Prepping for the next finacial crash?

[Brambles]

Your bad, Jansman. Fancy buying the wrong mortgage. Hang your head in shame!

Endowment mortgages... at the time best thing since sliced bread.

Got 2 years left on mine.

Yep, I remember them, having had one myself many moons ago. Clearly I was stupid too and 'bought the wrong mortgage'. Nothing to do with endemic mis-selling by greedy financiers whose only priority is to get their snout as far in the money trough as humanly possible and line their own pockets at the expense of their clients. Nope, just us stupid consumers...

That right there is the problem. You do the right thing and seek 'expert' advice and you still get shafted. It's small wonder really so many of us have such little faith in the financial system and a justifiable distrust and contempt of those who work in it.

[jansman]

Nicely put Brambles.

[Arzosah]

That right there is the problem. You do the right thing and seek 'expert' advice and you still get shafted. It's small wonder really so many of us have such little faith in the financial system and a justifiable distrust and contempt of those who work in it.

As jansman says, nicely put (damn, I wish I'd seen this before I started prattling on here this evening, this is so concise!).

I had an endowment mortgage yep, it was the only one on offer. And I got RED letters too.

[pseudonym]

I had an endowment mortgage yep, it was the only one on offer. And I got RED letters too.

Still get the red letters - I kept mine going as a savings scheme.

Paid the Mortgage off by double payments and a pension lump sum.

[Welshwiz11]

So are ppl buying up physical gold and silver? Seems a better idea than stocks and shares and other investments?

[xplosiv1]

So are ppl buying up physical gold and silver? Seems a better idea than stocks and shares and other investments?

with the market at all time highs I think the majority of us know the only way is down especially since 2008 was a can kicking event (they never really fixed the problem just made it worse) it may continue to go up for a little while (the old saying "up the stairs and out the window" springs to mind as in it goes up incrementally but when it goes down its instantaneous) but I dont think there is money to be made, those that got in during the crash probably have already taken profits and thinking of getting out.

I've been buying gold and silver since I was in my early 20's (i'm 35 now) it's scary how much you can accumulate in just less than 15 years, I think there is better opportunity in silver for gains but gold is gold and accepted worldwide.

one thing i'll say is dont delude yourself into thinking if there is a massive crash or meltdown of the system that people will actually want gold or silver (at that time the ones accepting it will seriously rip you off), i think it'll only be after the event that its true value will be recognized so I stock up on the essentials for actually living too, which would probably be worth more than gold in that scenario.

[Deeps]

So are ppl buying up physical gold and silver? Seems a better idea than stocks and shares and other investments?

with the market at all time highs I think the majority of us know the only way is down especially since 2008 was a can kicking event (they never really fixed the problem just made it worse) it may continue to go up for a little while (the old saying "up the stairs and out the window" springs to mind as in it goes up incrementally but when it goes down its instantaneous) but I dont think there is money to be made, those that got in during the crash probably have already taken profits and thinking of getting out.

I've been buying gold and silver since I was in my early 20's (i'm 35 now) it's scary how much you can accumulate in just less than 15 years, I think there is better opportunity in silver for gains but gold is gold and accepted worldwide.

one thing i'll say is dont delude yourself into thinking if there is a massive crash or meltdown of the system that people will actually want gold or silver (at that time the ones accepting it will seriously rip you off), i think it'll only be after the event that its true value will be recognized so I stock up on the essentials for actually living too, which would probably be worth more than gold in that scenario.

You raise some interesting points mate, I've never bothered storing precious metals, maybe in part because I don't think there will be a cataclysmic event that will permanently destroy 'the system'. Even if it did happen, I don't know enough about it to be able to barter/trade either with or for it. I would know how much I need food or other essentials but something like gold while used as a value now maybe wouldn't mean as much as a 6 pack of beans to somebody. If you so inclined during a disaster, you could probably mass quite a healthy collection of Rolex's swapping food etc with desperate people. Not my bag I hasten to add. I guess it depends on what you prep for and why and as usual, what works for one might not work for another.

