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Steppenpig

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If the mother of all cashes was imminent, how would you best protect your wealth and your situation generally. I'd be particularly interested to hear who or how people survived the 1929 crash.

edit: imminent could be several years

Edited by Steppenpig

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Swiss francs have been good to me ;)

Sadly, the ownership of land and property is the ultimate safeguard; short term they may fall, long term they go up.

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Generally don't do stupid things financially.

1. Stay away from credit

2. Pay off your house early.

3. Don't take out a mortgage that costs more than 25% of your take home pay on a 15 year fixed.

4. Only buy a house if you are going to live in it for at least 5 years.

5. Don't buy investments (shares/property, etc) because the price has recently gone up.

6. Don't buy cars on credit, cash only.

7. Don't buy timeshares

8. Don't buy gold or other commodities.

9 Don't do day trading.

10. Don't buy single stocks, much better to buy index trackers, for example FTSE 100 index tracker.

11. Don't lend money to friends and family.

12. Don't own cars worth more than 50% of your annual salary when added all up.

13. Only buy investments that puts money in your pocket every month.

14. Stay away from pyramid schemes

15. If it is too good to be true, it is.

16. Have at least 3 months of living expenses in a savings account for emergencies.

17. Spend less than you earn every single month.

18. Suck up to your boss.

19. Save a minimum of 15% of your pay towards your pension.

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Guest eight

Wait till you're just about to hit the bottom and then jump.

Oh sorry, that's for use in a plummeting lift scenario.

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IMO, if the world is to plunge into mayhem, money, gold, luxury items etc. will not get you very far. If the real crisis strikes, the personal wealth will not matter. What will matter is ability to keep yourself and your next of kin safe, to feed them, to keep warm, dry and healthy. If anything at all can help you with these tasks it will be of the real value. Examples: any means of transport, fuel, tinned food, water filters, weapon for personal protection etc. Obviously, a safe shelter is of paramount importance regardless whether you own it or rent it.

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On the most basic level I keep a months supply off food in the house at anyone time. If it all goes proper tits this will be more important than losses on my stock portfolio. I don't envision a mad max style collapse but I could imagine some chaos if the banks went down for a few days. The supermarkets only have 3 days of food and the government is utterly hopeless.

Any actual wealth I will just take the hit, I don't think there is anyway you can really protect yourself now, everything is a bubble from gold to classic cars to art to the stock market. I am expecting my pension to end up worthless.

There are things that can retain value...

Your health is a good investment too, sounds stupid but what good is a billion dollars and a basement full of gold if your body is ******ed.

skills, any skill you have has a value even if it means you dont have to pay anyone to do a task for you. I have skills that are self taught that have paid me a lot in part time work over the years.

Your friends - if it all goes tits or you end up penniless as I have I cannot express the true value of good friends.

everything else will probably get seized when the banks go tits and the state tries to protect itself.

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On the most basic level I keep a months supply off food in the house at anyone time. If it all goes proper tits this will be more important than losses on my stock portfolio. I don't envision a mad max style collapse but I could imagine some chaos if the banks went down for a few days. The supermarkets only have 3 days of food and the government is utterly hopeless.

Any actual wealth I will just take the hit, I don't think there is anyway you can really protect yourself now, everything is a bubble from gold to classic cars to art to the stock market. I am expecting my pension to end up worthless.

There are things that can retain value...

Your health is a good investment too, sounds stupid but what good is a billion dollars and a basement full of gold if your body is ******ed.

skills, any skill you have has a value even if it means you dont have to pay anyone to do a task for you. I have skills that are self taught that have paid me a lot in part time work over the years.

Your friends - if it all goes tits or you end up penniless as I have I cannot express the true value of good friends.

everything else will probably get seized when the banks go tits and the state tries to protect itself.

That about covers most of it for me.

I agree with not investing in gold, but I see no issue with holding a little bit in case of a currency wipeout. No more than you can afford to lose though.

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On the most basic level I keep a months supply off food in the house at anyone time. If it all goes proper tits this will be more important than losses on my stock portfolio. I don't envision a mad max style collapse but I could imagine some chaos if the banks went down for a few days. The supermarkets only have 3 days of food and the government is utterly hopeless.

Any actual wealth I will just take the hit, I don't think there is anyway you can really protect yourself now, everything is a bubble from gold to classic cars to art to the stock market. I am expecting my pension to end up worthless.

There are things that can retain value...

Your health is a good investment too, sounds stupid but what good is a billion dollars and a basement full of gold if your body is ******ed.

skills, any skill you have has a value even if it means you dont have to pay anyone to do a task for you. I have skills that are self taught that have paid me a lot in part time work over the years.

Your friends - if it all goes tits or you end up penniless as I have I cannot express the true value of good friends.

everything else will probably get seized when the banks go tits and the state tries to protect itself.

My thoughts exactly.

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Its always having a wee bit of gold to trade if things get bad, I dunno if they would get that bad but its a good safeguard. A selection of precious metals though dont stick with one that has littl euse outside being pretty at least silver has anti bacterial properties,

I like malt whisky. It goes up in value if you get good stuff the longer you have it, you can use it for other purposes ie medicinal or trade, If it ends up worthless I just drink it!

