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The Ultimate Depression Survival Guide: Protect Your Savings, Boost Your Income, and Grow Wealthy Even in the Worst of Times
An insightful look at how to protect, save, and grow wealth in difficult economic times Having an effective financial and personal plan for the future is now more crucial than ever. And with the bestselling The Ultimate Depression Survival Guide now in paperback, you'll quickly learn how to create such a plan. This comprehensive guide was especially designed to help people map out a practical financial plan in this unpredictable economic environment, so that they can stop worrying about their money and just enjoy life. Step by step, Martin Weiss-America's Consumer Advocate for Financial Safety-introduces, explains, and helps solve many of the new challenges and risks that face millions of Americans. Throughout the book, Weiss provides you with sound strategies for coping with the credit crunch, housing bust, and decline of the U.S. dollar. The Ultimate Depression Survival Guide also examines important topics that today's investor must be familiar with-including global investing, foreign currencies, and commodities-if they intend to make it through the decade ahead.
238 pages, Paperback
First published March 23, 2009
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Displaying 1 - 14 of 14 reviews
June 4, 2010
Weiss sees a second great depression as inevitable. He sees two possible scenarios: an inflationary one and a deflationary one. He sees the second as the lesser of the two evils, and also the more likely of the two, and so most of his advice is based on that scenario. I’m not sure he fully justifies his optimism for its greater likelihood. Yes, the first great depression came with deflation, and with the rate of company failures and job losses we are experiencing, deflation is not unlikely. But the government is also printing and borrowing money and pumping it into the economy at an absolutely unprecedented rate, beyond anything in the New Deal. We had stagflation under Jimmy Carter, despite the high unemployment rate; why is Weiss so optimistic we won’t have it again? His optimism seems to rest on the fond hope that the government will eventually learn from economic history and that citizens will eventually begin to restrain their spending, but the government, under both Bush and Obama, has shown no such signs of enlightenment, and our citizens seem to see no bounds to their sense of entitlement. Semi-nationalization of industries continues, bail outs continue, stimulus continue, bad money after bad continues. I suppose it can’t continue forever, and market contraction will not be offset by government spending, and deflation is a real possibility—I just think he needed to defend his optimism better.
So, if we expect a depression accompanied by deflation, what’s the best course? First, get out of debt (easier said than done for a lot of people). Second, sell your stocks and real estate (unless you have only one piece of real estate, and you have to live in it). Build up cash reserves, but not in the bank. Buy short-term (less than one year) treasuries. Why? Because in the event of economic collapse, the government will pay off its t-bill holders before it pays FDIC insurance for collapsed banks. Thus, when deflation occurs, and the stock market bottoms out, your cash reserves are worth more. Everyone else’s debt will be more ominous. Of course, all this assumes the government won’t find ways to increasingly punish savers and reward debtors, as it always seems to do. If you can’t get completely out of stocks, he suggests hedging your losses by buying inverse ETFs.
The book is interesting in that it details what got us in this mess in the first place (the bad decisions of the government, banks, and businesses, as well as corruption all around), which he has witnessed firsthand while being one of the lone voices of reason. Weiss’s father predicted the first Great Depression and spared his investors; Weiss himself predicted the recent stock market crash before it happened and spared his investors. So he has a family track record that makes him believable. But his book at times also seems to advise what will in the end profit him personally. Much of it serves as an advertisement for his website, his nonprofit organization, and his treasury fund. This leaves me skeptical.
But we’ve already followed his first several or so steps of advice. It’s all very conservative and risk-adverse advice, which suits my personality anyway. I don’t know that I can bring myself to sell all of my mutual funds while the market is down and I still have years to ride it out, however. He says wait for a temporary rally and sell, because we’re nowhere near the bottom, and investors could lose everything. This goes counter to the advice of most economists and investors, who say this is the time to buy, while things are down, if you have a long time to hold. But Weiss’s position is, basically, that they will lie to you about the state of the economy and stock market up until five days after it collapses to get you to keep greasing the wheels.
An interesting read, well-organized, clearly outlined, and I did take away two or three pieces of financial advice I might put into play. But it’s a book mainly for people who aren’t already riddled with debt. If you are riddled with debt, there isn’t any advice at all on how to get out.
