- Live below your means (many people don't do this)
- Have multiple sources of income (mass layoffs may be just around the corner)
- While cultivating your multiple sources of income, try to pick jobs that won't be easily replaced by AI
- Go minimalist (the less stuff you need the less stuff you need to buy and the more money you can save/use for more important things)
- In order to be a minimalist, reduce the stuff you need, reuse the stuff you have, recycle stuff you no longer need, and downsize...a lot
- For things you absolutely need, shop wisely and don't buy at the top of the market (remember Bitcoin in December of 2017??)
- Stockpile the things you use often (food, toiletries, etc) because prices can increase quickly and unexpectedly
- Have savings...as much as possible
- Diversify your investments but don't panic sell
- Learn as many useful skills as possible
- Be able to pare your living expenses as much as possible (there are literally hundreds of thousands of pages on the internet on this topic)
- Get out of debt completely (student loans, credit cards, car, house, etc)
- Practice, practice, practice. Practice bartering, practicing paying cash for everything you buy for a month, practice living off the grid by going camping or backpacking, practice various ways to get to work without your car, etc.
The blog for adventurers, travelers, mercenaries, fed-types, pseudo fed-types, survivalists, military, techies, researchers...
Saturday, June 29, 2019
Reduce, Reuse, Recycle...and Stockpile Like Crazy
Many economists are predicting a major recession within the next year or so. Currently our economy seems to be humming along just fine but it only takes a few dominoes to fall before the whole economic system is in upheaval. Economics are cyclical so it really isn't "if" but "when" a dramatic financial reversal will happen and many people aren't prepared for such an event. Here are some tips to prepare for the next financial disaster (whether personal or global):
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