When the Big Bust comes, the things in life that actually matter will be clear. Consider how to preserve those by remaining calm and using what you have.
Step 1: Downsize and pay Eliminate liabilities, downsize the way you live, and do it within your means. Pay down credit cards and sell your car to get a more economical, fuel efficient one.
Step 2: Spend on essentials Spend the money you have on basics, like food, water, batteries, wool blankets, soap, and duct tape. Kids who have left home can move back in and contribute. Consolidate, share, and use less of everything.
Step 3: Feed your own Plant a garden and can as much as possible. Keep easy-to-store food supplies and invest in a water purification system, along with bottled water. Live near the sea if possible and fish or hunt.
Step 4: Keep safe Protect your family with locks and guns in case desperate measures are necessary during a food shortage.
TIP: Bond with your immediate community to help rather than shoot one another.
Step 5: Put together a first-aid kit Put together a basic first-aid kit for emergencies. Include bandages, pain relievers, cold packs, and alcohol, and keep the kit in a secure place.
Step 6: Barter for necessities Barter for necessities. Sell everything that isn't absolutely necessary.
Step 7: Exchange the money Convert your money and investments into precious metals and stocks. A super-inflation will render money worthless.
Step 8: Maintain rationality Remain rational and don't panic, for the sake of your loved ones' peace of mind.
FACT: America suffered a record $13.9 trillion loss in household wealth in a little over a year by 2008.