Bitcoin has risen magnitudes within the past weeks constantly breaking records, the housing market is approaching similar prices as those in 2005, and the stocks are soaring high. So the question in my mind is "When will this bubble pop?" These are bubble no doubt about it and we must all be prepared for the market collapse. How can you prepare for this imminent danger? Here are 5 ways to be prepared.
1) Keep cold hard cash on your person.
This is key as when the markets start crashing, banks will not be able to give you your money back, they will go bankrupt them selfs. It is best to have some money in a secure location that you can access readily. Do not take all of your money as that can be a risky prospect as well if your location is not secure enough, but don't leave all your money in a bank.
2) Invest in Gold and Silver, and anything of universal value.
A no brainer for the common investor. One should always have some level of material value to fall back on in the worst case situation. One thing I personally think is a good idea to invest in is actual life support necessities. These can include things such as water or non-perishable foods, in an era as bad as the 2008 recession or as bad as the Great Depression, one may be glad that they do not have to pay the hefty prices for scarce food.
3) Get out of debt
This is a good rule for life in general, but especially during a time of economic downfall or even crash. Debtors can be very hard to deal with during these times putting your family in danger to retrieve their money. One wouldn't want to deal with that pressure during the time of an economic crash.
4) Have multiple income sources today
Many successful people do this all the time. One income source is a highly unreliable and risky proposition. If you rely on your one job for all of your income, you may find yourself in trouble if you were to get fired when a company can't afford you. If you had a backup service business(Plumbing or Electrical services for example) and some cryptocurrency you could sell just before chaos strikes, the effects of the crash would be much more survivable for you.
5) Learn more skills today
This is a very important aspect on an everyday basis but especially during an economic crisis. If you don't have anything else to sell, you may want to have the ability to sell your skills in order to find a new source of income during the economic collapse. If your current job is an accountant and you pick up some coding or cyber security classes today, you may be very valuable to the government during a collapse as this is a time of weakness and governments will usually invest in security.
So what do you think about these tips, what would you implement, and which do you think are bad advice?