While no one can predict when the next economic collapse will happen, it is still a good idea to prepare ahead of time. By preparing in advance, you will save yourself money and unnecessary stress. Listed below are some tips to prepare yourself and your family. Prepare your home by making sure it is energy-efficient. Diversify your income sources. Stockpile food and other commodities. Insulate your home. Reduce energy consumption.
Diversify your income sources
One way to survive a possible economic collapse is to diversify your income sources. Even if you work full-time at your job, you should look into side-gigs like consulting work or selling collectibles on eBay. Even though these additional income sources are not as substantial as a second job, they can provide some job security. In addition, you can also rent out rooms in your house, garage space, or revenue property to earn more money.
By diversifying your income sources, you can develop creative revenue-generating ideas and secure your finances from any unexpected events. A coronavirus outbreak has resulted in the closure of many brick-and-mortar retail locations. The good news is that there are many other revenue-generating opportunities you can explore. One of these is becoming a freelance writer! This creative outlet can also provide you with a flexible income and help you explore new talents.
One way to diversify your investments is to invest in various types of securities. Real estate, for example, is a popular choice. The general trend of real estate is to appreciate in value over time. Other options include bonds and stocks. Investing internationally can help you reduce your vulnerability to economic downturns. This method also works for minimizing risk. So how do you diversify your income sources to survive an economic collapse?
While your main source of income will probably be your primary business, you can diversify your income sources by consulting with other businesses. Freelancers, for instance, typically have a specialty and should be willing to explore new opportunities outside of their comfort zones. You can also consider freelance work as a means to diversify your income sources. The key is to be open to all kinds of opportunities outside your comfort zone, because this way you can take advantage of every opportunity.
One of the most important considerations when deciding whether to stockpile commodities for economic survival is domestic availability. It is difficult to predict how much of a material will be in high demand in the future, but the availability of domestic resources can mitigate the effects of non-political disruptions. The key criteria for a good stockpile are availability, cost, and quality. Here are a few ways to choose and manage your stockpile.
Fuel and food: During an economic collapse, gasoline will be the primary commodity in trade, and it can be traded for other goods. People will be running for the hills in a few weeks, so stockpiling a few gallons of fuel for each car will save a bundle of money. Additionally, non-hybrid produce seeds will come in handy, as can food supplies. Water is another great commodity to stockpile, since it cannot be divided.
Oil: The price of oil and other industrial materials is expected to remain high for some time. The recent rise in prices of oil has increased the risks of a global recession. With oil prices at record highs, investors are trying to align their portfolios to higher prices. However, high prices for oil and other raw materials are hurting the U.S. economy, and some investors are betting that the price rally will continue for a long time.
Insulate your home
You can prepare your home to survive economic collapse by insulating it. There are 99 preps you can make for less than a dollar. They will not only protect your home from the cold but also lower your monthly bills. You can also use alternative energy sources in the event of a power outage. Using these resources will make your home more comfortable during a power outage. Listed below are some of the most important preps.
Reduce your energy consumption
While you should prepare yourself for an economic collapse by reducing your energy consumption, you may also need to rely on alternative energy resources. Even if you don’t have power, you may have to make do with what you have. Creating a personal reference library is important, too. If Google fails, you can turn to this resource and learn how to do basic things yourself. In the event of an economic collapse, you’ll need to use alternative energy sources to stay warm.