not in normal mode anymore.
The bottom line: hoard CASH by making minimum payments on all debts. You might also want to put a bunch of that cash in a safe in your home rather than a bank. You know — just in case there's no electricity and the ATMs don't work, or the bank fails, or the FDIC runs out of money to pay everyone should there be a run on the bank.
Do not expect help from the government. If you are a small business person and your business is in trouble, do you think for one minute that the government is going to bail YOU out? Can you raise your prices 100%, 500% so that you can make a profit and keep your business going in these tough economic conditions? Only if you want to kill it completely!
Self-reliant people do not need the government to provide all the services that it tries to give us. Governments that provide too much take away our power and, unfortunately, too many people are allowing it. They are willingly giving the government their power.
Yes, you can survive any financial crisis. All it takes is a bit of creativity, motivation, and determination to make it happen. For more ideas, check out Self Reliance Works. There are so many helpful ideas there that you might spend an entire day reading about ways to become more self reliant, and therefore, able to survive a financial crisis in your life.
There may be links on the pages of this website that are “affiliate links.” This means if you click on the link and purchase an item, I will receive an affiliate commission, which does not affect the price you pay for the product. Regardless, I only recommend products or services from companies I trust or items I use personally and believe will add value to my readers.