Financially Preparing for SHTF - Page 2
Register

Welcome to the Prepper Forum / Survivalist Forum.

If this is your first visit, be sure to check out the FAQ by clicking the link above. You may have to register before you can post: click the register link above to proceed.

Financially Preparing for SHTF

This is a discussion on Financially Preparing for SHTF within the General Prepper and Survival Talk forums, part of the Survivalist, Prepper, Bushcrafter, Forest Rangers category; Originally Posted by Chiefster23 You recommend getting out of stocks and bonds. OK. Then where are you going to get your retirement income from? If ...

Page 2 of 6 FirstFirst 1 2 3 4 ... LastLast
Results 11 to 20 of 53
Like Tree78Likes

Thread: Financially Preparing for SHTF

  1. #11
    Senior Member


    Join Date
    Sep 2017
    Location
    Boston suburb
    Posts
    615
    Quote Originally Posted by Chiefster23 View Post
    You recommend getting out of stocks and bonds. OK. Then where are you going to get your retirement income from? If you are completely depending on a pension or social security then you are completely dependent on someone else who may or may not have your best intrests at heart. Social security is really a crap shoot. Congress has been running this Ponzi scheme for years and big cuts are coming sooner or later. And pensions aren’t much better. Most are very much under-funded and the Pension Guarantee from the government is worthless. I personally know people that got mere pennies on the dollar from their bankrupt Bethlehem Steel pensions.

    Precious metals are a hedge. Not an investment. You aren’t going to get a consistant return from them so you can’t depend on them for retirement income. So that leaves digital investments. I don’t like it but I really don’t see any alternative.
    I think you're right; they're aren't many alternative options to a retirement account if you need to continually draw on it. That's why I wrote: "Get out of as many digital assets, (ie. stocks, bonds, and cryptocurrencies) as is prudent".

    You may be able to sell precious metals piecemeal for a retirement income, -but to who, if the mail and internet has stopped, and the dealers have gone out of business? In that situation, you also wouldn't be able to access your retirement account.

    I'm not offering advice, but here's what I would do with my nest egg: I'd put a third of it into gold and silver, a third into cash, and leave the rest in the bank. That would leave me covered no matter what. What is your opinion about that idea?

  2. #12
    Member


    Join Date
    Dec 2017
    Posts
    58
    Once I get out of debt I'll start to worry about what to do with my new found riches.

    Raise the limits.
    StratMaster, RJAMES and phrogman like this.

  3. #13
    Senior Member


    Join Date
    Sep 2017
    Location
    Boston suburb
    Posts
    615
    Quote Originally Posted by Chipper View Post
    What do you plan on buying once the SHTF??
    There's a bunch of non-essential stuff, (and only useful to us in SHTF), I'm hoping to procure if I have any advance warning, like more food and useful equipment, and barter-able items like toilet paper, etc. Right now, I only keep what I need for prepping purposes, but come SHTF, I'll be able to buy what I want if it's available. Also, as there'll be a shortage of cash, and probably everyone will want more, I'll get stuff at bargain prices. Even if hyperinflation hits, it takes a while for it to become monumental; in that case, I'd have time to convert my cash into commodities.

  4. Remove Advertisements
    PrepperForums.net
    Advertisements
     

  5. #14
    Senior Member


    Join Date
    Nov 2012
    Location
    SE Wisconsin
    Posts
    18,697
    SHTF or not . It is highly recommended you be very careful who you take any financial advice form. Most have an agenda and it is their own bank account.

    Remember the great Gold/silver rush of the Hunt brothers time. Brought on by the Carter economy.
    Last edited by Smitty901; 01-13-2018 at 12:47 PM.
    Stockton and inceptor like this.
    New life as a house husband, major shift in duties.

    Karl Marx said, "Destroy their culture, rewrite their history. Ruin their art and literature, and defame their heroes, by offering fabrications to scandalize that which they considered good.
    After reading this Obama said I am on it.

  6. #15
    Senior Member


    Join Date
    Sep 2017
    Location
    Boston suburb
    Posts
    615
    Quote Originally Posted by Stockton View Post
    While the OP has some good advice there is one there that I can't imagine anyone following.

    Quote:

    Get out of as many digital assets, (ie. stocks, bonds, and cryptocurrencies) as is prudent. If you are retiring, consider cashing out of your pension plan and buying precious metals with most of it

    Had I followed this advise 12 months ago I'd be almost $50,000 worse off. If I had followed this advise two years
    ago I would likely be $90,000 worse off. Those numbers are substantial to me. Could I lose them in a flash of course.
    What if SHTF doesn't happen in my life time? I can't imagine trying to live off social security. Prepare for the worst
    of course. Don't sell yourself short for it though.
    You've framed our dilemma perfectly. We can't predict the future, and even if we know what will happen, we can't know when. That's why I wrote "consider". It's all up to you, -though there may be a time when we can see the writing on the wall, and do what is obviously best.

