We are in serious trouble.
The world is a mess, and it is getting worse with time. Everyone is affected by increased unemployment, higher rates of homelessness, and heightened costs. Whether directly or indirectly.
A recession is not on the horizon… It has already begun. The Great Depression was nothing compared to what lies ahead.
The Difference Between A Recession And A Depression
While similar, the main difference between a recession and a depression is the reach and time.
Essentially, the effects of a depression will be more severe than a recession. They will also last longer and spread further.
Still, no matter which term you choose, life will quickly become challenging.
What Would The Great Depression Look Like Today?
Life in 1929 was very different than the world we live in today. Things were more straightforward. Life was less complicated. Sadly, even in the simplicity of 1929, economic catastrophe was inevitable, and perhaps it is today as well.
Related: 6 Warning Signs Before An Economic Collapse That Most People Miss
Although we have learned much from past events, knowledge is not a preventative measure – history tends to repeat itself.
So what would it look like if the world saw a Great Depression today?
If The Great Depression were to occur today, it would look much different than it did in 1929. First, citizens today are far more reliant on the system than they were in the times leading up to The Great Depression.
In fact, social welfare and many government taxes were implemented after the depression and were not an aspect of everyday life before it.
One big thing to consider is the way we live day to day. When you’re hungry, you go to the grocery store and buy food.
For the most part, people today have congregated in cities, and those in rural areas often rely on the city folk to survive and vice versa.
Most of us do not have the land to grow our food; even if we did, many would not know how. Our survival skills today are lacking at best, and we have grown accustomed to a comfortable way of life.
Related: 30 Primitive Skills Every Prepper Should Know
The truth is, many of us believe that it can’t or won’t happen again. We cite our knowledge and understanding of the economy as support.
However, knowledge of wrongdoing does not always stop the misconduct, as we have seen many times. I don’t know about you, but I am uncomfortable putting my faith in the system or my life in its hands.
A greater depression can happen, regardless of our knowledge and despite our experience.
Imagine for a moment that there were no more grocery stores. Pretend the water to your home stopped flowing and the electricity shut off. Take a second to visualize life without all the luxuries you are used to having.
Would you survive?
Being prepared means understanding that anything is possible and having the essentials to face the problem when it appears, whatever it may be.
How To Prepare For The Greater Depression
Preparing for another depression will require resilience, knowledge, and creativity. There are things you can do today to ensure your well-being tomorrow.
Find A Secure Income Source
Millions of people lost their jobs during The Great Depression, and unemployment was at an all-time high.
Unfortunately, we saw similar effects during the pandemic.
If you want security for the future, find a reliable source of income today.
Limit Your Spending
Learning to manage your money is essential. Much of the suffering in the greater depression will happen because people fail to properly budget their funds.
Limiting your spending to the bare essentials will be a benefit when a crisis occurs. You could lose your job without warning, and severance is not always an option. Prevent chaos by preparing for the worst.
Live Within Your Means
We all want nice things, but is it worth the stress and strain? Living beyond our means has become such commonplace today that entire industries thrive off it.
Keeping up is impossible if you struggle to keep a roof over your head.
While having that fancy car or house is lovely, learning to live within your means is essential if you want to be prepared.
Keep An Eye On Debt
As with spending, you must be aware of your debt. When you owe money to credit cards, car loans, or mortgages, much of your payment goes towards excessive interest rates.
Keep an eye on your debt and keep it under control.
Build Your Savings
Having savings to fall back on is ideal. In fact, even a dollar a day can make a big difference.
Related: 10 Great Depression Era Strategies For Saving Money
Savings could mean the difference between having a place to rest your head and sleeping on the streets. Grab yourself a piggy bank and start putting away money for the future.
Prepare for Inflation
Understanding the financial climate is only half the battle. You need to be prepared. You can prepare for inevitable inflation, which has already begun, by:
- Diversifying investments
- Building an emergency fund
- Creating a tight budget
Put Away Some Cash
Using the piggy bank mentioned above, store cash to have on hand. Banks may encounter issues during a global crisis, and it is not unheard of for them to withhold funds.
Also, how do you access an ATM if there is no power? How do you get cash if you can’t access your bank account?
Arm Yourself With Knowledge
Knowledge is one of the best tools you can have in a crisis. Be sure you are up-to-date on global news and knowledgeable on survival tactics.
Related: Survival Hacks From The Civil War That Are More Useful Than Ever
I suggest having basic first-aid knowledge and an understanding of hunting or fishing. When push comes to shove, these skills save lives.
Purchase Cheap Land
If you can purchase land, do it. The ever-expanding population means property is scarce. Snatch up affordable land, and secure your future.
Create A Community
Building bonds within the community today can help tomorrow. In a crisis, seeking help could be dangerous. Better to build relationships now while you can.
Stock Up On Necessities
Creating a stockpile of everyday necessities is essential. Stock up on things that may be difficult to acquire in a crisis, not only food but also other necessary items.
Consider storing medications, personal hygiene products, first aid supplies, batteries, cash, clothing, and tools.
One of the best things you can do to combat an impending recession is to become more self-sufficient.
You can become more self-sufficient no matter where you live. Here are a few ways to create self-sufficiency:
- Grow food: You can grow many plants in pots. Consider growing carrots, peas, beans, potatoes, and other veggies to save money.
- Grow medicinal herbs: When medical care won’t be available, having medicinal herbs on hand could make a world of difference. Here’s a medicinal garden kit that has the 10 medicinal plants you need to have in your backyard in a crisis.
- Preserve food: Learning to preserve food is a great way to prepare for a crisis. Preserved foods last a long time and can be easily stored.
- Learn new skills: Some skills will help in a crisis. Gain handiness skills, learn a trade, and discover first aid. These skills, and many others, will be valuable.
- Switch to reusable products: Swap to reusable water bottles, bags, and containers. This small change can save a significant amount of money.
- Locate resources: Find local resources that will help in a disaster before you need them.
- Look into alternative energy: Solar panels or wind turbines could be the way of the future. Don’t wait. Look into these options today.
- Turn to natural products: Stop wasting money on products that can be made at home. Look for natural alternatives to products you use daily. You will save a significant amount of money and help the environment.
- Don’t replace; repair: Fix an item when it stops working. Online tutorials can help you repair almost anything. Try it before you toss it.
We already know that inflation is inevitable. If you can change even one thing to make your household more self-sufficient, you will be ahead when SHTF.
Preparing needs to start today because tomorrow may be too late!
While no one wants to think about what could happen, we must prepare. It is past the point of pondering.
History has shown us the power of a system-wide failure; I assure you, the effects would be far worse today.
If you are not ready, you will be left behind. Thankfully, it’s not too late. Use the tips above to help you prepare for the inevitable and stay safe.
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