How to survive the economic collapse Part 1

By | December 11, 2022

How to survive the economic collapse Part 1
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This video was made and produced in Austria.

Hey guys my name is Lily and today I Want to start a new series about how you Can survive The economic recession that we are in Right now so usually I make Wilderness Survival videos but because the economic Situation is so dire I thought maybe I can give you some tips On how to do better and how to get Through this crisis Now before I start I first want to let You know about my credentials So after high school I have studied Economics for five years and I majored In marketing and then after my master's Degree in economics I have worked for Various Tax Consultants and I've worked There as an accountant and I have done Taxes for at least 300 people okay the First thing that I want to tell you is There are a couple of Um People Advertising their seminars on YouTube They are promising you that you will get Rich if you just follow their method and They have developed this special theory On how to make money and if you just pay Them I don't know how many hundred Dollars for the seminars you will get Rich in the end Um don't give those people any money Because the information that they are Giving you you can easily learn it

Either for free on YouTube in the Internet or you can purchase some books For twenty dollars and then in this book They will even give you more information As they give you with their seminars so Don't give those people any money Because They just make a living off of you Apparently a lot of people are falling For it and I just want to warn you of Those guys don't give them any money so That's the first thing the next thing is I've met a lot of people in my life And some are doing really good with Money others are not doing great with Money So some people if they get money it just Runs through their fingers and they Never have savings on their bank account And unfortunately those people never Learned how to deal with money we really Have a problem in education our schools Are not teaching us enough about how to Deal with money and yes I have studied Economics so I learned A lot of Um Knowledge from there but the average Austrian citizen is not learning how to Make their own taxes how to run a Business they're learning nothing yeah So if we really have an education Problem now today the first lesson is That a lot of people don't know how Their situation is they don't know am I

Doing good or bad and what is my Situation where my assets and where's The money coming from so the first Homework that I want to give you today Is We want to make a balance sheet of your Financial situation Okay so for this we make a t all right So for your personal balance sheet I Have made this tea and on the left Column we are going to write what have I Got And the right column is going to be Who paid for it So let's say Um there's a person a and He owns a car And it's worth ten thousand dollars then Also person a has some cash at home Let's say five thousand dollars Ten person a owns a house And the value is five hundred thousand Then we have the rest of persons a Belongings maybe a TV or Um appliances in the household So let's call it rest and let's say That's worth five thousand Dollars so now we get a total of 520 000 Dollars at the left side and because This is a balance sheet left and right Needs to be the same So now we want to find out who paid for All of this Well first of all

Um presence a parents have lent him some Money for twenty thousand And then he went to the bank and he got A loan for Um Four hundred thousand and then we are Still missing one hundred thousand Now who paid for this when it's person a And this is a simplified version of a Balance sheet of course Um if this was a professional balance Sheet we would call the left side assets The right side liabilities and then we Would take out this value here Out of the balance sheet put it Underneath Um The total and call it net worth all Right so this balance sheet is something That you can easily make for yourself And this will give you A little bit of a better overview of Your belongings and also Of your liabilities so now comes the Next thing which is maybe even more Important than this balance sheet you Have I don't know how many years in your Life so nobody knows how long Somebody is going to live you might get Six years old 50 years old 70 years old or 19. nobody knows his Exact age But one thing is for certain You are going to die at a certain age

Let's say you're going to die at the age 75 75 so you have 75 years some of which You will be a child and then you will Come in an age where you can work and Generate income and then you will get to Old and Um You might not even be able to work Anymore it really depends on the Situation right so you can get sick and You don't generate any income anymore so There's only a certain period of time in Your life where you can earn some money There's also only a certain amount of Money that you're going to earn in your Life so let's say You're going to work for 45 years And you're going to generate 2 million Dollars in your life So the two million dollars is fixed Because that's what you're going to earn In your life some people might earn more Some people might earn three million Dollars four million dollars in their Lives it really depends on your Situation on your job and so on but Let's say person a earns two million Dollars in their life so let's say 1.5 Million Is going to be spendings that you have To do like for example you have to pay Off your house you have to pay for the Car you have to pay for food and for the

Food of your dog you have to buy a Laptop for working and so on so let's Say In your life you're going to spend 1.5 Million dollars on their necessities So then you're left with 500 000 that is Really your money after taxes and the Question is What are you going to do with this money In your life are you going to throw it Out the window by buying unnecessary Products that you don't need Or are you going to save it or make a Smart investment uh where this money is Becoming more so here we have the 1.5 Million that you need to live your life Um let's say like a decent human being Of course you can lower this figure here At the side you can say I'm not going to Live in a house I'm going to live in a Truck in a camper van or something then This figure here lowers and then more Money will flow from this side to the Other side and then you will have more Money to spend so of course there are Some things that you can do to lower This figure here at the side but let's Say you want to live in a house you want To own your own house you want to have Um maybe two children then this figure Is going to stay Um pretty much the same so it really Depends on How good you are on saving money

