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#132175 - 05/07/08 06:09 AM Economic survival
redflare Offline
Addict

Registered: 12/25/05
Posts: 647
Loc: SF Bay Area, CA
I am thinking about getting this book The Coming Economic Collapse.... Amazon reviews look pretty favorable.

Has anyone here read it, or other books similar to it? If yes, what did you think of it?

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#132178 - 05/07/08 11:01 AM Re: Economic survival [Re: redflare]
TS_Shawn Offline
Newbie

Registered: 03/11/08
Posts: 38
Loc: Washington, D.C.
Rather than buy that book, I'd invest in a Vanguard index fund.

Seriously.

Ever since I can remember -- which is since the 70s -- there's been a gloom-and-doom industry peddling all manner of fates to dread.

The world's population is going to freeze, melt, starve, be extinguished by some natural or man-made disaster.

Economic apocalypse is another perennial. I don't buy it and I wouldn't waste money on a book about it, especially if we were headed for an economic cliff. That would be, after all, when you most need to save your resources.

Economies cycle through good times, bad times and mediocre times. I'm confident we're not going to repeat the Great Depression, let alone anything worse than that. Oil prices will subside in the next couple years, housing prices will drop further and then flatten for a few years and the world will hum along.

That said, I might thumb through a copy -- for free -- at the bookstore.

:-)




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#132184 - 05/07/08 01:19 PM Re: Economic survival [Re: TS_Shawn]
justmeagain Offline
Journeyman

Registered: 12/07/07
Posts: 67
You can always find these gloom and doom books, I'm certain the authors mean well, but somehow these crazy predictions never come through. From an investment standpoint diversifying your assets and taking a long term horizon trumps all the crazy swings in the market.

Scott Burns' articles on couch potato investing are right on the money; simple diversification and long term planning. Over a long period of time you are well served with his advice. Burns used to be a financial write for the Dallas Morning News and is now semi-retired and is involved with a money management firm. That said, his couch potato investment idea goes back long before his new career.
http://assetbuilder.com/tags/Couch+Potato+Investing/default.aspx

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#132208 - 05/07/08 04:36 PM Re: Economic survival [Re: redflare]
Loganenator Offline
Bike guy
Member

Registered: 05/04/07
Posts: 151
Loc: Sacramento, CA, USA
Hey Redflare! You have a great business and its awesome that you contribute to the forum here!

I have not read that book yet but I have been meaning to check it out of our local library. Noticing the publication date I think the author's approach is valid. It appears it was written before most of the major indicators of a "credit crisis" were apparent. I have read Heinburg's "the party's over" and "power down" on similar topics and my wife and I felt a great awakening in 2006-2007.

While I always admire the courage of good scepticism in the other comments here and their advice on investing is valid, I would like to add my own experience. My wife and I have tried to plan for the worst and hope for the best when it comes to our economic situation. After reading a number of books, news articles and research from dozens of legitimate sources we realized we needed to make some changes to minimize our risk. Our strategy is mostly in line with current investment advice but with a cynical instead of optimistic planning perspective. I'd like to hear any criticism on our decisions as well to balance my perspective. Our goals were as follows:

1. Eliminate our debt. (We cashed in our retirement (we are only in our mid to late twenties though so its not as critical) and paid off the student loans/car loans).
2. Minimize our living costs by owning shelter. (We currently rent but we are saving about 50% of our income for very small home on a small bit of land we can afford).
3. Minimize our dependance on oil. (We moved closer to work, sold our only car and purchased used bikes).
4. Invest in food and water: storage and processing (e.g. grain mill and water filters to hedge against any short term food/water inflation and prepare for emergencies in complement to our bug-out plans).

Good luck Red Flare! Addiction to oil is a tough habit to kick. Withdrawals honestly weren't bad as an individual but as a society/nation I am concerned that oil withdrawals could be disastrous.

Cheers,
Nemo.

