It is scary times for sure, what to do????? Any and all advice appreciated.

[w8tlifterty]

+++Mods, i didnt post to the main forum b/c you always move my post here or to world issues but these areas dont get enough traffic, so i respectfully ask if one of you read this plz move to main forum. I would really appreciate some good advice on these topics+++

I've really been trying to do a lot of research on what to do in the coming months as far as our US economy goes. I really believe we are headed for a crash. So what can we do to prepare ourselves. Especially those of us that have been smart with our money (no disrespect intended to anyone). I have no credit cards, i save money every week and work very hard for the money i make. I would hate to have the cash i have saved be worth nothing. I have some savings in a bank but i save most as cold hard cash. But seeing many threads lately our dollar could crash and it will be worth nothing??? I have lost all confindence in our government and really feel as if we are being provided a false sense of security. What would be some smart plans of action?

Also, I just recently went back to finish my degree, is this a smart move right now as i had to take out student loans to do so as i didnt want to pay tuition up front. Would it be wise to get out of these loans now? Possible put school off for the time being. I have a rather successful small business. Can student loan rates go up or are they fixed?

 

[jayuk]

If you have cash and are debt free sit it out.

That truely is the best advice anyone can give!

Currency and devaluation are all respective and whilst in the short term the USD will fluctuate longer term it will be the global currency of choice as long as Oil is traded in USD.

Maybe skill up? Maybe look into areas which benefit from downturn? Maybe look into areas that are not recession affected?

 

[Nssca]

Go to you tube and listen to anything Peter Schiff has to say.
This will gt ya started:
http://www.youtube.com/watch?v=8PIEGK0IbA4


http://www.youtube.com/watch?v=AQBeaW91bOg

http://www.youtube.com/watch?v=Hz4vNHzamsY&feature=related

http://www.youtube.com/watch?v=0i9LXEm7E-Q&feature=related

 

[Big A]

If you have cash and are debt free sit it out.

That truely is the best advice anyone can give!

Currency and devaluation are all respective and whilst in the short term the USD will fluctuate longer term it will be the global currency of choice as long as Oil is traded in USD.

Maybe skill up? Maybe look into areas which benefit from downturn? Maybe look into areas that are not recession affected?

Excellent advice. If you are still freaking out, buy gold or diamonds. Both have pros and cons - gold is easily cashed in anywhere in the world and there is no border control for it in most countries (you don't have to declare it) but it's subject to price fluctuation.
Investment quality diamonds are not as easy to cash and the quality could be questioned if not foolproof documentation exists, but price is very stable and they are very easy to move (small and light), but are part of border restrictions.

 

[w8tlifterty]

Thanks Jayuk, Big A and Rooster, the advice is greatly appreciated.

 

[xxxChrisxxx]

Stay positive. Some of the best opportunities come after an economic downturn.

 

[Nssca]

The Unemployment rate is at 8%+ as of march 09 but if anyone was around in 1982 the unemployment was at just over 11% and no one talks about those times...

 

[ASPanabole]

tips

my friend is a Billionaire oil guy. he banks in sigapore and panama, does all his business 100% tax free from Panama. No income of gains taxes on your IBC there. You only pay 15% tax on what money you make selling inside panama, if you dont sell goods in panama then you are 100% income tax and gains tax free. Start selling supplements, tv's whatever teh hell you can get drop shipped from china.

Do what Big A said and put a good bit into Gold, though it fluctuates over time it always increases and is what backs all paper monies. Diamonds is not bad either but as Big A mentioned you will have a little less freedom to cash it in.

If you sell items and take money in Euros, you can convert some to dollars for where you live and pull funds from panama account with a numbered visa card.Euro is damn near worth two dollars & so is the GBP

so you convert 50,000 euros to dollars offshore and you have nearly $100,000 to spend on untrackable items food, gas, dining out, hotels , trips etc... leave teh rest banked in panama or vaulted gold IMO

just looked on xe.com 1000 euro = $1,348.45 so you make 40% almost by converting to dollars. It was 1.78 Euros to the dollar about 1 month or two ago, it sbeen a whiel since I converted any

but hell still a 40% gain for doing nothing is easy money

 

[marilyn]

Stay positive. Some of the best opportunities come after an economic downturn.

Listen to these guys as they have given you good advise.....It's easy to get freaked out by all the bad media...don't get so caugh up in that.....they will have you thinking the world will end tomorrow if you do...

I believe student loans are fixed, but you should be able to see in your school loan docs..

There are great opportunities too right now, and good things happening that you don't hear about.....it will be okay.. America is strong, and we are strong people....glad to see you are smart with your money..If you are a first time buyer, it is a great to purchase a new home;

low interest rates
low prices
incentives
tax credit ($8,000) you don't have to pay back..must be in the home by Dec.09

you can even lock in int rate now while home is under construction....

See, good things, not all bad

 

[The Booger]

If you are a first time buyer, it is a great to purchase a new home;

low interest rates
low prices
incentives
tax credit ($8,000) you don't have to pay back..must be in the home by Dec.09

We recently just did this. Do NOT expect to close in under a month if going through the federal government for your home loan. They are freaking packed. We had our closing date set back three times, finally got the home. Good interest rate, decent house, etc. It's a starter home really. It was cheaper to buy than rent an apartment or house.

The only problem is I'm having one HELL of a time finding a job. I have excellent grades (3.8GPA through 5 years of college......made some bad Major decisions....), great work history, lots of extra crap. Think I'd get hired? HELL NO. They hired some 5'2" woman to do a loading job for appliances. Er, dumb? Yeah. We can still afford the house thanks to my girlfriend and my savings. My parents are helping with paying for repairs and such, as they just paid their house off last month.

I'm going to be a dick in about 1.5 months. MIGHT get hired at this place claiming I might be moving, might not, even though I know I will be. In 1.5 months, I'm putting my two weeks in. It sucks but I need the money. Sort of a dick move but hey....my turn to screw someone for once!