It was the worst of times, it was… the worst of times. Some days it really feels like it. Inflation eats away at your purchasing power. It costs a small fortune to fill up your gas tank. And don’t even look at your 401k or stock portfolio.
With so many things going wrong at once, what do you do? And given the various factors affecting the economy, from the Federal Reserve’s monetary policy decisions, to the government’s fiscal and other policies, to energy results and the international landscape, there’s a lot to consider.
The US dollar is strong against other currencies around the world, but as market trader and analyst Jim Iuorio put it, it’s weak against a loaf of bread — as well as many other needs in your life.
I spoke to Glenn Beck about his recent BlazeTV Economic round table special go through different scenarios, from the most likely scenario to the worst scenario and even some of the ultimate worst case scenarios.
Given the number of variables, it’s important to prepare for short-term, medium-term, and long-term issues, and to hedge yourself to ensure you’re covered should things end up in a “possible” bad scenario, “probably” a.
As for your near-term preparation, it’s almost certain that the broader or “macro” economic environment will worsen from here on out. You should take a savings perspective and cut unnecessary expenses while you build up your emergency funds.
If you’re lucky enough to have extra funds, you can maximize your employer’s $401,000 adjustment, look at inflation protection through Series I savings bonds (if you can keep that money tied up for five years), or for a shorter duration, find one certain returns – even if they don’t keep up with inflation – from short-dated CDs. Keep your “powder dry” for mid-term preparation.
Prepare, but don’t panic.
Should markets continue to fall and show weakness, work with your financial adviser to begin closing positions in the market on either a broad basis (e.g. good long-term earnings thesis. Work with your adviser to, taking into account your objectives and risk profile find the right mix of stocks, bonds and alternative assets, including hard assets.
Prepare for the worst-case scenario by adding hard assets to your investments if you’re not well diversified there. This may include gold and other precious metals, land and other tangible assets that generate income. Also, have media of exchange ready (think guns, ammo, food, water, power sources, emergency kits, baby food, etc.).
Either way, build your mental resilience and your support network of friends, family, and other important community members. Learn independence. And begin protesting actively and peacefully against the decisions and the institutions that make them – the Federal Reserve and government at all levels. We cannot continue to allow our financial base to be manipulated and destroyed at their behest. We need more voices actively speaking out against it.
For more insight, check out my conversation with Glenn Beck and market trader and analyst Jim Iuorio here.
Also sign up to be notified of an upcoming project of mine that will help you protect your wealth in the face of forces working to take away your economic freedom CarolRoth.com/Glenn.
It won’t be easy, but we can get through this together.
Pain is the Point: How to Survive Biden’s HELL Economy | Glenn TV | Episode 226
https://www.theblaze.com/op-ed/roth-survive-biden-economy Roth: How to Survive the Economic Pain Ahead in the “Biden Economy”