So, if we expect a depression accompanied by deflation, what’s the best course? First, get out of debt (easier said than done for a lot of people). Second, sell your stocks and real estate (unless you have only one piece of real estate, and you have to live in it). Build up cash reserves, but not in the bank. Buy short-term (less than one year) treasuries. Why? Because in the event of economic collapse, the government will pay off its t-bill holders before it pays FDIC insurance for collapsed banks. Thus, when deflation occurs, and the stock market bottoms out, your cash reserves are worth more. Everyone else’s debt will be more ominous. Of course, all this assumes the government won’t find ways to increasingly punish savers and reward debtors, as it always seems to do. If you can’t get completely out of stocks, he suggests hedging your losses by buying inverse ETFs.
The book is interesting in that it details what got us in this mess in the first place (the bad decisions of the government, banks, and businesses, as well as corruption all around), which he has witnessed firsthand while being one of the lone voices of reason. Weiss’s father predicted the first Great Depression and spared his investors; Weiss himself predicted the recent stock market crash before it happened and spared his investors. So he has a family track record that makes him believable. But his book at times also seems to advise what will in the end profit him personally. Much of it serves as an advertisement for his website, his nonprofit organization, and his treasury fund. This leaves me skeptical.
But we’ve already followed his first several or so steps of advice. It’s all very conservative and risk-adverse advice, which suits my personality anyway. I don’t know that I can bring myself to sell all of my mutual funds while the market is down and I still have years to ride it out, however. He says wait for a temporary rally and sell, because we’re nowhere near the bottom, and investors could lose everything. This goes counter to the advice of most economists and investors, who say this is the time to buy, while things are down, if you have a long time to hold. But Weiss’s position is, basically, that they will lie to you about the state of the economy and stock market up until five days after it collapses to get you to keep greasing the wheels.
An interesting read, well-organized, clearly outlined, and I did take away two or three pieces of financial advice I might put into play. But it’s a book mainly for people who aren’t already riddled with debt. If you are riddled with debt, there isn’t any advice at all on how to get out.
July 25, 2011
An informative book that reads quickly, although much if it, sadly, is already outdated, even though it just came out. Such is the problem of publishing a book like this during the tumultuous era we are in. The book has some good ideas, though, and the author's father, from whom the author received first hand knowledge, was very successful during the Great Depression.
Unfortunately, I do not think the book successfully explains the downside of using leverage ETFs, which it advocates, especially during a longer period of time. (They actually are not advantageous over any long-term stretch of time, unless the market is going in the direction in which one is levered.)
Also, it seems as though the author spends a lot of time advertising his site, which, undoubtedly, is to be expected and offers some free information. However, the site sells individual mutually exclusive products that cost 100s or 1000s of dollars, so where the author tries to state in his book that he is working for the little guy, his site, in actuality, is mostly intended for more wealthy clientele.
The book is worth a read, although I would not purchase it, especially for $30. The book doesn't offer enough information, in my opinion; I will just take a few pages of notes and return it to the library.
Unfortunately, I do not think the book successfully explains the downside of using leverage ETFs, which it advocates, especially during a longer period of time. (They actually are not advantageous over any long-term stretch of time, unless the market is going in the direction in which one is levered.)
Also, it seems as though the author spends a lot of time advertising his site, which, undoubtedly, is to be expected and offers some free information. However, the site sells individual mutually exclusive products that cost 100s or 1000s of dollars, so where the author tries to state in his book that he is working for the little guy, his site, in actuality, is mostly intended for more wealthy clientele.
The book is worth a read, although I would not purchase it, especially for $30. The book doesn't offer enough information, in my opinion; I will just take a few pages of notes and return it to the library.
August 19, 2009
Handling your nest egg during a depression
In this savings and investment “survival guide,” financial publisher Martin D. Weiss proclaims that the world is entering another depression. According to the U.S. Government Accountability Office, his investment advisory and rating firm outperforms all other companies at “forecasting future financial trouble.” Indeed, for two decades, Weiss has accurately predicted “nearly every large financial failure in the United States,” including the latest financial collapse. When it comes to doom-and-gloom financial prognostications, Weiss has excellent bloodlines. His father, J. Irving Weiss, was one of the few economists who predicted the Great Depression at the time. So what does this modern-day Cassandra have to tell us? Weiss claims that as wretched as things are now economically, they will get much worse in the years to come. However, in addition to dismal tidings, he offers numerous specific, well-informed recommendations on how to protect – and even increase – your assets during the “Second Great Depression of modern times.” getAbstract suggests that if you want to study fiscal advice that covers the spectrum from pessimism to optimism, this book expertly handles the pessimistic end.
