Asklemmy

44630 readers

810 users here now

A loosely moderated place to ask open-ended questions

Search asklemmy 🔍

If your post meets the following criteria, it's welcome here!

Open-ended question
Not offensive: at this point, we do not have the bandwidth to moderate overtly political discussions. Assume best intent and be excellent to each other.
Not regarding using or support for Lemmy: context, see the list of support communities and tools for finding communities below
Not ad nauseam inducing: please make sure it is a question that would be new to most members
An actual topic of discussion

Looking for support?

Looking for a community?

Lemmyverse: community search
sub.rehab: maps old subreddits to fediverse options, marks official as such
[email protected]: a community for finding communities

~Icon~ ~by~ ~@Double_[email protected]~

founded 5 years ago

MODERATORS

[email protected]

170

Economically, how can concerned Americans prepare for the worst? (lemmy.ml)

submitted 1 day ago by [email protected] to c/[email protected]

77 comments fedilink hide all child comments

I do not want this to be a political debate nor an opportunity to post recent headlines. However, in my opinion, this administration seems to be taking actions which history suggests may lead towards a near or total economic collapse. Whether you agree with this or not is irrelevant.

This post’s question is: If one were to have a concern that they’d no longer be able to afford common household goods or that mainstream (S&P, Nasdaq) financial investments were no longer sound, what can one do to prepare for “the worst”? What actions could someone take today to minimize economic hardship in the future?

I would also like thoughtful insight from older adults to offer younger adults about how they should be better preparing themselves for an uncertain future, outside of current events or place of residence.

you are viewing a single comment's thread
view the rest of the comments

[–] RBWells 32 points 19 hours ago (2 children)

I'm old enough to have lived through several recessions, though I was poor for the first couple of them. I think a recession more likely than a collapse. If it's a recession:

If you can keep your job you will be ok, really. Try to keep your job if you can. Yes even if they do temporary pay cuts.
If you've been unable to buy a house, a recession may make it possible. That is how we got our first house - prices tanked, we got a run down house, couldn't improve it really but it was a place to live for a long time, and when you buy in a crash, taxes stay low here.
Remember there have been worse times and you are descended mostly from people who survived them.
Be nice to people. Always be nice on your way up, because what comes up must come down. We used to have to dumpster dive, and I have lived on the streets and in a car, don't want to again, at all, but there are plenty of less extreme tactics - live with more people in one house, we used to have one family in each bedroom, not one person, and that makes housing cost so much easier.

#1 is really the most important though - if you can keep a job you will be ok. If that falls through, do not think you are on your own, reach out to others and work together.

[–] [email protected] 9 points 14 hours ago

Remember there have been worse times and you are descended mostly from people who survived them.

I love this

[–] [email protected] 18 points 18 hours ago (1 children)

I don't think housing is going to come down in any meaningful way. They'll just be bought up by corporations automatically now when the price dips low enough

[–] [email protected] 12 points 17 hours ago

It's also not going to be easier to buy.

Banks are much more reluctant to loan, jobs are harder to keep.