[xplosiv1]

So are ppl buying up physical gold and silver? Seems a better idea than stocks and shares and other investments?

with the market at all time highs I think the majority of us know the only way is down especially since 2008 was a can kicking event (they never really fixed the problem just made it worse) it may continue to go up for a little while (the old saying "up the stairs and out the window" springs to mind as in it goes up incrementally but when it goes down its instantaneous) but I dont think there is money to be made, those that got in during the crash probably have already taken profits and thinking of getting out.

I've been buying gold and silver since I was in my early 20's (i'm 35 now) it's scary how much you can accumulate in just less than 15 years, I think there is better opportunity in silver for gains but gold is gold and accepted worldwide.

one thing i'll say is dont delude yourself into thinking if there is a massive crash or meltdown of the system that people will actually want gold or silver (at that time the ones accepting it will seriously rip you off), i think it'll only be after the event that its true value will be recognized so I stock up on the essentials for actually living too, which would probably be worth more than gold in that scenario.

You raise some interesting points mate, I've never bothered storing precious metals, maybe in part because I don't think there will be a cataclysmic event that will permanently destroy 'the system'. Even if it did happen, I don't know enough about it to be able to barter/trade either with or for it. I would know how much I need food or other essentials but something like gold while used as a value now maybe wouldn't mean as much as a 6 pack of beans to somebody. If you so inclined during a disaster, you could probably mass quite a healthy collection of Rolex's swapping food etc with desperate people. Not my bag I hasten to add. I guess it depends on what you prep for and why and as usual, what works for one might not work for another.

I dont think there would be some massive meltdown either but thats what gets a lot of people into precious metals, I mainly use them as a method of wealth preservation ..... the more paper currency banks print the more my bank account balance devalues (in relation to goods and services) and the more my PM stockpile goes up in value (in relation to fiat currencies).

I dont look at PM's to make me money, its basically a savings account for me that isnt affected by inflation in the general economy.

[Deeps]

I dont think there would be some massive meltdown either but thats what gets a lot of people into precious metals, I mainly use them as a method of wealth preservation ..... the more paper currency banks print the more my bank account balance devalues (in relation to goods and services) and the more my PM stockpile goes up in value (in relation to fiat currencies).

I dont look at PM's to make me money, its basically a savings account for me that isnt affected by inflation in the general economy.

Thanks for taking the time to reply, I like to see how (and why) others do their thang. Certainly at the moment we don't have the spare cash to speculate on PM's even if so inclined. I've speculated in property which has done well for me but that's a 'real life' prep and if things went seriously Pete Tong I might as well kiss them goodbye, I doubt tenants would either continue to pay or leave if I asked if we went all 'wild west'. Pretty much all my eggs are in the one basket in that regard, once mortgages get paid then we will have other options so kind of reliant on the rise of the zombie hordes not happening before then.

[jansman]

Its all about attitude to risk.If I could afford a buy to let, I would do it.I have a pension coming in soon,and I may consider it.On the other hand my next door neighbour did this and it would make a good reality TV programme! It is solid and honest though.

Then there is the stock market.This seems to be where stupid money is made. I am not confident nor competent enough to play this particular game.It is also where the sharks seem to swim!

Then there are precious metals (PM's).Now as xplosiv1 said,these just store wealth.That is true.I am a fan of PMs.You buy them, they rarely lose value( for any length of time), but they are steady.

In Argentina in 2001 when they had their financial crash,after food,precious metals became The Daddy. Unless you had US Dollars - which was ' discouraged' by the gvt.

Right now though, anyone wanting to make? money,would be advised to buy non perishable foods, as inflation is running around 4%.So something purchased now at £1,next year will cost £1.04.Given that Sainsburys has forecast a 22%rise in food prices after Brexit,then food is a good deal!If you saved the same pound instead of spending it,allowing for the best rate right now it will be worth about 98.3 p!

Silver though had a high this time last year of 17.25%.It's slipped down by about 0.2%. However over the last two days its started to creep up again.
Your choice.