Equipped To Survive Equipped To Survive® Presents
The Survival Forum
Where do you want to go on ETS?

Page 3 of 3 < 1 2 3
Topic Options
#151030 - 10/06/08 12:46 PM Re: What are you doing about the financial meltdown ? [Re: Chisel]
MartinFocazio Offline

Pooh-Bah

Registered: 01/21/03
Posts: 2203
Loc: Bucks County PA
Here's what I'm doing: Nothing.

Here's why:

1. We've been through much worse before, in the 1970's, and while things were no fun, it's not a Mad Max situation we face today.

2. I don't have a television (and haven't had one for 10 years) so when I get my news and it says "The World Is Ending" I have the ability to go to the sources to see what they really said, to make a decision on how to act (or not act) based on facts and reason, not the hysterical ravings of some TV pundit.

3. We're staring down the barrel of a recession - that's not a depression, it's a recession. A Recession is a "slowing of growth" - that's all, a slowing of growth.

4. I have no debt, I live in a house I can afford, and I have more than one marketable skill. If I ever lose this job, I'm going to have to work long hours as an EMT, or I'll have to work as a 911 dispatcher, or as an ER attendant, but I have those options because I've built up a set of spare skills over the years.. This might not be your situation, or it might be.

5. I've got family and we're close. One of the major things that happens in an economic disaster (per folks I know who lived in Russia in the early 1990's) is that families start sharing houses to save on money. While I'd rather not have my entire extended family move in with us, that's an option if things get totally wacky (and I don't think they will).

6. I live in the United States of America, and our people are generous and will do what it takes to help others.

Now, to the point of making a run on your bank. That's just plain not good. If you look at all the bank failures in the last month, you will not find one person - not a single person - who lost so much as a penny in the Federal takeovers. NONE. If you are concerned that the FDIC will run out of money - it won't be allowed to run out. That's a simple fact.

If you are concerned about your 401(k) - if you're close to retirement, you're not going to have much fun, because it's going to be a while before that balance comes back, so you might want to keep working a while more.

If you're like me, in your 40's, every dollar you put in to your 401(k) now (that is assigned to securities like stocks) is buying MORE than it was buying 2 years ago, so at the next recovery, you're gong to have a much better position then you did going into this mess.

Buying "more preps" is taking your money out of circulation and putting it into a depreciating, non-performing asset.

Top
#151032 - 10/06/08 01:24 PM Re: What are you doing about the financial meltdow [Re: Chisel]
Nicodemus Offline
Paranoid?
Veteran

Registered: 10/30/05
Posts: 1341
Loc: Virginia, US
I bought a few extra cans of soup this weekend... But that's because it was on sale, not because I'm really worried about the economy.
_________________________
"Learn survival skills when your life doesn't depend on it."

Top
#151042 - 10/06/08 02:13 PM Re: What are you doing about the financial meltdow [Re: Nicodemus]
red Offline
Member

Registered: 02/24/07
Posts: 175
At work the other day one of my employees talked about pulling her money out of her 401k and putting it into a money market account. I couldn't believe my ears.

I tried to patiently teach her about "real" losses versus "virtual" losses. I think she got that. But dollar cost averaging went completely over her head. Blame the teacher!

Since I (and my employees) get an immediate return of 100% on my 401k, why should we freak about a 35% "loss"?

Big ups to Sam and others who rightly confirm that good preps prevent panic now.

_________________________
When the SHTF, no one comes out of it smelling pretty.

Top
#151053 - 10/06/08 03:49 PM Re: What are you doing about the financial meltdown ? [Re: Chisel]
TeacherRO Offline
Carpal Tunnel

Registered: 03/11/05
Posts: 2574
paying debts down, reducing monthly expenses ( no cable, cheaper phones),
no luxuries for a while...

Top
#151100 - 10/06/08 11:02 PM Re: What are you doing about the financial meltdown ? [Re: TeacherRO]
sodak Offline
Addict

Registered: 03/20/05
Posts: 410
Been saving up for this, and am buying stocks that I've been researching for the last several years. This is a great time to buy!

Top
#151278 - 10/08/08 06:41 PM Re: What are you doing about the financial meltdown ? [Re: sodak]
Brangdon Offline
Veteran

Registered: 12/12/04
Posts: 1204
Loc: Nottingham, UK
I'm spending slightly more and keeping more cash on hand.
_________________________
Quality is addictive.

Top
#151292 - 10/08/08 08:21 PM Re: What are you doing about the financial meltdown ? [Re: Brangdon]
dweste Offline
Pooh-Bah

Registered: 02/16/08
Posts: 2463
Loc: Central California
Melting.

Top
#151305 - 10/08/08 10:10 PM Re: What are you doing about the financial meltdow [Re: dweste]
Grouch Offline
Enthusiast

Registered: 07/02/08
Posts: 395
Loc: Ohio
Originally Posted By: dweste
Melting.

You have plenty of company.

Top
#151568 - 10/11/08 12:41 AM Re: What are you doing about the financial meltdown ? [Re: sodak]
GarlyDog Offline
τΏτ
Old Hand

Registered: 04/05/07
Posts: 776
Loc: The People's Republic of IL
Originally Posted By: sodak
Been saving up for this, and am buying stocks that I've been researching for the last several years. This is a great time to buy!


I couldn't agree more. Happy hunting to you!
_________________________
Gary








Top
Page 3 of 3 < 1 2 3



Moderator:  Alan_Romania, Blast, chaosmagnet, cliff 
March
Su M Tu W Th F Sa
1 2
3 4 5 6 7 8 9
10 11 12 13 14 15 16
17 18 19 20 21 22 23
24 25 26 27 28 29 30
31
Who's Online
0 registered (), 449 Guests and 12 Spiders online.
Key: Admin, Global Mod, Mod
Newest Members
GallenR, Jeebo, NicholasMarshall, Yadav, BenFoakes
5367 Registered Users
Newest Posts
Zippo Butane Inserts
by NAro
Today at 11:57 AM
What did you do today to prepare?
by dougwalkabout
03/27/24 11:21 PM
Question about a "Backyard Mutitool"
by Ren
03/17/24 01:00 AM
Problem in my WhatsApp configuration
by Chisel
03/09/24 01:55 PM
New Madrid Seismic Zone
by Jeanette_Isabelle
03/04/24 02:44 PM
EDC Reduction
by EchoingLaugh
03/02/24 04:12 PM
Newest Images
Tiny knife / wrench
Handmade knives
2"x2" Glass Signal Mirror, Retroreflective Mesh
Trade School Tool Kit
My Pocket Kit
Glossary
Test

WARNING & DISCLAIMER: SELECT AND USE OUTDOORS AND SURVIVAL EQUIPMENT, SUPPLIES AND TECHNIQUES AT YOUR OWN RISK. Information posted on this forum is not reviewed for accuracy and may not be reliable, use at your own risk. Please review the full WARNING & DISCLAIMER about information on this site.