Preparing for Another Economic Crisis
Are you prepared for another economic crisis?
America’s worked through many economic challenges in my lifetime. Now, doomsayers say a currency collapse is coming, but hold on. Think about this: No other nation has the vast diversification of economic output nor presents a viable alternative to the stability of the U.S. dollar. Now our debt and money printing could usher in hyperinflation. Combine that with a pandemic and it spells trouble.
So, diversify your investments and income sources. In Ecclesiastes 11, Solomon advised us to diversify into seven or eight differing assets. He also recommended having multiple sources of income. Does your career provide an essential service? Have you worked during Covid? If not, consider a change or get certified in an area providing greater job security. This is important to remember when preparing your children for their future.
Also, get out of debt. The Bible warns us to avoid debt, comparing it to slavery. Weathering a crisis without debt, grants flexibility and far less stress. Invest in hard assets or commodities. Experts say to diversify in real estate, equipment, commodities, precious metals, and digital currencies. However, when fear or volatility rises, the prices of these will too. Finally, do not fear. Nothing can separate us from the love of God.
The body of Christ needs to be informed and prepared for any event. In my new book, “7 Gray Swans, Trends that Threaten Our Financial Future”, I discuss economic trends and challenges that we’ll face such as universal basic income, modern monetary theory, a cashless society, and more It’s available now at Amazon.com.