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How to Survive a Stock Market Crash
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Last week, our stock market began to freefall. By Friday, August 21, the market was down more than 1300 points. Over the course of two days, it dropped further than any single-day crash in American history. But it wasn’t just the US stock market that had a bad week. According to Zero Hedge, markets across the globe are going to heck on a greased slide: China’s worst week since July – closes at 5 month lows Global Stocks’ worst week since May 2012 US Stocks’ worst week in 4 years VIX’s biggest weekly rise ever Crude’s longest losing streak in 29 years Gold’s best week since January 5Y TSY Yield’s biggest absolute drop in 2 years Stock market crashes are taking place concurrently in 23 different countries. Updated to add: The stock markets of Saudi Arabia, Dubai, Abu Dhabi, and Qatar have just crashed. Updated to add: The Dow plunged over 1000 points in the first 5 minutes of trading this morning. Some recovery has been made as finance gurus pull out all the stops. I’m no financial expert, but this seems like a collection of very, very bad signs. It’s time to sit up, pay attention, and be prepared to take immediate actions. It’s time to pay attention because this could go one of two ways This could just be a tremor before the Big One hits. The economic gurus at the Fed could find another way to kick the can a little bit further down the road, giving you more time to get your personal financial situation under control. Obviously, things just aren’t right, and you can consider this a warning bell. Or. This could be “it”. If there are no creative, fake-money-from-thin-air remedies left, the market will continue to fall when it opens on Monday. If the market is still dropping, it’s game on. Take these immediate steps if the market continues to fall I hate predictions. I really cringe when people try to make economic predictions or pinpoint specific dates for impending financial disaster. So please realize I’m not making a prediction when I say this. Watch the market on Monday. Carefully. Like it’s your job. If it continues to fall, we could be in big trouble. If on Monday, the market is still plummeting, it’s time to take action immediately. None of these steps will have long-term consequences if things level out, but they could make your life a whole lot easier if things get worse. Here’s what you need to do immediately in the event of a stock market crash. Take your money out of the bank ASAP. If you still keep your money in the bank, go there and remove as much as you can while leaving in enough to pay your bills. Although it wasn’t a market collapse in Greece recently, the banks did close and limit ATM withdrawals. People went for quite some time without being able to access their money, but were able to have a sense of normalcy by transferring money online to pay bills or using their debit cards to make purchases. Get your cash out. You don’t want to be at the mercy of the banks. Stock up on supplies. Make sure you are prepped. If you’re behind on your preparedness efforts and need to do this quickly, you can order buckets of emergency food just to have some on hand. (Learn how to build an emergency food supply using freeze dried food HERE) Hit the grocery store or wholesale club and stock up there, too, on your way home. Load up on fuel. Fill up your gas tank and fill your extra cans also. Quite often, fuel prices skyrocket in the wake of a market crash. Be prepared for the potential of civil unrest. If the banks put a limit on withdrawals (or close like they did in Greece) you can look for some panic to occur. If the stores dramatically increase prices or close..more panic. Be armed and be prepared to stay safely at home. (Although this article was written during the Ferguson race riots, civil unrest follows a similar pattern regardless of the cause.) Be prepared for the possibility of being unable to pay your bills. If things really go downhill, the middle class and those who are the working poor will be the most strongly affected, as they have been in Greece during that country’s ongoing financial crisis. This article talks about surviving if you are unable to pay all of your bills. After the crash, focus on information Hopefully there’s no need to empty out your bank accounts, stock up on last minute supplies, or lock-and-load for home protection. However, if this is a crisis situation, an actual 1929/2008-style stock market crash, you need to take your preps to the next level. Information is the key. It’s imperative that you learn everything you can so that you know what you need to add to your preps. Do these two things if it looks like the situation is more than a blip: #1. Bookmark these preparedness websites. (Free) The internet is a wonderful place, and best of all, this knowledge can be found for FREE! The more you know about crisis situations, the more ready you will be to face them. Some sites are friendlier to beginners than others, so if you stumble upon a forum where people seem less than […]
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