How can I be prepared for an economic crash?

Question

Dear Gramps,

I have heard some of my friends, two who are former bishops, tell me that in the future the economy will crash. I am striving to prepare with food storage, etc. The one thing I won’t be able to do is pay off my home loan and car loan. If the economy crashes I will no longer have an income to support my wife and myself. This has lead me to believe that we may be kicked out of our home when it is foreclosed upon because of my lack of income. What will happen to other saints and myself who face this same problem? I have heard that the saints will all gather together and share their food storage to survive but my friend, who is a former bishop, does not think there is any church policy in that direction.

Pete

Answer

Pete,

Before addressing your question about preparing for an economic dive, I want to mention some things about your sources. As soon as your friends were released as Bishops, they lost any keys or spiritual gifts used specifically for leading their respective wards. In other words, despite any former title or position he held, each spoke as Brother SoAndSo and not as Bishop SoAndSo. As such, weigh their words the same as you would anyone else you know with similar experience in their fields.

Now what is to happen to Saints who collectively experience economic challenges? This reminds me of a professor I had in college. About a week before the final exam, some concerned students asked what they could do to best prepare for the test. The professor replied, “Well, 3 months ago when we first started, you take really good notes and review them periodically. You read the chapters assigned and do the homework assigned. Then, just before the test, you review your notes and take the final exam with confidence.” In short, don’t delay your preparation. Similarly, our prophets for several years have told us to build up a supply of food storage. It sounds like you are doing well in this regard. They have also encouraged us to save for a rainy day. It sounds like this is an area you need to work on. Tackle it the same way you did food storage: put a little away every paycheck and don’t touch it. In time you’ll have a 3 month supply, which you can build up to 6 months or a year as needed. Then you can have the confidence that if you no longer have a job, you have 3 months to find another (even more if you’re given a severance package, and more if you collect unemployment). You won’t be able to pay off your home and car outright, but you will be able to maintain the status quo while seeking gainful employment.

Finally, I offer it as my opinion that if there is a second Great Depression, it will not be the catalyst for a new Zion. The Church already has a program for supporting the poor. As part of the Welfare program, the Church assists the unemployed in finding work; those that have are encouraged to give generously, not just in fast offerings, but in other contributions as well; those that have not are temporarily assisted with these sacred funds. A large scale, physical gathering is not needed because the Church already has a system in place to assist should such a calamity befall us (assuming we can count on Saints like yourself to act as Saints).

Gramps