if one tenth of what they say happens. We need to prepare with vigor! This is the most through view on the American economy I've seen. They didn't even touch automation and health care crisis.
The best one was when they said people won't be able to retire and many that are now will have to go back to work. Like women staying home is a fantasy for most; retirement will be in the future.
All of this turns into low car, timber, mineral sales that will drag us into a res session too.
What are you doing to prepare yourself for this?
It comes down to not living beyond your means. The fact that you can buy something on credit, doesn't mean you should.
My wife and I don't like to spend money, We buy most clothes at Salvation Army, have vehicles that are older and don't go on vacation. Neither of us have a balance on our credit cards.
It's not just what you make, it's what you spend. But to answer the question: What are you doing to prepare yourself for this? I suppose that I'd have to say that my family is use to living a simple life. Our lifestyle wouldn't change very much if interest rates tripled.
None you improvise, one (or more) is luxury.
Β Were paying off our mortgage in 5 years. Growing food like never before. Wife's learning how to drive and overcoming her fear of driving. Teaching our kids life skills; How to make food/ firewood/ work hard/ physical activity/ learning building skills togetherο»Ώ! Teaching ourselves to live with less while exploring new ways to make more with passive income. Forming a MAG as extra insurance for the future and have fun too.
My wife and I have been working hard on the debt reduction thing in the past year. Extra payments on the mortgage. It's the only debt we carry at this point. I figure the interest rates are going to climb for at least a few years so just that possibility alone makes me want to get it done fast as possible. If things don't collapse we can save some $ and upgrade a bit (possible homestead).
Serious Doom and Gloom there. All Very Likely. Hope for the best, prepare for the worst.
DaScribbler
________________________
My wife and I have been working hard on the debt reduction thing in the past year. Extra payments on the mortgage. It's the only debt we carry at this point. I figure the interest rates are going to climb for at least a few years so just that possibility alone makes me want to get it done fast as possible. If things don't collapse we can save some $ and upgrade a bit (possible homestead).
I admire your approach. Just my opinion..but I think you have a very practical and smart plan. *tipshat.
As for the original video...I'm a fan of Stephan Molyneux...sort of...but.... like most youtube vids take him with a grain of salt. He is a staunch libertarian..and sometimes his ideology can get the best of him. I wouldn't discount everything he says...but I wouldn't take everything as gospel either. Some food for thought...but not necessarily all the story nor does he have a crystal ball. Merely another narrative.
Protector....you posted Stephan Molyneux..I would never have guessed...how scandalous. π
https://www.internationalpreppersnetwork.net/viewtopic.php?f=57&t=7738
