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financial uncertainty
junk silver
different currency
silver coins
crash course
global economy
gold and silver
small steps
Global Financial Uncertainty: Ways To Protect Yourself
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Global Financial Uncertainty: Ways To Protect Yourself

In a global economy that is quite evidently straining under the combined weight of consumer institutional and sovereign debt there are some who believe that at some point in the future the dam may burst making the 2008 financial crisis pale by comparison.

Of course no one can predict the future with any certainty but those who take a few precautionary steps now will surely be mitigating risk in the face of any such event ever taking place further along the road.

Spread your money around

In a recent interview with Chris Martinson author of The Crash Course, Paul Tustain founder of BullionVault talked about the nature of balance sheet risk. When money is deposited in a bank "it becomes the property of the bank." This means that when a bank is at risk so is your deposit.

If you haven't already done so spread your money around different institutions. Many people have chosen to take their money out of banks altogether putting it in a Credit Union instead. For an additional layer of safety some have opened accounts outside their country of residence holding money in a different currency and political jurisdiction.

Have cash and basic supplies on hand

Keep a small amount of cash at hand should a ‘bank holiday’ ever be announced and you’re temporarily unable to access either your bank or cash machine. Similarly have at the very least a 2 week supply of food and other essential items at hand to see you through a period where the system may become temporarily disabled.

Gold and Silver

As a hedge against currency devaluation, consider putting some cash into gold or silver, these are tangible assets that have intrinsic value. Some also like to have a store of junk silver coins at home.

Reduce your level of dependence by learning new skills

Take gradual small steps now to reduce your dependence on a system which may no longer be in a position to support you over the long-term or in a way you’ve grown accustomed to expecting.

1. Start learning new skills now that could create an income stream in the future if you were to lose your job, think of ways you could turn a current hobby into an income stream.

2. If you’re young mobile and have no dependents, don’t be afraid to move to find employment. Start looking around now for job opportunities that might exist in other countries that could use your skills.

3. Learn to grow your own food, this will save you money and shield you to some extent from possible future food price rises over which you have no control. There is plenty of information around the internet that could enable a complete beginner to start from scratch.

4. Prevention is better than cure. Poor lifestyle choices lead to ill-health which leads to costly medical bills further along the line. Start learning now about alternative ways to treat illness. Following a healthy diet and lifestyle will help you begin reversing damage that may already have taken place. Your body has an amazing capacity for self-repair.

This article is not intended to create fear rather to recognize that we may be in for some turbulent times ahead and may need to do a little forward planning.

Taking a few basic safety precautions is an issue the captain of the Titanic no doubt pondered as he and his ship sank slowly to the bottom of the ocean, perhaps realizing that there is no substitute for the wisdom and benefit of hindsight.


Street Talk

Excellent article. Great advice. I look forward to reading more of your articles.

Reply
  about 8 years ago

Thank you Becky, I'm pleased you found it helpful.

Reply
  about 8 years ago

Good sound advice Penny. Glad to say I have already set out my stall for the future here and at WA

Reply
  about 8 years ago

Good for you Roger, sounds like you're already a few steps ahead.

Reply
  about 8 years ago

Excellent points. I hope I never need any of it.

Reply
  about 8 years ago

Thank you Shawn, I hope so too.

Reply
  about 8 years ago

This is a great article, fear, no, but such good advise. All things may improve they have in the past but being prepared and doing things differently a great article.

Reply
  about 8 years ago

Thank you Rob, I was trying carefully to choose words which might give people a gentle nudge but at the same time not sounding too alarmist. I really appreciate your comment.

Reply
  about 8 years ago
Lemuel  

Great and well-written article on how to protect yourself from financial uncertainty. Thanks Penny. I will tweet this one.

Reply
  about 8 years ago

Thank you Lemuel, I'm glad you found the information useful.

Reply
  about 8 years ago

Good lesson for all...I am a GM retiree and had much of my investments in GM stock...needless to say when GM went down a few year back I lost a bunch...spread it around folks as Penny suggest...good info Penny

Reply
  about 8 years ago

Kevin I'm so sorry this happened to you, it must have been very disheartening to say the least. I really hope you can start to gain some of it back through your internet marketing skills. Thank you for commenting.

Reply
  about 8 years ago

Penny, Brilliant! Thanks for a great article. You've given a lot to think about. Having traveled quite a bit and knowing the both-way shocks in changing cultures? This is not the best time to go traveling to another country for very long. So many changes going on everywhere! Being a "returnee" to your own culture is quite a transition in the best of times. After being away during a lot of change? Hmm. That'd be rough. I mean, where you want to return no longer exists. You'd feel overwhelmed. thanks - blessings, Cynthia

Reply
  about 8 years ago

Thank you Cynthia, although I have to say that most of this information already exists in various forms I just thought it would be useful to try to pull it together for people. I understand the concerns you have about people leaving their own country, but in the case of young graduates who leave college with huge debts and no job opportunities at home I think it would be at least worth considering. There are large expat communities in places like Shanghai for example. But yes, there is a lot to think about but not necessarily dwell upon, just consistently take small steps that you feel comfortable with. Thanks for your comment Cynthia.

Reply
  about 8 years ago

Oh! It's a great article, Penny. I just got to thinking about how hard the transition is! Teeny tiniest of examples? One time I returned from England (English English in a small village) to the US (American English near New York City). I remember turning on the radio!! After a while I laughed, realizing it was in English... just so fast that I could not decipher a single word...

  
  about 8 years ago

Cynthia that's so funny, lol, what a culture shock, from a small English village to around NYC. I'd love to have seen your expression! I remember visiting a small village in the Lake District (North of England) One of the farmers came over to speak to me while I was having lunch in a country pub. He must have spoken for around 3 minutes, I kept nodding and smiling then he waved and walked off. To this day I haven't a clue what he said to me!

Reply
  about 8 years ago
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