Protect Yourself From Economic Crisis

This is a question I think we all can relate to. In a failing economy how does one protect themselves from economic crisis? Lets Face it the economy is in a critical status. People are loosing their jobs companies are exporting work over seas and people are loosing their homes left and right. I'm surprised that the stock market hasn't crashed completely. With all this economic turmoil what is one to do? As they say if you do not learn from history you are doomed to repeat it. With all this bad news there is a ray of hope and it all comes down to the way your respond to the situation.

Protect your assets. If you own a home or are planning to buy a home, attempt in every way to keep your 30 year mortgage rate fixed and not a variable rate. In addition if you're having trouble with your mortgage, contact you're lender asap and see what you can work out. A lot of people don't know that it cost the lender roughly $60,000 dollars to foreclose your home, so it's in their best interest to help you keep your home.

If you invest in stock or have a 401k plan, I urge you not to concentrate all your money on one particular stock niche,or just your companies 401k . Instead look at your portfolio and diversify your stocks as much as you can to protect yourself. I hate to say this but the dollar is on a steady decline and your best bet is to invest in foreign stock. I suggest you make an appointment with a trusted professional to view your options.

Invest in gold bullion or precious metals. I can't tell you how important this is. Money has always been back up by gold unfortunately with the advent of fiat money the standard has been changed, however gold is always the more valuable commodity, in addition to other precious metals such as platinum, silver, Palladium etc.

Last but not least attempt in every way to reduce and manage your debt. I don't care how much debt you have, if you are adding to the pot you are hurting yourself. Instead find a way or seek professional help to manage your debt. It's terribly unreasonable to say eliminate debt, Instead I encourage you to manage the debt that you have.

By ehow.com