The Great Depression of 2008

[yaz]

Ok so I've convinced myself that there is going to be another great depression. What is the best way to retain wealth or even become rich during this if it should happen? If anyone is an expert in this subject please pm me.

[Sandra]

The first thing to do is maintaining what you have. Pay off as much debt as possible.

[derdy]

There are a ton of books on the matter.

Back in May I read, "America's Financial Apocalypse: How to Profit from the Next Great Depression"

It was a really darned good read with lots of graphs, charts, and data sited from various sources. It was also pretty easy to read. I didn't really pay much attention to the "How to Profit" portion which made up the closing chapters. I don't have the money to invest in the recommendations except for the obvious small purchases of gold and silver. Having a bug out kit, MRE's, etc, also wouldn't be a bad idea because when the SHTF and everyone goes to buy supplies etc, the prices go through the roof. Better to be prepared then not.

www.dollarcollapse.com has a lot of books listed as well.

I'm not going to promote a certain book, but the one I read I thought was great.

[TheEvilDetector]

Buy Gold Bars.

Pay off Debt.

Do not live beyond your means.

Have a 2 or 3 month supply of food (cans etc).

Make sure you have means to defend yourself.

[fsk]

In a SHTF scenario, if you are the only person in your neighborhood prepared, you are likely SOL.

It isn't enough to be prepared yourself. You need to make sure that all your neighbors are similarly prepared. Having 3 months of food doesn't do any good when 30 friends and neighbors show up asking for food. What are you going to do, shoot all of them?

[derdy]

In a SHTF scenario, if you are the only person in your neighborhood prepared, you are likely SOL.

It isn't enough to be prepared yourself. You need to make sure that all your neighbors are similarly prepared. Having 3 months of food doesn't do any good when 30 friends and neighbors show up asking for food. What are you going to do, shoot all of them?

Don't let them know about your preperations.

[noxagol]

Gain hunting knowledge and get some reliable weapons and lots of ammo. First order of business is survival from hunger and from hostiles.

[ZenX]

Sheesh...you guys scare me. So err, living in an apartment, are they liable to throw my family out?

[foofighter20x]

In a SHTF scenario, if you are the only person in your neighborhood prepared, you are likely SOL.

It isn't enough to be prepared yourself. You need to make sure that all your neighbors are similarly prepared. Having 3 months of food doesn't do any good when 30 friends and neighbors show up asking for food. What are you going to do, shoot all of them?

I was thinking more a long the lines of declaring a personal religious conversion to polygamist Mormonism and then marrying all their cute daughters. :p j/k :)

[sparebulb]

Sheesh...you guys scare me. So err, living in an apartment, are they liable to throw my family out?

Unfortunately, the denser the community, the more vulnerable you will be WHEN there is an interruption of goods or public utilities. Think priorities: water, food, shelter, defense. When SHTF, many in the city centers and suburbs will perish.

[noxagol]

Sheesh...you guys scare me. So err, living in an apartment, are they liable to throw my family out?

Yes. When you lose your job and can't pay the rent, expect to be kicked out. Also, when they can't pay for the apartment complex because no one can afford to pay rent, expect the bank to kick you out. They didn't have Hoover Town's during the great depression for nothing.

[ape]

You should always stock up with non perishables, a bunch of distilled water, portable generators, and medical supplies just incase of emergencies. Weapons are always a plus, especially if you have precious metals. Some people are crazy in desperate times.

homeowners should also think about getting a few chickens and a rooster. They're always handy even in non emergency situations and cheap to feed if you prepare beforehand. Cook yourself some eggs.

[seapilot]

Honestly I dont think it will be that bad...I mean fighting off your neigbors wanting food. A nuclear holocaust yes a depression no.

This happens in third world countries and they end up surviving, its just that not many alive in this country have experienced a great depression. Things I predict might occur:

Crime will get really bad, lots more homeless on the streets, the currency will be incredibly unstable and prices will double or triple. Savings will be wiped out and people will be earning a more dollars that are worth a lot less. People will be forced to buy basics instead of new tvs and living off credit cards. People will have to move down in lifestyle than they are used to now.

Middle class will be poor, Poor will be poorer and the Rich will be fine and dandy in thier security protected armed guard neigborhoods with razor wire, if they havent already fled the country.

Buy some gold or silver, have some cash. Even though fiat is worthless, there really isnt that much paper money out there as digital dollars. A bank could run out of cash quickly if people wanted to "cash" out.
Buy bulk food items from wharehouse stores, cheaper and saves trips to store
Get a wood stove
Move to the country if you can. Get a car that goes a long ways on little gas.
Buy a gun, know how to use it otherwise its worthless.

[ZenX]

Well, the wife bought a Glock last year, so I imagine we'd take the Camus approach if mobs start-a-knocking. ;(

[Suzu]

I've already been living as if in a deep depression since 2001 when my husband ran off to South Africa (and took all our saving plus 60% of the monthly income). My monthly expenses are larger than my income ($700/month), so I've been selling stuff that I can live without, and going into debt when emergencies arise. I stopped driving last year. When things get worse, I will cancel my internet service, enlarge the garden and grow more of my own food. That's the best I can do.