4 easy steps to prepare yourself for the Crisis
Try to avoid debt whenever it’s possible. Your intention should be to save as much money as you can, so when difficult times come you will be able to live off your savings. Unfortunately the bankruptcy law has been recently changed, so it is more difficult to simply declare bankruptcy.
Secondly, pay off your mortgage quickly, because the housing market will most likely collapse even further. For example, if someone paid $300,000 for a house and then sells it for $200,000, he or she might end up not only not owning their house but also having a $100,000 debt.
It is also a good idea to purchase some inexpensive land in the country area. Build a house, or simply buy a used RV. Anyway, make yourself sure that you are the owner of the house free and clear. This will allow you to live a rent-free and mortgage-free life for as long as it is necessary.
Finally, spend some time developing skills that will always be in demand. You might consider becoming a decent electrician, handy-person, carpenter or even a cook. In times of economic recession there won’t be much demand for people with deep understanding of content management systems, but somebody able to build a house will always have a place to crash.