Banks are failing, interest rates are soaring, and business owners are starting to wonder how they are supposed to survive the certain financial crisis that’s ahead of us. I’ve seen major downturns in my lifetime, and fortunately that has led me to follow many great minds that have created a road map to survive the next financial criss.
After reading Amir Baluch’s article on Forbes, I felt compelled to come here and share with you a few moves you can make that will help you not only keep your sanity, but also your assets! Baluch owns Baluch Financial, a firm that deals in alternative investments, so naturally, our interests are in alignment in terms of preparing for what’s ahead.
The top way to safeguard your retirement is to open a precious metals IRA. Check out the below providers and request a free kit.
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#2 American Hartford Gold
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#3 Augusta Precious Metals
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#4 Noble Gold
Best Metals Selection
What Will I Learn?
Surviving the Next Financial Crisis
Like Baluch, I’ve ben through a few of these cycles myself. I remember various stock market crashes and 2008, although being 15 years in the past, is still fresh in my head.
Any time you read the news, you’ll probably get a little scared of what’s going on in the markets. They love to create fear, but some of what they say is going to be true, albeit, a bit late. I’ve been harping on investing in gold and precious metals since Joe Biden came into office, and have hired similar minds to help educate people how to diversify their investments all along. I’ve been right, and the way I see it, we’re just getting started. I’m not unlike the media in the fact that I do create fear in my rants, but the fear is REAL. I’m not the only one, as Robert Kiyosaki recently went on a rant you can read here.
Banks have been failing for many years. Every year, with a few anomalies of course, there are banks that fail. Here’s a full list and timeline of bank failures.
They are more common than you would think, but nothing will come close to the Great Depression’s 9,000 failed banks. Warren Buffet recently predicted more bank failures, and he’s typically regarded as one of the best investors of all time.
While I don’t think the 2023 financial crisis will be as rattling as the one we went through in 2008, I do believe we will face some trying times ahead of us. We will get through this and it won’t be as chaotic as people are led on to believe, but that doesn’t mean I haven’t taken major steps to protect my wealth ahead of these rocky times. Keeping 25% of my retirement savings in precious metals is something that will keep my long-term savings intact.
If you haven’t converted any of your retirement to precious metals, look into it now. Even 5% to 20% will give you a lot of stability in your portfolio. We’ve vetted 1,000’s of companies in the space, and have our list published of the best gold IRAS you can invest with.
Our own Tim Schmidt invested in a Goldco IRA and shared his entire experience.
Report: Majority of Americans Fear the Upcoming Recession
A Real Estate Witch poll showed that 55% of Americans who participated in the survey were expecting to “lose everything they have” in a recession.
Whoa. That’s a lot of fear. A truly alarming number. More than half of the nation (in a small sample size of course) feels they will be wiped out by a recession.
Precautions You Can Take to Protect Your Finances
If you are holding a lot of cash, don’t have it all at one bank. Make sure you don’t have too much money over the FDIC or other insurer’s thresholds in case your local bank becomes insolvent.
Having lifelines that can provide you with cash flow should things get dicey is also important. When banks go down, lending can slow very quickly. With interest rates soaring, it’s not cheap to borrow money, either.
Staying ahead of the game when it comes to working capital is the name of the game right now. Find alternative avenues outside of the traditional routes you have in place, because you can never have too many outs if things go South.
It’s also good to look at your income and diversify it as much as possible. Relying on one business sector or vendor can be risky business.
Investing Through A Financial Crisis
Every bad moment creates a real opportunity for someone else. The absolute best deals come around when things are in economic turmoil. Domain names for your business, equipment, anything that people are looking to get rid of for quick cash, become the treasure of someone else who can save a lot of money by shopping around. Huge advancements in wealth are made while others lose, so financial crisis isn’t always bad for everyone.
I’m not advising to take extreme risks, but every beaten down stock typically comes back over time. Keep your eye on your portfolio and if you are flush, dollar cost averaging can be wise.
Don’t go overly heavy in one sector, however. Keep a balanced portfolio.
Look into alternative asset classes such as real estate, cryptocurrency, precious metals, art, and collectibles.