So I'm in Asia, traveling and paying off debts. I currently have almost enough money in Korean Won to pay off my debts back in Canada. Well, let me correct that, I DID have enough. The Won was W1000:$1, now it's W1000:$.079.
If I send all I have no home, I'll end up losing close to $2000!
I feel like I just got kicked in the balls, with the exchange rate dropping as fast as it has. Is there something else I can do with this money (buy gold), so I could maybe wether this storm a bit. Or am I better off sending it all, taking a loss, and paying off my debts?
I would also like to buy some property somewhere that I would have enough land to grow my own food etc, if necessary. I feel the housing market is going to crash, but rural property value will increase as food demands increase.
Any hints, tips, suggestions would be great.....
The other question is, if my debts are on credit cards, should i just pay minimum payments, and see if that bank flops, then I dont have to pay it back...right?
Everything I keep reading is to keep everything in cash, and have enough on hand to pay for stuff for the next 6 months. Is this speculation/panic? Is this another Y2K? I feel like it CAN'T be, there is too much evidence to support these claims. And I'm stuck in Asia!!
I have no idea what to do at the moment, it is all dependent on what happends in the near term. As long as there are no run's on the banks, I think we could pull through. Run's on the banks will lead I am afraid to violence and chaos. My suggestion is to take the money that you need to live on out of the bank, but to leave the rest so that the system has some chance to stay liquid/solvent.
My money is in one of the biggest US banks, and if those fail to be protected by the FDIC then we are all screwed anyway and no bank would last, so I am just going to leave it there minus some money to live on should we have to take a 'bank holiday.'
I will offer one observation: the panic has not hit the average person, most people I know hear that the credit is frozen but have no idea what that really means. As long as there is gas, food, and most of the consumables and utilites available then this is simply not real for a lot of people. yet, in the sense that they would feel impending doom. Perhaps many of us have that feeling now.
I am one of to many who learned the facts to late. I am not an economist, although I have done so much research and reading in the last year my knowledge is extensive. However my resources are limited because we have been building our family. Thank God we owe NO debt. For us buying gold would probably just use up our living expenses. Apparently gold is extremely difficult to find. Read the section of this site on 'Physical Gold Market "On Fire"
I could not presume to advise you as to what to do, because I have no idea if it will get bad and if it does get bad how bad it will get. I would say be near your job and your family, and live life normally. I to many people start changing their routine and are not productive or begin to panic then a very negative herd mentality will take over.
I think this all could work out very nicely if our leadership was wise and made the right choices. We would all pay the price for a while but we could really make good change.
This is the nasty bit of banks going bust, if you owe them, they come after you and you have to pay, if you have money in the bank when it goes bust, you loose it, unless it is government guaranteed, then some time in the future you might get some of it......
The exception would be if you owed WAY TO MUCH and they bankrupted you
have you considered india. they are propping up the dollar. when i left there in march the rupee was 38 to the dollar
it is now over 48 that is pretty remarkable. i am sure your money will go further in india than in korea .
i would not do minimum payments myself as the just runs up your interest. oh yeah kinda like the u.s. gov.
do you have any taxpayers you can call on.
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