What are you doing financially to prepare for the upcoming recession?

[eastsideTT]

"UPCOMING"


Like the recession hasn't already been happening the last 2 years

Yea whenever I hear about the "upcoming" recession I'm a little frustrated and baffled that the official metrics to declare such officially, are still so out of touch with what people have been going through. It's wild though, I know a lot of people doing pretty well right now at the same time.

I wouldn't be in a hurry to put anything into crypto unless you're an actual evangelist who believes in the coin and it's utility outside of its value in USD. I'd immediately move purchases off the exchange too, no matter which exchange it is. shyt is gonna start looking like Albania in 97 once one of the bigger exchanges goes insolvent There's not really a big inflow of new, actual money, going into the crypto space. That's only going to get worse once people start belt tightening

 

[loyola llothta]

 

[Sad Bunny]

And the fed will keep raising the rates too

 

[Conan]

I have close to 6 figures in the market now but I may want to buy a house in the next 8-14 months, and like I said I’m 70 / 30 on market / cash. So I don’t want to need cash sometime next year and end up pulling a short term loss outta my brokerage earlier than I want to to pay for closing costs and whatnot.

So I’m just going to get closer to 50 / 50 on cash / market. Still investing, but putting more in my savings. 1.75% APY isn’t a sexy return, but it’s a return.

Well damn, saving for a down payment changes the assumptions

I wouldn't put any money associated with a near-term home purchase in the market, even if it was going up. So yeah, your approach makes perfect sense.

 

[OfTheCross]

Ain't no recession coming

 

[EastAfrixan]

08 wasn’t really that bad… The people that got smashed were usually living beyond their means. I have two years of living expenses saved in cash and I work in recession proof industries.

What do you mean by “recession proof industries?”

 

[MoveForward]

What do you mean by “recession proof industries?”

Insurance and transportation…

 

[AAKing23]

Stay debt free, keep mid five figures in savings, wait for prices to fall on shyt

 

[AAKing23]

"UPCOMING"


Like the recession hasn't already been happening the last 2 years

People been spending breh the opposite of what people do in a recession

 

[Scustin Bieburr]

Nothing different. I'm going to invest in some more dry goods so I'm not shopping for food as much, I'm continuing to pay off my student loan debt, and I'm going to scoop up some nice stock. I'll keep investing in shyt that I know is going to blow up in the future(renewables, tech, minerals and metals). Probably might start getting into gardening too. Growing foods that you can use to make filling meals like potatoes, beans, tomatoes.

 

[tgu]

Appreciate the encouragement bro! Not to get off topic but the bolded is my end goal regardless of recession shyt. I know of some (not personally but via mutual friends) in oil n gas who pursued such certs (unrelated to their day job), then went back to the states to juggle 3 or so Cloud/AWS related gigs, mostly or all remote and they’re stacking major bread.

I don’t know the specifics of what they specialized in or if what’s best for me would be to pursue being a solutions architect, devOps engineer, cloud engineer or what. I’m new to the field so I’m trying to layout a 2 year plan to get some certs and experience at least. I got my PMP and SCRUM certs last year but this seems like a whole other ball game.

Do you know how quickly they were able to get the remote jobs with those certs considering it was unrelated to their previous experience ? I'm currently in a similar situation and I got a PMP a few years ago as well

 

[Alvin]

got my Social security backpay so imma stack that.

Looking for ways to make money on the side...I don't have to report any income under $1,000 a month to SS.


Was researching a food cart and selling tacos or hot dogs(beef). It's not slot of food options after 9pm in Seattle...

The stock market ain't looking too hot so I haven't invested in that shyt in awhile

nikka how old is you?!