Because then you have more money here at This side which is getting freed for Either buying luxury goods or making Smart Investments Okay so here we have now let's say for Person a 500 Grand that he can spend in 45 years that's about eleven thousand Dollars that he can spend In one year average now the thing is What are you going to do with this money And I'm going to tell you that there are Very smart people after this money here Especially and this is exactly where Marketing Kicks in Marketing has the goal To raise a need for a product or for a Service so that you really think that You need to buy this one product now in Order to have a fulfilled life so the Quintessence of marketing is that they Want to raise a need for a product Um which might be a good product But also it might be a product that you Don't need so you have to be really Careful uh on what products and services You're spending your money on because There's only so much money that you have Left to spend in your life let's make a Difference graph a graph so you can see How important it is to have a higher Income than expenses So this is the income and here we can See

Time So let's say uh the blue color is your Income So you have a fixed income a job let's Say at a restaurant your waitress And your income is pretty much the same Sometimes you get a little bit more tip But average it's pretty much the same Throttle here now the red marks your Expenses so hopefully the expenses are Lower than your income these are the Expenses for your house for the interest Rates for paying back the loan for Buying food for your family suddenly There's a crisis And all of the products that you need Are rising in the price So now we have a rice here let's say There's a crisis that causes inflation So now as you can see The expenses line is getting close to The income line And that's really bad because now at the End of the month you don't have a lot of Money left to spend so now let's say There's another crisis a crisis of Shortage let's say there's not enough of Electricity and natural gas So now the house is generating so much Cost That you are having more cost than you Are getting with your income Okay so let's say this is one year January to December

Now in this time You're saving money let's say here you Saved 6 000 US dollars But then at the end of the year you Spend more than you got so here we have Um a deficit That's let's say it's uh three thousand Minus three thousand So now because of the crisis instead of Making the average 11 Grand a year You're just making Three thousand US Dollars this year So that's really bad You're still making savings but not as Much as you would have done without the Uh crisis of the economy So as you can see my friends Um An economic crisis is robbing us of our Savings now this person still has Savings which is good but some people They are losing all of their savings and Then they are getting into debts which Is even worse for them now it really Depends on what's the reason why you are In depth now Taking up a loan to buy a car is not a Good idea why because cars are always Losing value especially in the first two Years so don't buy new cars because it's Not a good investment if you want to get A car get one that is at least two years Old or even better five years old

Because those cars they have already Lost value and once you buy them used You don't lose so much money anymore but Still with cars you lose money every Year so usually they are not getting More Um value Except if you have Old Timers and such But the common car is losing value so It's not a good investment you still Have to get one because there's a need But I would never buy a car on Taps the Only the only investment that I can Approve is buying a house In good location with devs why because If you pay rent that's their alternative You're going to pay around the same Money Um that you would pay to pay back your House of course it depends on the Location and how expensive the house is But with houses what usually happens is That houses get more expensive so their Value increases and you are not losing Money so if you take a loan for your House and if you are able to pay it back That's the only investment that I would Do with Debs now a lot of people might Say hey the steps you have to pay back The loan you also have to pay back the Interest rates yeah but usually that's Not much more than the rents that you're Paying for the same property so if You're renting that's really the worst

Idea ever because with your rent you're Going to pay off somebody else's loan From the bank For their property so then you're the Slave for somebody else and it's never Going to be yours so renting is really The worst thing that you can do I know That some people they don't have another Choice because they don't even get a Loan from the bank I think the property Is everything but if you're renting I Believe that you're a safe for the System you're paying off somebody else's Property and at the end of the month you Have zero Dollars left on your bank account so is This the goal how long can you do and Live a life like this if you have to do Maybe a shitty work you get shitty Payment you still have your expenses and Then you have to pay off the property of Somebody else it's not it's not a good Idea I don't think it's fair And I completely understand young people Who say no to this and to say I want to Have a life too I want to have a free Time too and I don't want to be a slave To the system I don't want to pay rent For somebody else so that another person Can have property without raising one Finger so I completely understand Everybody Or the trend that is going on now that People are living in the cars because

They cannot even afford rent anymore Sometimes So what I've heard is that people who Work 40 hours They often cannot afford to rent anymore And that's crazy so something is really Wrong with the system it's um not a good System if it produces a lot of homeless People And I can only completely understand Everybody who is moving in the car and Trying to save money this way so to sum Up this video my financial advice to you Guys is that Um right now it's not biased to spend a Lot of money on luxury goods Right now is the time to save money Because you never know If something like this happens Um it doesn't have to be an economic Crisis it can also be A personal illness so that you cannot go To work anymore and then you are using Up your savings and the next thing is You definitely want to pay off your Debts especially now as the interest Rates are rising you want to bring down Your debts to a level where the interest Rates are not as painful anymore and it Really depends on your contracts so some People have a fixed rate contract with Their bank I don't so I think I only had It in the first two years but now it Switched to variable interest rates

So now with every increase of interest Rates that the FED is doing and the European Central Bank You're going to lose money Um so make sure you're paying off your Debts that's really important pay them Off to a level where the interest rates Are not as painful anymore All right so this is it for today I Really want to thank you for watching This was the first episode completely For free for you guys on how to survive A economic uh depression or crisis and Yeah if you want to see more videos like This then make sure that you're Subscribing to my channel stay tuned Till next time

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