  7. #16
    Senior Member


    Join Date
    Jun 2017
    Posts
    823
    Quote Originally Posted by TGus View Post
    You've framed our dilemma perfectly. We can't predict the future, and even if we know what will happen, we can't know when. That's why I wrote "consider". It's all up to you, -though there may be a time when we can see the writing on the wall, and do what is obviously best.
    @TGus do you note your contradictions

    "Get out" "as prudent"

    "Most of it" "consider"

    Probably the most direct is "cashing out" and "buying precious metals."

    That last one is often used in marketing as a scare tactic. I know someone
    that liquidated their IRA before 12/31/1999 due to the scare tactics. Fortunately
    the law enables them to return the money with no penalty, but they lost hundreds
    in commissions on the transactions.

    I'm not trying to disagree or say you are wrong. What I'm merely pointing out
    are the contradictions in the terminology. They can cause people to over react.
    I don't have a suggested rewrite for that statement. What I can say is what I do;
    in that I monitor financial reports daily. I look for economic indicators like rising
    oil prices. With that data I make what adjustments I feel are prudent.

  8. #17
    Senior Member


    Join Date
    Sep 2017
    Location
    Boston suburb
    Posts
    615
    Quote Originally Posted by RJAMES View Post
    ... Nuclear attack or society breaks down - cash and metals are not going to help in my opinion. Long term what you need is seeds, tools, livestock , knowledge, arms, family and friends .
    The only part of what you wrote that I might question is what I emboldened above. As they say: "Cash will be king", at least initially. PMs can be used for barter, -but they can also be used to preserve your wealth until after a crisis.
    Stockton likes this.

  9. #18
    Senior Member


    Join Date
    Sep 2017
    Location
    Boston suburb
    Posts
    615
    Quote Originally Posted by Limit Killer View Post
    Once I get out of debt I'll start to worry about what to do with my new found riches.

    Raise the limits.
    Sorry to hear about your situation. Hopefully, you can at least do some things before you're out of debt.

  10. #19
    Senior Member


    Join Date
    Sep 2017
    Location
    Boston suburb
    Posts
    615
    Quote Originally Posted by Stockton View Post
    @TGus do you note your contradictions

    "Get out" "as prudent"

    "Most of it" "consider"

    Probably the most direct is "cashing out" and "buying precious metals."

    That last one is often used in marketing as a scare tactic. I know someone
    that liquidated their IRA before 12/31/1999 due to the scare tactics. Fortunately
    the law enables them to return the money with no penalty, but they lost hundreds
    in commissions on the transactions.

    I'm not trying to disagree or say you are wrong. What I'm merely pointing out
    are the contradictions in the terminology. They can cause people to over react.
    I don't have a suggested rewrite for that statement. What I can say is what I do;
    in that I monitor financial reports daily. I look for economic indicators like rising
    oil prices. With that data I make what adjustments I feel are prudent.
    Thank you for your caveat. I find that preppers in general are often "running scared", and they often overreact to recommendations. I don't want people to take my suggestions as gospel; they're just good ideas under some circumstances.

  11. #20
    Senior Member


    Join Date
    Nov 2012
    Location
    SE Wisconsin
    Posts
    18,697
    I would think post SHTF one of the most dangerous job around might be a debt collector. Hi I am john with ABC finance , I know it is a bad time but I am here to take your food stash and generator. Has anyone seen John lately he was out making collections his truck and help have not been seen in weeks.
    Redwood Country likes this.
    New life as a house husband, major shift in duties.

    Karl Marx said, "Destroy their culture, rewrite their history. Ruin their art and literature, and defame their heroes, by offering fabrications to scandalize that which they considered good.
    After reading this Obama said I am on it.

 

 
Page 2 of 6 FirstFirst 1 2 3 4 ... LastLast

Sponsored Links

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  

Similar Threads

  1. What are you preparing for?
    By guardsman79 in forum General Prepper and Survival Talk
    Replies: 26
    Last Post: 02-14-2017, 07:54 PM
  2. What Are YOU Preparing For?
    By PrepperForums in forum Featured Topics
    Replies: 66
    Last Post: 09-02-2016, 07:05 AM
  3. Organic farming is financially sustainable worldwide
    By beast in forum Food, Health and Fitness Survival
    Replies: 14
    Last Post: 06-11-2015, 03:21 PM
  4. Another preparing person
    By Auntie in forum New Member Introductions
    Replies: 19
    Last Post: 10-07-2014, 09:39 AM
  5. preparing to suck!
    By iamliberty in forum General Talk
    Replies: 9
    Last Post: 04-22-2014, 04:33 PM
Back to Top