Banks are estimating 65% odds, people are dumping us Treasury bonds, there is reporting of a purposeful weakening of the dollar, and I’m seeing the first price hikes enacted. Any suggestions for how to prepare for the shitstorm that’s coming?
Right now, nothing, really. There’s a lot of confusion and volatility at the moment, so I’m trying to keep a cool head rather than react blindly. I’m going to keep my head down at work, keep contributing to my 401k like normal, not make major unexpected purchases, and maybe re-up on some bulk staples. If shit keeps getting worse, I’ll adapt from there
By getting into a great depression
I was already trying not to spend money on anything, so I’m pretty set.
Beans and rice in 5 gallon food safe buckets.
Same with all staple foods. Flour, cornmeal, oil, salt, etc.
I mean, good for having some staples, but that’s not really planning for a recession. That’s more planning for an extended natural disaster or full on collapse of society.
You’re far better off spending your money on things that will improve your likelihood of staying employed (or getting new employment) through the recession, the price of those staples will be affordable as long as you have any income.
Getting a secondary job in a less-likely to be impacted industry and getting trained up now, or taking specific courses at a local college focused on a secondary skillset will be the most useful.
Like others here, there’s not much extra I can do. My job seems very stable, I have no auto loans, both the family cars are in okay condition, I have a fixed rate mortgage, health is okay, and aside from one small loan I am paying back the debts aren’t bad.
A bottle of things I need to revisit:
- I stocked up on non-perishable foods that my family will eat. But I need to do a bit more on this front.
- I’m trying to cut back on extra spending. This is the biggest problem I have right now. Mostly due to unexpected bills and death-by-a-thousand-cuts small purchases.
