How are US citizens preparing for the impending recession on the horizon?
Personally, I've moved most of my investments into money market funds and plan on buying the dip, just like the multi millionaires. Other than that, I'm getting stocked up on shelf stable foods, and trying to get to know my neighbors a little better.
I run a small business, so we've been saving cash since the election and extra focused on closing contracts - both of which keep us from having to lay anyone off. Personally, I've been saving since the downturn in the consulting industry in 2023 where I had to take half a salary for a year. I am not looking forward to this recession.
So I have went through the thought experiment of what would have been a good move before the great depression and there is just no good answer. Here is the thing. Any move from the market is only good in a worst case scenario when you don't have much time to recover. Then everyone has expenses. The sopranos monthly nut. Want to not lose your house. Need to replace your car. Your going to need money and if its in gold you will need to sell it to folks that have money. Real estate is great for long term value but it costs money, so adds to your monthly nut, every month. If its not actively doing something for you its a net loss. Downturns are to some degree about surviving the downturn so unless you actually have a fair amount of extra money to the point of being able to handle cost after cost after cost, otherwise there just is not much that is going to matter as you will need to use your resources to get by.
There is also a risk that the tariffs will cause huge inflation. You could be left in the dust if you aren’t in the market. My guess is that we’re going to see this dip followed by 10%+ inflation. https://en.wikipedia.org/wiki/Stagflation
No money to invest. Passport too expensive, plus possibly unusable as a trans person.
Fuck it we ball, basically.
I’m in a similar place except for the trans part. I hope you’re in a city and state where you’re as safe as possible, at least.
Stocking up on food and supplies.
Water jugs and a hand pump if power becomes unreliable
Easy prep meals that keep. (Small cook times but store able / propane time to cook ratio sort of thought)
Propane camp stove.
We just sort of double or weekly orders and rotate the oldest stuff up into the house from the basement.
Full range Medical kit with gsw treatment options and tourniquet
If extended black outs are something we are faced with you should own a firearm or have a big barky boy (dog lol). Rolling blackouts multi day can lead to some chaotic situations in people.
I think the millionaires already bought stable commodities to avoid inflation. It's a little late to act on that though, or maybe not I'm no expert. I'm thinking of investing in booze.
"Randy, I've decided to lay off the food for a bit, and go on the booze."
It's a privilege to even be able to prepare for this storm, most Americans don't have the means
Old Man: Yeah, some people thought it was a con. I always believed in it.
The Man: Did you try to get ready for it?
Old Man: What would you do? Even if you knew what to do, you wouldn't know what to do.
I've been unemployed for months (very hard finding a job right now) and may not be able to afford to pay my mortgage soon. Thinking about buying an old RV once I need to start dipping into my investments to pay my bills, because my investment money won't last me long with my high mortgage payments. I'm probably a bit "underwater," so will probably need to just "walk away" from my mortgage if I can't find a job. Half my investment money is currently in gold, maybe 5% in European defense stocks, and the rest in cash. My investments were mostly in tech a couple months ago, but I felt like the AI bubble was going to pop soon, and there's no way the economy will be good during the self-coup that's happening right now. I do have some food and water stored in case of some kind of disaster. Probably need to get some dental work done while I can. Also stocked up on ammo in case something crazy happens, like roaming death squads, so I can go out fighting. Might put another 10% in gold today; not really sure if we're going to experience monetary deflation or inflation yet; could see it going either way, depending on the Fed, fiscal policy, and if countries start abandoning the dollar.
keep traveling, offer support to those who are thinking of travel.