Does anyone know of online sources about economic survival : what to do in a recession or depression ? How do you manage finances in high inflation and such ?

Thanks

I don't think too much of economic advice, worrying about such things only seems to distract me from what is important. My whole economic objective centers around getting someone to pay me enough to cover the costs of my life and my portion of the lives of 30 million + deadbeats, invaders, fools, and foreign governments, which is damn near half of it anyways. By the time I pay all that, what's left isn't worth worrying too much about. I stick it in a 401k and maybe an IRA unless I want to have a vacation and pick the most moderately diversified spread that's available. Then I forget about it. In twenty years, if there's anything left, I might take an extended vacation, something I've heard called retirement. Though if I survive that I will have to go back to work just to have something to do.

If you have enough money that you need to worry about how it is invested, you have a lot more than I do, and I would be of no help to you.

Transfer some of your wealth into food that will keep long-term. The cost of a 6 month auto insurance policy in food will see you through some pretty tough times.

Don't invest in the dollar, the u.s. or its markets.

Ouch that hurt.

Tis the season for investing. Remember the #1 rule of investing...buy low and sell high. This downturn in the markets is a HUGE buying opportunity.

Hey Chisel,
Down here in the ATL, we have a local guy with a nationally syndicated radio talk show with all kinds of advice on "saving money and keeping you from getting ripped off"; a consumer advocate guy... Clark Howard.

His website is full of advice and other resources on all sorts of stuff (scams to avoid, money management, etc.) clarkhoward.com . Lots of notes and links and things. He's also big into travel deals...

I just know there is useful stuff in there for you. He's extremely thrifty and is always advocating "financial preparedness".

Good luck.

WARNING: FREE ADVICE

Only spend money on that which will make you money.

Recently I heard a very good assessment of economists:

If you put 10 Economists in a room to evaluate what happened during a given period you will get a thorough analysis of how and why the economic event took place. Put the same 10 in a room and ask them to predict what is going to happen and you will get 12 answers with 15 scenarios. (This may have been on the Clark Howard Show)

I would focus on access to your funds/resources. Not that you want to stuff your mattress full of Franklins, but like they say in the investment world: A diversified portfolio is the best route. Keep some cash on hand, some at arms reach in a bank/savings institution, and other funds invested in companies or markets you are comfortable putting your money into. How you diversify/allocate funds into these areas is up to your personal comfort level.

Be careful with thinking you have cash that is easily accessible when it is in a money market. Money market funds may have some problems in the near future. The paper in which these funds invest can include asset-backed securities, and if there is a default on paying what's due, then the money market fund would need to go after the property that secures the paper.

Managing finances always starts with spending less than you earn or have. Then it progresses to stocking up with what you think you'll need and what will work. Stored food, stored currency, and money in the bank ( perhaps in various forms) go a long way toward peace of mind in uncertain times. Even camping gear is rightly regarded as a resource for hard (really hard!) times.

How to do well in varying conditions is the topic of endless discussions and you have many choices of "style" in advice ranging from buying and stocking a bunker in Montana to day-trading your way to millions this very afternoon. Nobody knows for sure because nobody knows for sure what will actually happen.

I find that the writers featured on this site: http://www.financialsense.com/ provide a good variety of viewpoints though they are not very specific on what mix of investments to have.
They do provide perspective on what's happening that is much more thoughtful and fact-based than what you get from TV.

In fact, as a rule, you should ignore what you get from TV because it might be disinformation and have resemblance to old time cowboys singing to the livestock as they rode around the restless herd at night....

Invest what you are comfortable losing.

Save what you can.

Stuff the mattress with some.

Stock up (no pun intended) on the essentials...especially toilet paper and duct tape.