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Economically, how can concerned Americans prepare for the worst? (lemmy.ml)

submitted 1 day ago by [email protected] to c/[email protected]

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I do not want this to be a political debate nor an opportunity to post recent headlines. However, in my opinion, this administration seems to be taking actions which history suggests may lead towards a near or total economic collapse. Whether you agree with this or not is irrelevant.

This post’s question is: If one were to have a concern that they’d no longer be able to afford common household goods or that mainstream (S&P, Nasdaq) financial investments were no longer sound, what can one do to prepare for “the worst”? What actions could someone take today to minimize economic hardship in the future?

I would also like thoughtful insight from older adults to offer younger adults about how they should be better preparing themselves for an uncertain future, outside of current events or place of residence.

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[–] [email protected] 1 points 19 hours ago

It's not so much about profiting from the situation but maximising your options.

You don't want to cash in your 401k and buy gold, but if you have some investments then buying physical gold with 5% or 10% is not a terrible idea.

In a holocaust type situation an ounce of gold in the right palm at the right time could buy passage for an entire family.

We may not have the gold standard anymore but I can assure you that gold remains a stable store of wealth.