In this savings and investment “survival guide,” financial publisher Martin D. Weiss proclaims that the world is entering another depression. According to the U.S. Government Accountability Office, his investment advisory and rating firm outperforms all other companies at “forecasting future financial trouble.” Indeed, for two decades, Weiss has accurately predicted “nearly every large financial failure in the United States,” including the latest financial collapse. When it comes to doom-and-gloom financial prognostications, Weiss has excellent bloodlines. His father, J. Irving Weiss, was one of the few economists who predicted the Great Depression at the time. So what does this modern-day Cassandra have to tell us? Weiss claims that as wretched as things are now economically, they will get much worse in the years to come. However, in addition to dismal tidings, he offers numerous specific, well-informed recommendations on how to protect – and even increase – your assets during the “Second Great Depression of modern times.” getAbstract suggests that if you want to study fiscal advice that covers the spectrum from pessimism to optimism, this book expertly handles the pessimistic end.
August 3, 2010
Author gives a good overview of how we got to the current financial crisis we are in now. As far as the investing advice goes, well nothing is risk free these days, and I don't think any book will give you the savoir faire to handle investing to make a decent return. It takes a lot of guts and luck, especially in volatile markets. This book basically promotes his website, for investing advice.
The best advice given is don't spend anything. It is the best way to hang on to your money.
He thinks things should continue to deflate, while I have heard other economists for example Paul Krugman, that only inflation will save us. I don't know who to believe, but I'm more apt to trust Krugman.
The best advice given is don't spend anything. It is the best way to hang on to your money.
He thinks things should continue to deflate, while I have heard other economists for example Paul Krugman, that only inflation will save us. I don't know who to believe, but I'm more apt to trust Krugman.
April 28, 2012
I hate to give financial advice because when I get advice, I never know if it's good and true, but I think this is a good way to organize one's finances in the next several years. It emphasizes safety, not accelerated wealth creation.
I wish a reporter would investigate the author though, just to make sure that his stories about his dad and how he helped his investors in the Great Depression are true. Hello? Investigative journalists?
I wish a reporter would investigate the author though, just to make sure that his stories about his dad and how he helped his investors in the Great Depression are true. Hello? Investigative journalists?
May 2, 2009
Very timely. If you have money to protect from the current economic down turn this is the book for you. It has really good ideas on how to keep your home and retirement money safe. If you are like me however, and don't have two pennies to rub together, it seems like nice information, but not real useful.
August 20, 2012
This was a great book for those looking for alternatives to normal investment advice. As a financial-jargon novice though, I felt a bit overwhelmed and didn't make it all the way through the book. But I still learned a few things.
If you are seriously exploring investment, savings, or stock options, this would be a good book to check out.
If you are seriously exploring investment, savings, or stock options, this would be a good book to check out.
December 24, 2012
20s excess to 30s correction, mortgage broker excess with derivative nonsense 4:1 ratio at banks failed, need correction vs bailout, allow failure to correct, SL failed and corrected vs Japan staggers, opps abound, cash king, inflation is worse, Eisenhower last balanced budget 1960, 4.15.80 credit controls to kill inflation, avoid debt min luxury hard work.
June 27, 2016
Martin, while often taking the side more closely associated with that of "short sellers", has a great set of investing newsletters and has compiled much of the information that is available from his various services into this book. Anyone wishing to take a broad look at all options must read this book.
October 28, 2009
Began it in July '09, got interrupted by another book, and hope to get back to it before the end of this year...
I like that the author references his dad's work in this field, which provides a view of earlier economic history in the U.S.
I like that the author references his dad's work in this field, which provides a view of earlier economic history in the U.S.
August 1, 2010
Don't follow the crowd. Don't rely on ratings that are not independent. Be very cautious about trusting/relying-on any one source of information. If you know what you're doing, and are careful with your investments, financial downturns do not need to spell disaster.
June 23, 2010
I listened to this on CD. The information was well laid out and provided conservative yet almost radical advice in it's simple down-to-earth strategies. Like the book but do not care so much for the website which tends to be much more fear driven.
September 12, 2011
Awesome book describing how to navigate in uncertain times, relevant whether you believe we are heading towards another depression or you just realize that navigating the current and future market requires more than traditional theories of stock investing guidance. Will read again.
May 18, 2015
actually, I took it from the library, and don't remember what's in it. Given that depression hurts your memory, not surprising. I guess I should check it out again, but clearly, still depressed 6 years later, it's not a magic bullet.
Displaying 1 - 14 of 14 reviews