Sunday, January 24th, 2021

How to Simplify Your Finances to Survive Economic Collapse

Published on February 1, 2016 by   ·   No Comments

economic preparation

 Activist Post

Each of you reading this is in a different financial position. Some of you are trapped in debt or just getting by, while others have anxiety about how to protect your wealth. Luckily, there are effective preparation strategies for people of all financial levels.

The first of these strategies is to simplify your finances by concentrating on the essentials like getting out of debt and optimizing your savings with prudent investments.

Get Out of Debt

It’s hard to be of any use to yourself, let alone anyone else, during economic collapse if you are buried up to your neck in debt.

Notice we are not saying “pay off your debt” like most financial advisers say to do. It says to get out of debt. Yes, it’s wise to honor your debts to banks, but not if it gets in the way of your basic survival.

Generally, being in debt is bad. Yet not all debt is created equal. Mortgages and business loans can be beneficial. For instance, if you’re upper-middle class, financing a home, capital equipment or inventory for your business offers certain tax benefits that make these loans more desirable than just their obvious utility.

However, credit card debt, car loans and, increasingly, student loans are rarely used productively and should be paid off as quickly as possible so you can get busy creating independence. These categories are what we mean when we refer to debt going forward.

By the way, having an Xbox Live account and multiple iPads doesn’t count as basic survival, just in case some of you who might be infected with first-world-problems syndrome need clarification. Food, shelter, clothing, heat, medicine and essential tools are the basics. If you cannot afford these essentials, your debt is just a number on a computer screen and you have more important things to worry about.

Read More HERE

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