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Thread: Economic downturn preparation techniques?

  1. #1
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    Default Economic downturn preparation techniques?

    As a sort of off-shoot from agl4now's thread, I was wondering what people could do, or are doing, to be better prepared for an economic downturn?

    A couple examples:
    -get rid of any debt you can
    -try to curb unnecessary personal spending (lattes, bottled water, comfort foods)

    I thought it would be good for all to hear the many different ideas! Prepare for the worst, hope for the best!

  2. #2
    Member JR2's Avatar
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    All of the above, and I have been planning for twenty years to loose my job one day. Have an account to cover a year of living and maybe more.
    2007 Kingfisher 2825 - Stor Fisk

    Civilization ends at the waterline. Beyond that, we all enter the food chain, and not always right at the top. -- Hunter S. Thompson

  3. #3
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    Always have an emergency fund as was mentioned above and be frugal. I never know year to year how much work we will get. No work right now.

  4. #4

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    In addition to get rid of debt and minimizing your economic footprint (how much money you need to live month to month):

    - Take care of health issues while you are insured, specially any problems with your teeth.
    - 3~6 months cash reserves in case you have to weather out a long period of unemployment. If you don't know how to save money at all, start there.
    - Having the right skills can make you recession proof; develop new marketable skills, gather the tools you need to perform them.
    - Develop healthy relations with close friends and family; there should be a reciprocity in taking care of one another. If somebody leans too much and tries to take advantage of you, well that wasn't a healthy relationship.

  5. #5
    Member AK Troutbum's Avatar
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    Default Economic downturn preparation techniques?

    Make sure your stalked up with plenty of firearms and ammo, rice and beans, a couple freezers full of moose, deer, and salmon. Also, don't forget to throw a few flyrod's and some fuel for the generator into the mix..... Oh, wait a second, you said economic downturn. Yeah, what I just said.


    Sent from my iPhone using Tapatalk

  6. #6
    Member sayak's Avatar
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    Alaska would be very expensive state to live in during an economic downturn if you were wanting to live off wild game. On the road system at least, you're talking a 200-500 mile trip for caribou. Deer hunting also requires travel and a large boat, and moose will be sought after by everyone (and you can bet poaching will be a big problem). Raising chickens and rabbits is probably a better idea if you can afford to keep them warm and fed. If I was hoping to live off the land I would choose Southeast Alaska away from a town. There will always be deer and fish/shellfish.

  7. #7

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    A good garden in the summer and put away much of what you grow.

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