The Value of Hard Assets During Hard TimesEarl Griffin, Contributor Do you even have a 401K or a job for that matter? Lots of people dont. I finally realized that mine was only growing because of the money I was putting into it. Then I realized that it was going to be taxed like a beast when I started drawing from it. Of course I have no control over that money because it is not in my own possession. Im not necessarily knocking 401Ks. But I do resent the fact that I have absolutely no control over the money I worked so hard for. Of course if it were in my possession Id have far greater control. Over time Ive come to see the value of hard assets. Things I can put my hands on and feel. Assets that are under my own personal control. What would you do if the economy came crashing down? Would you have anything to eat? Would you have a way to stay warm in the winter? What would be your breaking point? The Dow dropped 2% today. What if it had just kept dropping? What will it do tomorrow? Im not about to tell you to pull all your money out of the market. Only you can decide how to best invest what youve worked for. However if you are not already doing so, may I suggest that you invest some of that money into hard assets that you control? Food is going up everyday it seems. Money invested in storable food now may pay off big in the days ahead. Wheat, rice, beans, and canned goods purchased now will go up in value as prices continue to rise. Buy bulk foods now, store them, and eat them later when the prices are higher. Food shortages (also known as famine) may be a problem, even in the United States because of the ongoing drought. In America we love to go grocery shopping. What will you do as the price of food continues to rise? What will you do when the foods you love are no longer affordable or even available? Already the food supply for humans has to compete with feed stocks for animals. We also have to compete with the ethanol industry for corn. This causes the price of grains to rise. It also causes the price of meat to go up. Because of the drought ranchers have had to cull herds across the nation. Soon beef, pork, and chicken may be out of the reach of most of us. Start putting away a little food each time you buy groceries. But this isnt just about setting aside food. You need things, too. No room you say? Get real! Store it under the bed, under the stereo speakers, and under the bedside table. Look for storage everywhere and you will find it. Maybe you dont believe there will ever be an economic collapse I hope you are right. Do you believe in terrible storms, like Katrina or Sandy? Are you prepared for that kind of a disaster? When bad things happen people suffer. Will you be caught flat-footed? Do you think FEMA or the Red Cross are going to save you? They arent. When the hard times come you are on your own. Get prepared! Your family needs clean water. Store it in barrels or bottles and keep it out of the sunlight. When the grid goes down whether from economic collapse or a storm you need to have cash, and trade goods. Be mindful though, cash may or may not have value. Things people want and need, thats what you want to have on hand in a situation where your cash may or may not be as valuable as it is today. If the power is out how will you get cash? Keep some handy so you dont have to worry about it when its all over the fan. When times are hard people need things like matches, batteries, knives, toiletries, candles, and bottled water. Have a Bug-Out Bag containing these items, at the very least. But make sure you also have a Bug-IN List. When times are hard you will need things that you can touch. You will need hard assets that you can control. You will need resources for yourself and your family. You will need resources that you can use to trade, to help relieve suffering, and to get what you want. When times are hard you have to rely on yourself and the hard assets you have prepared during times of plenty. You dont want to be in the position of having to sell your soul for the things you need. You will also need to be able to protect yourself and what you have set aside. Cash is good as long as people still have faith in greenbacks. Credit cards may be entirely worthless if there isnt any electricity. Silver holds value incredibly well. Silver dimes, quarters, half dollars, and dollars minted before 1964 are 90% silver and are widely recognized as having value. Remember though, when it comes to silver if you dont hold it you dont really own it. Paper investments are all well and good when everything is fine and dandy, but in a grid-down scenario like an economic collapse or a hurricane like Katrina or Sandy, you will learn the undeniable value of hard assets. This article first appeared at Barking Window Earl Griffins site Barking Window presentsnews that affects us all. 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