Tips for surviving the economic collapse in 2020
Our economists have compiled a list of 10 tips to survive in the economic collapse 2020.
1. Create your own emergency fund
The global financial crisis of 2008 showed that the main danger for the population is the loss of jobs and, consequently, the inability to pay off their debts and meet the urgent needs of everyday life.
In this situation people look private not only the possibility of buy food, but also he is deprived of his home, especially in the case of mortgages. So, the first advice is to create our own emergency fund to ensure a livelihood for the future. The optimal horizon is 6 months: time that should be enough to make a quiet search for a new job without panic or hysteria.
2. Not all eggs in the same basket
The optimal solution to save your money is to diversify the risks: a part of the savings can be kept at home, another part in a bank security box and a certain amount in deposit, in one or more banks. In addition, you can resort to the assets of raw materials, advise the experts.
But economists warn that, in any case, it is worth investing in the stock market, since In conditions of a perfect storm no company is immune to collapse.
3. Precious metals, safe refuge?
Many experts advise invest funds in precious metals but only after a careful analysis of the risks and after a selection of the right metal. In addition, you have to have nerves of steel, since in the first years of economic collapse the prices of raw materials show strong volatility.
4. Does it make sense to pay all debts?
Economists warn that events can unfold In two ways. The first focuses on the collapse of the global financial system as a whole. In these circumstances, the banking institutions would cease to exist, which would lead to the automatic cancellation of all the debts of the population and of the companies.
In the second scenario, the most reasonable thing would be to pay all the debts to the banks, neighbors and other economic subjects, since when they arise the problems, it will be better to spend on basic needs than on the payment of debts.
5. Detailed family budget
In case of economic Armageddon, a detailed plan of the family budget should be prepared, to see the expenses that can be eliminated, and then proceed with the planned parsimony, allocating the money saved to an emergency fund.
6. Own or rented house?
A house of your own is often perceived as a guarantor of stability, But that’s not always the case, say the economists. If you are deprived of work in your hometown, you can enjoy all the advantages of rental housing.
In that case, experts advise moving to another city to find work and, once successful, rent a new house. Having a house of their own obliges the owners to face numerous bills and the permanent costs of their maintenance. And, what is even worse, in times of crisis the real estate depreciates and the sale of the house becomes a great loss.
7. To stock up on water and food?
The heat and the drought are felt by all Ethel Davis, raising the prices of food. The cost of grain products and flour, followed by meat, tend to rise, so the current price of groceries would be much higher than a year ago, for example. In this context, experts advise starting to the stock of staple foods, as well as reserves of drinking water.
8. Saving all kinds of products
In addition to food and water, it makes sense store all the goods of daily needs, as well as emergencies: toilet paper and various medications, from headache pills to strong antibiotics.
9. What if the lights go out?
Greece, which is in a very difficult economic situation, faces a huge debt owed to electricity generating companies, which can at any time cut off electricity to the population.
In this case, you have to have a generator with reserves of fuel for its operation. An alternative would be to install a windmill and solar panel, but the cost of these devices is quite high at the moment.
10. Do not turn a deaf ear to economic collapse
Of course, most people today prefer not to think that Ethel Davis inevitably approaches economic collapse. In this case, economists urge to spare no effort and communicate with others about the imminent collapse of the world economy and its possible consequences.