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cash during a depression

Step 1: We keep about $1000 in cash on hand. The FDIC guarantee is a promise that will be broken for sure — they’re already in the red. Those rates will only rise in the years ahead for the more affluent.Our country is about to face some hard economic choices. You can invest that money back into yourself and build up your liquidity, or acquire more catastrophic coverage and transfer risk to the insurance company. I’ve appeared on ABC News Now, Your World with Neil Cavuto on Fox, CNBC’s Squawk on the Street and more — and my first firm made the Inc 500.

Do you have a mortgage with a lot of equity built up? Building Your “IA’s” – Intellectual Assets. Again, make money on the buy and be part of the solution. Do it In your business, focus on your strongest sectors. For example, using cash value from a life insurance policy, intra-family loans, or in some cases loans from retirement plans to pay off higher interest rate loans. If you have an investment, you can set up a stop-loss, which means you automatically move to cash if the market goes down by a percentage. Invest in developing your skill set and only invest in what you know. In a deflation, cash is king. So the mob took the money they got from bootlegging and started lending it out at shark rates of 20%-plus.To put it in perspective, that’s similar to what credit cards charge over-spenders with questionable credit today!The mob was able to enforce these high rates for one simple reason — they were the frickin’ mob!It’s not that people and businesses didn’t have previously existing loans from the banks. I keep this in a safe and don’t use it to “loan” myself money etc. Now’s the time to get lean and mean. Your savings might not make money. You are your greatest asset. To do that, I want you to automate your savings and be deliberate with your investing. navigate this chaos while being able to be a leader for others.We will experience another recession, maybe even a depression. Stop relying on people who know more about sales than financial strategy. And you’ll make money doing it, too — in the short term, but even more so over the long term.There’s an old joke: “If a bear is chasing you, you don’t have to outrun the bear, just your friend.” That’s what the bear market and winter season is about — narrowing the economy down to the strongest and most efficient competitors.Finally, do what you can now to protect your income and financial assets from rising taxes. Determine the investments that make the most sense to you. When you make these changes, you will lower your premiums. So, if you’ve got retirement plans or investments in the stock market, you determine the point where you are unwilling to suffer losses or deal with volatility and remove the risk. During this time, assess your competencies and begin investing with focus. Did you know that most states publish lists of properties in default? Look for multi-policy discounts or using an umbrella policy and lowering your limits of liability to the minimum to be more efficient. However, drowning in worry and scarcity as we face this downturn isn’t the best approach.It’s also pointless to try and predict when this will turn around, fully recover, or even hit bottom.
Also, when you only insure catastrophic things, not inconsequential things, you keep more money. Let’s start with your savings: you want it to be available, assessable and unaffected by the market.

Of course, that would mean there’s an 80% chance a depression won’t happen. You could increase your elimination period on certain insurances so they kick in later. If you have any underperforming assets, you can cash them out to pay off higher interest rate loans. Why?

It’s in you, the investor. For those that have access to cash, you can make money on the buy. That advantage reduced their risk in a high risk period.And even when borrowers couldn’t cough up the cash after breaking their legs, the mob just took a chunk of their business to create future cash flow for when the economy ultimately turnrned around again.So not only were these mobsters raking in high cash flow from high interest rates, they were taking over businesses in dynamic growth cities like New York when they were the cheapest they would ever be.Lending high and buying low — it’s the perfect winter season strategy.Just think about how Joseph Kennedy made his family fortune during the same period.

You also might be paying too much interest because you don’t have the right credit score, cash flow reporting (therefore not getting the best deal from banks), collateral or even the right connections—but you can change that.Restructure loans by using equity to pay off higher interest rate loans. None of us can predict what will happen in a total SHTF situation. For example, using cash value from a life insurance policy, … You don’t have to participate in the downside of the market. Our goal in this first step is to build an automated system to create cash. But, for me, it seems ridiculous to think that gold will continue to hold value after all the other world … Instead, use your money to hire employees and invest in yourself. It is about creating peace of mind, staying power and ensuring you’ll have the cash to capitalize on the opportunities that present themselves. Although it may sound boring, paying off your debt is a good investment during a depression. )Could you rent out your home to your business for 14 days a year?Smart business owners document every dollar that goes toward their business and put together a tax team to help them maximize their deductions, which makes each dollar more productive.With your insurance, it’s time to get rid of duplicate coverages and improper structures. Even with a mortgage, you can do a streamline refinance and stay with the same entity or organization.If you have a credit card, you could look at refinancing it into a car loan, which will lower your payments. If you could refinance it and pay off a business loan, you would lower your interest payments. People like Bob who have cash. Cash and gold are good assets to own in a depression.
Here’s a great example: if you have a home office, you can actually write off more of your vehicle.

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