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?
I was already trying not to spend money on anything, so I’m pretty set.
The best way to prepare for a recession is to be part of the cause of a recession.
It’s dumb, but it’s true. I’m doing the same thing.
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.
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!
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.
Like others here, there’s not much extra I can do. My job seems very stable, I have no auto loans, both the family cars are in okay condition, I have a fixed rate mortgage, health is okay, and aside from one small loan I am paying back the debts aren’t bad.
A bottle of things I need to revisit:
- I stocked up on non-perishable foods that my family will eat. But I need to do a bit more on this front.
- I’m trying to cut back on extra spending. This is the biggest problem I have right now. Mostly due to unexpected bills and death-by-a-thousand-cuts small purchases.
By getting into a great depression
That’s awesome!.. An awesome depression!
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
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 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.
For the past 10 years I’ve already lived as if I’m going to lose my job tomorrow. I’m probably better prepaired than the vast majority of people though I still don’t feel that way so I just keep saving and investing more while trying to live as cheap as possible. Ironically though my work situation has never been as busy as it’s now. My job is recession-proof(ish) and I can’t be fired so atleast there’s that.
My job’s unlikely to go anywhere unless I commit a heinous crime and I already live well below my means in terms of required expenses.
I’m probably going to be fine, but just in case I intend to increase my cash savings and stock up a bit on nonperishable food and other required household goods.
Other than that there’s not a lot of prep I can do.
Same for me. As long as people are still shipping things my job will be safe. My hours slimmed, sure, but I’ve got enough seniority to ride out lay offs
I bought canned goods and clothes at costco. Just got my taxes, gonna do it again.
I’m just digging a hole in the ground
I buy everything I know I’m going to need in bulk, and spent the last seven months adding extra goods to my pantry. For example, I never needed toilet paper during COVID.
Other than that, I’m just saving money every paycheck and living within my means. I will spend every spare dollar buying stock and crypto while prices are depressed, though. It’s like a steam sale for your pocketbook.
Unpopular opinion but Don’t panic.
It’s been decade that economy has been shit for real people with crisis starting before the previous one finished, high unemployment, stagnating wages, expensive real estate and more
If you’re rich enough to be impacted by stock market collapsing you’re already way above average.
Sure it’s not making things better, and not the moment to change job, but it’s been shit for a while and will stay shitty. The era when boomer could find a job without any degree, get a living wage with yearly raise and promotions is over.
