Life is good, especially when you have money in the bank and the economy is healthy. The question is, what happens when the economy fails, and money becomes obsolete? You have to find a way to survive. If you can’t get goods during a crisis, you and your family may not survive one. We’re going to take a look at how you can obtain goods and understand the economy of a prepper.
Investing in Precious Metals
Precious metals are a valuable investment. More and more people understand the value of owning them. It is because, during a time of the economic collapse, they maintain their value. Therefore, any person interested in diversifying their portfolio should invest in precious metals.
Before investing, you must understand what precious metals are worth.
Here are some of the more valuable precious metals to invest in:
- Gold
- Silver
- Platinum
- Palladium
Gold
Gold stands tall above all the precious metals due to its high level of usefulness. Gold is durable, malleable, and an easy conductor of heat and electricity. As a result, it’s used in most modern appliances and also as a currency.
Silver
Silver is a lot more volatile than gold. Silver gets some of its value from being an industrial metal and some from being a store of value. There are periods when silver has been hoarded because of its ability to maintain its value in time.
Platinum
Platinum is a lot rarer than gold and silver. Therefore, the price of platinum tends to be more than gold when economic conditions are stable because of how rare it is.
Palladium
Palladium isn’t known as the other precious metals on the list. However, it’s the primary resource used in the production of most modern electronics. It’s also used in medicine, dentistry, and other industries.
Investing in any one of these precious metals is a good decision. They usually keep their value despite any changes in the economy. For this reason, you should always include them in your portfolio.
Stockpiling Commodities
An economic collapse can cause a currency to lose its value. If this happens, you have to find a way to survive. The number of commodities you have available to trade becomes your best asset. When money loses its value, barter will become the primary way of exchange as history has demonstrated.
To survive and even prosper, you’ll have to barter with others for things you need. For example, a person may have something you need, and you have something they need. If the conditions are right, you make the trade.
Bartering was the way trade was conducted before the introduction of money. Money created a more straightforward way for people to trade goods. It gave us an easier way to determine the value of different interests.
In an economic collapse, fiat currency will lose its value. That is why stocking up on commodities from early is critical.
Here are some essential commodities to have when the economy collapses:
Duct Tape
Duct tape has got to be one of the most important inventions in modern times. There’s hardly anything that you can’t fix with duct tape. From fixing a splint in place to repairing a shelter, duct tape can do it all. You can do so much with duct tape that it is impossible to list all its uses. It’s also very affordable and an excellent asset to add to your inventory.
Baking Soda
Baking soda is a potent cleaning agent. However, there are also many other uses for it. Like duct tape, this is a commodity you want to have access to when the economy collapses. You can use baking soda to make soap and shampoo. It can also be used as a deodorant.
Food
Food is the most important commodity on this list. You can use it for barter as well in a time of crisis. In addition, food can trade for almost anything, so there may not be anything you can’t change for if you have large amounts of it.
Invest in as many tangible assets as you can because they will be handy later on. Most people have a hard time deciding what’s a real asset and what isn’t. Anything that gives you a better chance of survival during a crisis is considered a valuable tangible asset. Therefore, your primary focus should be on assets that increase your chances of survival. During a time of crisis, your number one priority is to survive. Anything else is a waste of time.
Investing in Cryptocurrencies
There was a time when cryptocurrencies were considered fiction. Many people believed it was a fad and would not last. Since then, many people have become millionaires and multi-millionaires by investing in cryptocurrencies.
Any bank or financial institution doesn’t control a cryptocurrency. They do not obtain their value the way fiat currency gets its value. Cryptocurrencies have put the power back into the hands of the people. It has cut out the middle man. Bank and credit card interest rates will soon be a thing of the past as cryptocurrencies become more mainstream.
Choosing to invest in cryptocurrencies is a wise decision, but it starts with doing the proper research.
Take the time to consider if a coin you want to invest in supports a worthy technology. If it does, then there is potential for growth in that coin. Each person investing in cryptocurrencies will obtain a wallet, and you need to send your coins to that wallet.
When fiat currency loses its value, and the banks crumble, cryptocurrencies will become the new way to exchange value.
Conclusion
To survive an economic collapse, one must learn the economy of a prepper. When money has no value, one must find another to trade for goods. You can sell almost anything valuable you have or own in a crisis. Understanding what commodities and precious metals you should invest in puts you in a better position. If you start investing in the right things from now, there won’t be much to worry about if and when the economy collapses.
