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Economically, how can concerned Americans prepare for the worst? (lemmy.ml)

submitted 1 day ago by [email protected] to c/[email protected]

107 comments fedilink hide all child comments

I do not want this to be a political debate nor an opportunity to post recent headlines. However, in my opinion, this administration seems to be taking actions which history suggests may lead towards a near or total economic collapse. Whether you agree with this or not is irrelevant.

This post’s question is: If one were to have a concern that they’d no longer be able to afford common household goods or that mainstream (S&P, Nasdaq) financial investments were no longer sound, what can one do to prepare for “the worst”? What actions could someone take today to minimize economic hardship in the future?

I would also like thoughtful insight from older adults to offer younger adults about how they should be better preparing themselves for an uncertain future, outside of current events or place of residence.

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[–] [email protected] 14 points 18 hours ago (2 children)

Buy gold, keep cash on a safe at home, make sure all documents are current and aren't about to expire (in case you need to quickly leave the country). Prioritize essential purchases over luxury ones and if short on cash pay those over debt payments

[–] [email protected] 9 points 11 hours ago* (last edited 11 hours ago) (1 children)

What do you want to do with gold or USD if the us economy collapses? This isn't the middle Ages where you can pay the peasants with gold or silver coins. In an economic collapse canned food, fuel, etc. will be useful. Something people need every day and can be swapped in small quantities.

[–] [email protected] 3 points 7 hours ago (1 children)

Gold because regardless of the US economy, gold will still be something worth trading, it is also easier to carry than necessities and can be used as improvised currency with a more stable value over basic necessities. For basic goods, you have to always watch out sine you A. Use them yourself, and B. Everyone needs them but may not give them the same value necessarily.

[–] [email protected] 1 points 1 hour ago* (last edited 1 hour ago)

But who wants to trade gold with you if everyone is hungry, has no water or power, is freezing or sick? Gold and valuables are only good of you know the economy gets back to normal, or you have someone who will trade useful stuff for gold.

Also, I don't think the average person has a concept how much gold is worth, or how to check if it is real or not.