Mistakes to Avoid During an Economic Crisis

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To be a competent survivalist, not only must you know what to do, but you should also know what not to do. Making the wrong moves can not only get you in serious trouble but could also mean a loss of property or life.

In this article, you’ll find 7 mistakes commonly made by most people. Avoid them and you’ll have a much better chance of surviving an economic collapse without too much suffering.1. Not being preparedLike they say, “Failing to prepare is preparing to fail” – and you must be prepared if you’re going to weather the storms of life. Save your money, store your food supplies and whatever else you may need if you must huddle in your home for a few weeks.2. Not having cashHaving a few thousand dollars in cash safely stored at home is a very good idea. In an emergency, you’ll not have time to get to the bank or an ATM. 3. Flaunting your wealthNever flaunt your wealth or boast about how prepared you are. This is asking for trouble. Desperate people will not think twice about robbing you or even hurting you to take what you’ve got.

4. Taking part in protestsDuring an economic crisis, there may be groups of people protesting at certain places. Do not join in the protests. Nothing worthy is ever achieved during these protests. In fact, it can get violent and the police may end up firing tear gas or shoving people out of the area.

You’ll not be helping yourself and may even get injured in the process. Stay at home and think of ways to help yourself instead of looking for trouble.5. Not securing your homeAlways take measures to secure your home. Lock the doors, use door jambs, fasten the windows, have a burglar alarm, set up motion sensor floodlights to scare off any criminals skulking in the dark at night and so on.

During an economic collapse, depending on where you live, essential services may breakdown. While this rarely happens in first world countries, it is a common occurrence in third world countries.

The police, fire department, etc. may not have the funds to operate. You may not be able to call for help if you live in one of these countries. So, protecting your home and yourself is of utmost importance.

If you live in these countries, you must have an exit plan should things go sideways… and you’ll have to evacuate fast.6. Trusting the bank blindlyDo not put all your money and valuables in a bank. When the economy collapses, your bank may collapse too. During the financial crisis of 2008, the Lehmann Brothers financial services firm went bankrupt and thousands lost their savings and investments.

Others like the Royal Bank of Scotland, AIG, Fannie Mae, Merrill Lynch and several other financial institutions needed a government bailout to save them. So, don’t blindly trust these institutions where excessive lending and a fast and loose attitude may result in huge losses.

Remember these 6 mistakes and err on the side of caution. Your survival depends on you being prudent and alert to what’s going on in the world.

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