Banks are estimating 65% odds, people are dumping us Treasury bonds, there is reporting of a purposeful weakening of the dollar, and I’m seeing the first price hikes enacted. Any suggestions for how to prepare for the shitstorm that’s coming?
Getting ready to buy as many stocks as I can, I need a retirement plan, and if I can get in while markets are low, I can retire in 10 years.
Beans and rice in 5 gallon food safe buckets.
Same with all staple foods. Flour, cornmeal, oil, salt, etc.
I mean, good for having some staples, but that’s not really planning for a recession. That’s more planning for an extended natural disaster or full on collapse of society.
You’re far better off spending your money on things that will improve your likelihood of staying employed (or getting new employment) through the recession, the price of those staples will be affordable as long as you have any income.
Getting a secondary job in a less-likely to be impacted industry and getting trained up now, or taking specific courses at a local college focused on a secondary skillset will be the most useful.
Not a while lot I can do beyond what I already have done for unrelated reasons:
- mortgage is in fixed interest.
- car loan is mostly funded by some extra money I have coming my way.
- employment contract is pretty solid and includes a hefty severance package if ended prematurely.
It’s wild some people don’t take mortages in fixed values. Especially when it’s already low.
And if rates goes lower, you can renegotiate your fix one.
We’re in a similar boat:
- low, fixed-rate mortgage - we got lucky in the timing.
- cars are paid off, but one is overdue for being replaced. Soon, it’s going to start costing more to keep running than it’s worth.
- have severance, but with the mortgage, and cost of gas & electricity, it won’t last long.
Also, we have no other debt. We’d be fine if the market weren’t on a slide.
I just replaced my car, mostly due to upkeep costs. But while I can manage the car loan as it stands right now, once my grandparents’ house is sold, almost all of my share will go into the car loan.
The severance obviously won’t last forever (6 months-ish), but I live in a “socialist hellscape scandinavian country” (Glenn Beck told me so, I didn’t know how awful I had it until I accidentally watched Fox News in 2008), so even if it takes me a while to land a job I’m not too worried.
I live in a “socialist hellscape scandinavian country”
You lucky bastard. You looking to adopt an older married couple?
Unfortunately I barely have the mental bandwidth to handle a girlfriend, four kids, and two cats.
But you could have 6 kids, and 4 cats!
I just filled my closet, my sons closet and my daughters closet with toilet paper. Also shoved som in the garage.
Bon appetite!
Dont you know everyone on the internet is American /s ?
Like in 2007, a US recession can easily lead to a global recession so I wouldn’t be so quick to think this will be isolated to the US.
Learning as much as possible about self sustained living. Even if the worst doesn’t come to pass I’m still going to be less reliant on multi billion dollar companies that don’t give a fuck about anything but taking more of my money from me. Me growing my own food is the most satisfying middle finger I can give to those greedy fucks
buying stonks
Rule #1 of investing: if it looks like a scam I invest
Rule #2: fight club
Saving scrap metal instead of putting it out for the scrap guy. Scrap is going to be way up. Before tarriffs I did a bunch of maintenence and repairs on the vehicles, so they should be good for awhile. Will probably start focusing on what I’m going to be selling off and finding stuff to flip for a profit (sorry not sorry). I’m thinking about starting an automotive repair business since new car sales will likely slump and people will keep cars longer.
By getting into a great depression
That’s awesome!.. An awesome depression!
Fortunately I work at a bank on a critically important development project. I’d say my odds are better than most in terms of job security.
Also gonna try to move some money out of the country and to a different currency. I don’t want all my eggs in one basket, especially one as terrible as this one.
I’m just digging a hole in the ground
I’m getting back into small scale hydroponics. I have a decent setup from IKEA containers to grow a few leafy greens, and we’re starting some raised planters for beans, peppers, and tomatoes. It’s not enough to fully survive without a trip to the grocery store but it’s something.
Leaving the country and padding my reserves
I know it’s gonna hit everyone, but I’m trying to mitigate the impact
I just made a shopping list of bulk items im going to stock up on tomorrow. Just staples like four, rice, beans, pasta and stuff like that for now but I might start doing some small scale gardening. I only have a tiny patio to work with so probably potato buckets and small herb garden. Other than that, its just kinda wait and see i guess.
I bought canned goods and clothes at costco. Just got my taxes, gonna do it again.