Edit to include this Caveat:

And in case you are wondering, no my wife and I are not "survivalists". We don't have a "bomb shelter" or a teepee in the woods. We are hard working citizens of the U.S.A that just want to minimize our risk and be as independent and prepared as we can be. wink


Edited by Nemo (05/07/08 04:40 PM)
_________________________
You must be the change you wish to see in the world - MK Gandhi


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#132212 - 05/07/08 04:48 PM Re: Economic survival [Re: Loganenator]
Loganenator Offline
Bike guy
Member

Registered: 05/04/07
Posts: 151
Loc: Sacramento, CA, USA
Hey redflare,

I also wanted to thank you for your recommendation of the Parable series books by Octavia Butler. I just finished the novels. Horrific tale and vision of the near future but a valuable reflection of human nature and a new perspective on BOB planning.

Cheers,
Nemo
_________________________
You must be the change you wish to see in the world - MK Gandhi


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#132213 - 05/07/08 04:52 PM Re: Economic survival [Re: Loganenator]
thseng Offline
Old Hand

Registered: 03/24/06
Posts: 900
Loc: NW NJ
Originally Posted By: Nemo
1. Eliminate our debt. (We cashed in our retirement (we are only in our mid to late twenties though so its not as critical) and paid off the student loans/car loans).
2. Minimize our living costs by owning shelter. (We currently rent but we are saving about 50% of our income for very small home on a small bit of land we can afford).
3. Minimize our dependance on oil. (We moved closer to work, sold our only car and purchased used bikes).
4. Invest in food and water: storage and processing (e.g. grain mill and water filters to hedge against any short term food/water inflation and prepare for emergencies in complement to our bug-out plans).

Reminds me of Dave Ramsey's "7 Baby Steps":
#1 $1,000 to start an Emergency Fund
#2 Pay off all debt using the Debt Snowball
#3 Three to six months of expenses in savings
#4 Invest 15 percent of household income into Roth IRAs and pre-tax retirement
#5 College funding for children
#6 Pay off home early
#7 Build wealth and give! Invest in mutual funds and real estate

_________________________
- Tom S.

"Never trust and engineer who doesn't carry a pocketknife."

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#132222 - 05/07/08 05:46 PM Re: Economic survival [Re: Loganenator]
SirJoel Offline
Newbie

Registered: 05/15/06
Posts: 39
Originally Posted By: Nemo
And in case you are wondering, no my wife and I are not "survivalists". We don't have a "bomb shelter" or a teepee in the woods. We are hard working citizens of the U.S.A that just want to minimize our risk and be as independent and prepared as we can be. wink


I had more fun thinking of them in the teepee in the woods and they had to go and ruin that by being normal... smile

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#132239 - 05/07/08 07:23 PM Re: Economic survival [Re: SirJoel]
Loganenator Offline
Bike guy
Member

Registered: 05/04/07
Posts: 151
Loc: Sacramento, CA, USA
Sir Joel,

I do have friends who just started living "off-grid" in a yurt. Its not a Teepee but its close wink . We are observing their transition challenges before we even think about anything that small and off-grid. Even then Yurts seem a little temporary. More like longer term tents. wink


Edited by Nemo (05/07/08 07:23 PM)
_________________________
You must be the change you wish to see in the world - MK Gandhi


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#132244 - 05/07/08 07:44 PM Re: Economic survival [Re: redflare]
jshannon Offline
Addict

Registered: 02/02/03
Posts: 647
Loc: North Texas
Most do not need to read a book when economic survival can be summed up in four words..."Live within your means"?

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#132249 - 05/07/08 08:19 PM Re: Economic survival [Re: jshannon]
MoBOB Offline
Veteran

Registered: 09/17/07
Posts: 1219
Loc: here
The bikes are not as handy if children (babies) are dropped off by the stork. Those car seats just don't seem designed for bike trailers.

If you are not having children I guess the bikes are a good idea; for now. Just plan for how to commute with a broken/sprained limb.
_________________________
"Its not a matter of being ready as it is being prepared" -- B. E. J. Taylor

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