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

[10bandz]

People who wait for “crashes” are idiots. You can’t time or predict the market.

Same people waiting on a crash are now stressing because the interest rates are in the 6s

That’s me. Wanted to buy a condo but I played myself waiting

 

[10bandz]

Just got into subleasing. Averaging about $1300 a unit a month. At 4 rn, and trying to hold down more spots. Being in the Bay Area makes it easy to fill out spots. It’s great passive income while I work my day job which has a bunch of down time. Making everything automated to deal with concerns and issues by tenants through virtual assistants has made life waaaay easier as well. If you’re looking to get your feet wet in real estate I’d start with subleasing. Small investment and you can make your money back in a year. Just gotta get out there and convince land lords you’ll make their life easier.

Break it down further breh

 

[JetFueledThoughts]

If you are older, and/or have a lower risk tolerance then your approach is correct, put more in cash (or low risk T-bills to stymie inflation a bit)

If you're younger and can endure dips in the market without freaking out, put it all in (after your emergency fund is secure). Over time the market has always trended up. Pay down high interest debt fast, pay down low interest debt on time, and just stash money in the 401k or an investment account with index funds.

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.

 

[Spiritual Stratocaster]

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

 

[Taco]

Break it down further breh

I started by getting in touch with land lords/property managers, and pretty much selling them the dream. A Land Lord or Property Managers job is to keep their units full. I pretty much pitch that I will find tenants to fill out the spots, and any damages or problems with the unit or tenants will be taken care of by me. I'm pretty much just trying to show them I will make their life easier. I do short term stays like a month to three months max. My market is pretty much nurses and tech workers. I made everything automated through a VA (virtual assistant). Main thing is obviously location. I have units that pretty much always booked due to their location. Others I have to go out and find tenants. This is pretty basic, but there's a ton of info out there. If your finances are secure, credit is great, and you got the gift to gab I highly suggest it. This is paying for all my expenses, and the money I earn from my 9-5 isn't touched. Oh yeah I'm using Air bnb to list for now.

EDIT: It's about $8K to put a unit up where I'm at.

 

[chineebai]

Lots of savings in case I get laid off, got like a year's worth of expenses.

 

[KingBeez]

Getting a new job with a 15-25k salary increase. I currently interviewing for this job now.

decrease my spending each month

If I have to break the emergency glass, disbursing my 401k from my old job I worked for 2 years (amassed $8k, probably will be $6.5k after taxes), which gives me a good amount of money to add to my savings. I would usually recommend keeping this until retirement, but I’m young and have this Option if I need it

 

[cobra]

i got a new job with a good pay raise
]however, i am a bit concerned about joining during a recession

 

[Spiritual Stratocaster]

I'm in the military, so I can continue on as normal. Only difference is that I'll be able to buy more shyt with you civilian kats being out of a job, and/or going upside-down on your house.

I was in the NAVY during the 08 recession...


The chargers were in full force around Bremerton


I stacked bread with no car and barracks living thougg...2 deployments with tax free paychecks

 

[Sad Bunny]

That’s me. Wanted to buy a condo but I played myself waiting

I should have gotten a townhouse or something to rent out as well but I’ve only owned my current house for 11 months.

I’m saving to cop a rental property now though.

 

[Wildhundreds]

it doesnt really matter. just do your best. its whatever. we got through 08

This is a lot of these posters 1st time though. I wish them strength.

 

[Dave24]

Being charitable and paying for birthday bash

@Love Bizarre

@humminbird

 

[humminbird]

@Love Bizarre

@humminbird

What the hell is she thinking

 

[I love Latina women]

@Love Bizarre

@humminbird

What the hell is she thinking

That's exactly the question I was going to ask

 

[HabitualChiller]

I was in the NAVY during the 08 recession...


The chargers were in full force around Bremerton


I stacked bread with no car and barracks living thougg...2 deployments with tax free paychecks

Yessirski.

I'll be on a Westpac a bit after the economy is supposed to crash, so I'll be coming back with around 30K and very little debt.