I once spoke to an "interesting" guy who had traversed most of this planet and got int to right hairy situations. He always carried a fine malt and always said it was the best currency if you got into some shit. :)

I cycle through my food stock so it is always as in date as possible.

I am not a prepper but I do think we have gotten incredibly complacent and self indulgent. I do worry if there was a forced bank holiday and a run on them most people would turn into hysterical 70s disaster movie women.

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Apparently fear of imminent danger leads one to desire to copulate. It's a survival instinct thing. So, go forth.....

Poor Sam Cam.

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Its always having a wee bit of gold to trade if things get bad, I dunno if they would get that bad but its a good safeguard. A selection of precious metals though dont stick with one that has littl euse outside being pretty at least silver has anti bacterial properties,

I like malt whisky. It goes up in value if you get good stuff the longer you have it, you can use it for other purposes ie medicinal or trade, If it ends up worthless I just drink it!

I once spoke to an "interesting" guy who had traversed most of this planet and got int to right hairy situations. He always carried a fine malt and always said it was the best currency if you got into some shit. :)

I cycle through my food stock so it is always as in date as possible.

I am not a prepper but I do think we have gotten incredibly complacent and self indulgent. I do worry if there was a forced bank holiday and a run on them most people would turn into hysterical 70s disaster movie women.

I suspect a standard bottle or two of prosecco would be handy either for bribing baby boomers or alternately using as a truncheon if they go feral

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I suspect a standard bottle or two of prosecco would be handy either for bribing baby boomers or alternately using as a truncheon if they go feral

LOL, would that be lidl or m&s prosecco?

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Oo, a TFH/TEOTWAWKI thread.

Its like going back in time to 2007/2008/2009/2010.

Yes, but there are probably several new models of crossbow available now, which have never been discussed here before.

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LOL, would that be lidl or m&s prosecco?

Ideally waitrose. But tesco finest or m&s might do at a pinch. Lidl is fine for other people...

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If the mother of all cashes was imminent, how would you best protect your wealth and your situation generally. I'd be particularly interested to hear who or how people survived the 1929 crash.

edit: imminent could be several years

Warren's Buffett's ancestor wrote a letter in 1940. Gives a lot of insight into how scared they were from living through the Great Depression - although were positioned to ride it out okay compared to many others - he took the following measures (see letter). Although in retrospect from 1940+ a cash-reserve, wasn't a good use of money at all, when it was the right time to invest it, in to decades of the MASSIVE LONGWAVE ASSET INFLATION / huge deficits / national debts + ever more reflations to prevent corrections to hurt the asset holders/home-owners.

With a net worth of $38bn, investor Warren Buffett is one of the wealthiest men on the planet. In 1970, he discovered the following letter in a safe deposit box along with the $1,000 cash mentioned therein. 30 years earlier it had been sent by his grandfather, Ernest — a grocery store owner — to Warren's uncle, Fred, and Fred's wife. Similar letters had also been sent to Ernest's other children.

in full http://www.lettersofnote.com/2011/10/everyone-should-have-reserve.html

In 2008 I gave my two brothers and sister a savings boost; wanted them to have a reserve - at the time had some concern the authorities may bring in a max-savings-limit for all bank accounts combined / skimming anything over say £40K. Mostly though, it wasn't really fear of that, but I thought it a good idea to invest in wider close family - and they can certainly assist me back today, in other ways if I ever needed it - advice etc - although they would have done that without.

I don't really fear such a bail-in now though. Banks been quietly improving their positions to stand up to a major HPC and a lot more on top, into the exuberance recent years.. 0.5% etc... and BTLers/forever HPI/'Only Wanted A Home' (at stupid new peak prices) thinking they're the special ones, 'homeowners are voters' etc, doubling down. I'm fully positioned in low-return financial savings, against these house prices, for HPC.

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When the time comes I will thrash a boomer with a bottle of lambrini because I enjoy ironic violence.

I will then seize there house, I will create a defensive perimeter by setting fire to the quashqai and caravan

I will then weaponize the collection of exclusive royal doulton porcelain figurines in the 2nd spare room by chucking them at whomever comes to try and take my new house.

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When the time comes I will thrash a boomer with a bottle of lambrini because I enjoy ironic violence.

I will then seize there house, I will create a defensive perimeter by setting fire to the quashqai and caravan

I will then weaponize the collection of exclusive royal doulton porcelain figurines in the 2nd spare room by chucking them at whomever comes to try and take my new house.

Genuine LOL!

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When the time comes I will thrash a boomer with a bottle of lambrini because I enjoy ironic violence.

I will then seize there house, I will create a defensive perimeter by setting fire to the quashqai and caravan

I will then weaponize the collection of exclusive royal doulton porcelain figurines in the 2nd spare room by chucking them at whomever comes to try and take my new house.

Brilliant :D

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Well, eight or nine years ago my garden consisted of one conifer, a few bushes and loads of grass. Now there are loads of fruit trees, fruit bushes etc etc etc.......and etc.

Potatoes are gold dust to me to be honest. Sweet corn is pretty good too.

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