Euro fiasco and recession. How to protect yourself?

[warp9]

Hope this is in the right section. I've been following the 'Is the end nigh for the Euro' thread with interest and as has been suggested, we should be all protecting ourselves as much as possible aginst the oncoming storm/hurricane. Given the general uncertainty and market/economic conditions, this has got me thinking about how I or others are going about this.

I've boiled it down to 2 options, which kind of oppose each other.

1) We currently live in a modest 3 bed terrance. Use all or most of our savings to pay off mortgage as they are earning bugger all interest. Any savings left over put in tax free savings eg ISA's. Avoid stock markets (I don't understand them or trust which way they are headed) and avoid pensions in case they get raided and/or perform badly.

2) Move to a bigger house, extend the mortgage as money is cheap, pump savings into the house. Again avoid stock markets, pensions, any savings into tax free savings. Major concern here is a crash in house prices although round by us they are still fairly boyant (leafy S Birmingham).

My last tin foil hat option is to buy a small farm, an armour plated disco, lots of corned beef and baked beans.

So are there any options I should also consider and what have you guys and gals been going to 'get your business in order'?

[mrmr96]

Surely getting a bigger mortgage will expose you to future fluctuations in lending rates more than if you stayed with your smaller mortgage?

[Caulkhead]

Keep current house but fit high fence and gates, convert all cash into gold, sell all cars and replace with a Series Land Rover, a large stock of spares, a water purifier, a shotgun and lots of cartridges and a VHF radio.

[warp9]

mrmr96 said:

Surely getting a bigger mortgage will expose you to future fluctuations in lending rates more than if you stayed with your smaller mortgage?

Sensible head says yes I agree, Worzel Gummage head says screw it, everyone else has. Also tabloid rumours that interest rates may come down or stay static for 5 years!!

[V88Dicky]

Caulkhead said:

Keep current house but fit high fence and gates, convert all cash into gold, sell all cars and replace with a Series Land Rover, a large stock of spares, a water purifier, a shotgun and lots of cartridges and a VHF radio.

There's a garage near me that sells ex-MOD armoured snatch Land Rovers, complete with gunports, snorkels and a V8. Olive drab or desert colours, take you pick

[egor110]

warp9 said:

Sensible head says yes I agree, Worzel Gummage head says screw it, everyone else has. Also tabloid rumours that interest rates may come down or stay static for 5 years!!

If the euro collapsed though wouldn't the banks then charge more for mortgages?
Less money available to lend so higher interest rate?