How would you prep for a massive recession
Things in the US are increasingly unstable and the markets have begun reacting to that. It's not looking very promising right now.
Personally, I've begun trying to save as much money as possible and have stayed on top of my deep pantry. I've also stored even more food that I had before.
How is everyone else preparing for a recession? Any tips?
That's pretty much what I'm doing. Make sure I'm fully stocked on non-perishable essentials (that I'll actually use); make sure my emergency fund is topped up; make sure my home is in decent shape.
There's no point trying to play the markets (as in: guessing when to switch from more aggressive to more conservative funds). Though I am hoping to scrape together a bit of spare cash to try to buy a bit when I think some stocks or mutual funds are at a low. But I doubt I'll get a chance to do that.
I'm not as worried about a huge recession as I am about the prospect of massive political/social turmoil. To me that's the true chaos factor.
Money will have to go further, so stop buying as many luxuries, save what you can, and for me, expecting the price of food to go up, expand the deep pantry.
Or, buy all the things you always wanted. Because when the time comes you’ll never have a chance to get them again in 5 years at least. Ofc I mean things that’s you can afford, not spend it all.
Yeah, buying them now in advance of their price going up or being unavailable is totally fine. I’ve front loaded some costs that I expect to go up in the coming months.
My company is about to do a round of layoffs, and that will become more common as we enter recession, and yet more common when the recession continues. Too many people will be suddenly out of a job just when few places are hiring, including a good friend of mine who I brought into the company and is now on the chopping block. They’ll need all the savings, all the resources they can get.
While I’m safe from this round of layoffs, I’m stuck ANTI-preparing.
You wouldn't, recessions happen regularly.
Hurricanes happen every year, and yet I still have a generator.
Frequency doesn't change the need to prepare for an event
Hurricane can destroy everything you have, recession is known after it ends.