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.
If we’re really going full warlord-rule society (“the worst”), names on a domestic account at some institution are worthless. Wax for the scraping. Bonds, bank accounts, stocks, all of it. Cash gets devalued by inflation. That leaves you with foreign accounts, goods, metals, crypto. #1 and #4, assuming you have electricity to access/move them.
Things won’t get to that point, most likely. Things can get really bad and still recover. If it’s an apocalyptic scenario, better invest in a stock of bullets and a bunker.