Like the title says, I have never lived through a recession as an adult and was just stressing if there are things I should be doing (in particularly financially) in order to prepare.
Like the title says, I have never lived through a recession as an adult and was just stressing if there are things I should be doing (in particularly financially) in order to prepare.
Comments
A 6 month emergency fund in a savings account is a good start. 3 months worth if 6 isn’t feasible. You want that money to be easy to access and not subject to fluctuation, I.e., don’t invest it
Add up your essential monthly expenses (rent/mortgage, groceries, utilities, childcare, that sort of thing) to determine the amount you need and multiply by the months of emergency fund you’re targeting.
Be patient. Don’t buy anything expensive (house, car, elected official) if you can avoid it.
Don’t finance anything. No large purchases.
Put money aside, be frugal, and wait. Don’t panic. And if you’re able to postpone big purchases, do so.
If you have any money left after this bloodbath and feel like gambling , buy the dip next week.
Depends on circumstances. If you have 50 thousand, be prepared to live on 30,000 and buy 20,000 worth of stocks. Buying stocks in the middle of a recession is the ultimate investment opportunity.
The family owned Kent corporation has a plan to stockpile 10s of millions in cash right now. During the coming recession they are going to buy as many food product production facilities as they can to expand as the country comes out of recession.
The majority share holder of Lands’ End (online clothing retailer) is trying to get the company to sell itself to some other more recession proof company before the recession hits.