Economic survival is not about getting rich, it’s about preserving wealth. Often, using unconventional methods.
For those worried about the cost of inflation, or the volatility in the stock market, it can be confusing and frustrating trying to decide where to put your money.
A good safe move is to buy items with intrinsic value. Gold and silver, for example (You should literally buy the bars or coins, and not ETFs. You want to take physical possession.) Regardless what happens to paper (fiat) currency, precious metals will always be worth something.
Also, gold and silver are easily liquidated and, if you’re trading silver or gold American Silver Eagle coins, under certain conditions, the sale doesn’t have to be reported to the US Gubment. One less set of eyes prying in your business.
And according to the American Precious Metals Exchange (APMEX), many different products are now eligible for placement in IRAs.
Another good place to “invest” is commodities, or simply, stuff you’ll
use. Food for instance. This doesn’t mean you have to spend thousands on
freeze-dried cans of 30-year shelf life survival food (but it’s not a bad idea).
Buying commodities can be done on a very small scale. The next time you’re at the supermarket, pick up a few extra cans of tomatoes or a bag of lentils. If inflation goes up, or there’s a spike in oil and food prices skyrocket, you just saved money.
Disaster preparedness doesn’t have to be accomplished in one trip. Buy in as you can afford it. The beauty about the vast majority of survival foods is they don’t expire for years, often decades.
We normally associate “spoilage” with food. Laying in a stock of propane for your patio grill will ensure that you’ve got cooking fuel at today’s prices. That way, if the power goes out, you can still cook.
And speaking of which, it’s not a bad idea, when choosing a back-up generator, to opt for propane over gasoline. Unlike gasoline, propane doesn’t go bad, gumming up carburetors, and fires up comparatively easily in cold weather.
That said, propane generators are less efficient (read: cost more to operate) and a bit more expensive than their gasoline counterparts. A quality, portable propane generator will set you back several hundred dollars, but the peace of mind that comes from their reliability makes them a good investment.
The economy doesn’t have to collapse for you to make use of bartering. Just look at the classifieds or sites like craigslist.org or freecycle.org. Often, when you trade goods for goods, instead of money for goods, you can get a better deal. Give up something you don’t want for something you do.
If an item is on sale or if you see a bargain at a garage sale, snatch it up. You can use that to trade for something you really need prior to or during an emergency.
Do you have a skill you can trade on? You could offer music lessons, welding services, woodworking expertise or even tattoo work in exchange for any supplies or services you require. The possibilities are endless. The less you rely on cash, the richer you are.
Luxury items tend to become more valuable in emergencies. As prices continue to go up, stocking up now on these non-perishable items makes great economic sense:
Want more economic survival ideas? Click here for my Ultimate Survival Gear Checklist.