Recession Proof Your Life

[RealityNow]

Recession Proof Your Life

quote

Check your cash reserves — do you have enough to weather a downturn?

• “You want to make sure you have the cash you need so you don’t have to sell things at the worst possible time,” like after your stocks, mutual funds or 401(k) have already lost a lot of value, said Lassus.
• Therefore, try to increase the amount of money you are saving each month, if you can.
• While the rule of thumb is to have three to six months of cash savings set aside perhaps bump that up to six to 12 months if you can, Boneparth suggested.

Investors:

Focus, don’t panic​

“Now is a good time for investors to not only look at their to-do list but to make sure that they have a to-don’t list,” said Goldberg.
“The things on the to-don’t list would be don’t panic, don’t make hasty financial and investment decisions.”
What you should do is make sure that you have the risk tolerance and time horizon to tough out the volatility, he said.

Take stock of your personal life​

It’s also a smart idea to take the temperature of your personal life

Don’t run up your credit cards​

Think about your spending versus your earnings, Lassus said.
“Are there ways you can cut back just in case you need to?” she said. “Are there things that have gotten out of control because you have been doing well financially?
“Now is a really good time to check all of that and make sure you are in the right place.”

end quote

Know the difference between "Needs" and "Wants"....
Learn to understand your "employment sector" and what and how other business impact it.

If you work for a Public Traded Company...

• Learn what is their Debt to Equity Ratio?
• How does their product line or service fit within public consumer necessity?
• Are they currently under-staffed or over staffed. (You should be able to surmise a perspective by how they are performing)
• Do you work for a company with management that pays attention to how to adapt to change and be proactive to timely modify to improve moral and performance.
• If you work in an business that is underpaying it's workers, and over expanding its business by acquiring debt. You might want to be cautious about creating personal debt.
• If you are retired- on fixed income; Know what your financial priorities are. And begain to research "senior discounts" in all categories where you have needs. Shop and stock up on things that can carry you over between income checks.
• If you have young kids, teach them how to understand the difference between needs and wants?

Young and Old:

• Work on Not Measuring Your Life by Material Things, Fads and Costly Entertainment. Develop Hobbies, and Find Low Cost Things that give you a comfort in your concept of "quality of life".
• Talk to other people who may currently be living to a lesser standard than you are, and learn how they manage, it could help you in the overall, to make adjustments without loosing your self esteem.

 

[Taylor]

 

[RealityNow]

Those who "Fail to Plan, Plan to Fail", that saying is always true!!

AARP Benefits and Discounts

Why You Should Avoid Pay Day Loan - instead, pick up the phone and try to work with your debt holders, try to work out a repayment plan that fits your budget.

Instead of using Credit to buy things, if you can't pay cash, use the "Lay Away Plan" for things that are not urgently needed.

If you have a small business, Invest Time to Research Product before Buying: Don't overstock slow moving products.

Become comfortable utilizing "Consumer Reports"

DON'T FALL FOR SCAMS.. Nothing is Free in the Public Sphere of Business and Industry.

Protect your "Identity"... Do Not give out personal information to Telemarketers !!!!!!

NO YOU DID NOT WIN A SWEEPSTAKE... !!! when you know you did not enter a sweepstake, you should know you can't win a sweepstake from something you did not enter.
YOU DO NOT NEED TO SEND ANYONE MONEY TO CLAIM A PRIZE YOU DID NOT BUY A TICKET FOR.


Do Not send money to people you meet on Social Media

 

[RealityNow]

See, there is nothing to "bicker and attack" in this particular thread, so the Right Winger stay away.

It goes to show they can't even engage to talk to other members about "positive ways to prepare themselves for recessionary potentials, which also equally applies to basic yearly inflation rates.

They insult these type of Social Media Forums, too many of such types think the only function forums are use for is "Attacking Anything" that can Benefit Citizens, Society and Nation".

If they can't attack.. they go to threads where they can launch their "one liner clone scripted attack lines", and sit back with a Cheshire cat grin on their face.

​

 

[Roadvirus]

Open a funeral home. Even in the Depression, those guys stayed busy.

 

[ataraxia]

Hi

Open a funeral home. Even in the Depression, those guys stayed busy.

And the pandemic was a boon.

 

[Peter]

What recession?

 

[RealityNow]

What recession?

I did not say there was a recession... The thread is about thoughts to Help one recession proof their life as best they can... Not wait until we are in a recession to start trying to make adjustments.
Too often, society does not prepare itself.

• People are not paying attention to World Dynamics!!! China is having a hell of a time with the COVID and the Lock Downs trying to contain it. We should not think we are immune to the effect of that. Nor should we get callous and think another wave cannot hit us. The Putin disasterous atrocities in Ukraine will have impact in places around the world, and "we are not on some other planet" we are part of "this planet.

• We (American People are highly "gullible" to anything the Executives of Industry Do) even when we see every Industry is "gouging the people" by any and every means they can with exaggerated inflation.
• We should know enough about "American Greed" to know the minute anything can become "Cover for Greed Gouging" the history of American Business Training has groomed people for decades to "gouge as soon as they think they have cover, based on some event or situations.
  • They get away with it, because we submit to it, and then we find mental mean to accept and even to try and justify it.

For Me personally... I don't wait until we are in a rain storm to go shopping for an Umbrella.

 

[RealityNow]

quote

Buffett's advice for beating inflation: 'Be exceptionally good at something'​

"The best thing you can do is to be exceptionally good at something," Berkshire Hathaway Chairman and CEO Warren Buffett said during the company's annual shareholders meeting on Saturday. "If you're the best doctor in town, if you're the best lawyer in town, if you're the best whatever it may be... [people] are going to give you some of what they produce in exchange for what you deliver."

The Oracle of Omaha later added: "Whatever abilities you have can't be taken away from you. They can't actually be inflated away from you. ... So the best investment by far is anything that develops yourself, and it's not taxed at all."
end quote

There is no tax imposed on "being good at skill development within yourself" !!!

In my work, I'm very good at what I do, because I invest in learning more about it "everyday" and I use that knowledge to help me develop and improve the program and its attributes continually. I can keep working as long as I want, as long as I abide by the Rules and Regulations of the Job and remain Productively Engaged in doing the work.
If I chose to, I can become a skilled consultant in what I do, as I've developed the background to be regarded and respected for what I've developed and how I administer the programming and services.

 

[HikerGuy83]

See, there is nothing to "bicker and attack" in this particular thread, so the Right Winger stay away.

It goes to show they can't even engage to talk to other members about "positive ways to prepare themselves for recessionary potentials, which also equally applies to basic yearly inflation rates.

They insult these type of Social Media Forums, too many of such types think the only function forums are use for is "Attacking Anything" that can Benefit Citizens, Society and Nation".

If they can't attack.. they go to threads where they can launch their "one liner clone scripted attack lines", and sit back with a Cheshire cat grin on their face.

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Was there a point to this rant.

You might as well post a picture of the sun rising in the east.........nothing you've posted is anything new (and by new I mean nothing that hasn't been said in the last 50 years).

 

[RealityNow]

Was there a point to this rant.

You might as well post a picture of the sun rising in the east.........nothing you've posted is anything new (and by new I mean nothing that hasn't been said in the last 50 years).

I doubt anything you ever learned in a school book was new ... either

 

[HikerGuy83]

I doubt anything you ever learned in a school book was new ... either

If it was in a school book, it was new to me.

If this is new to you, then you've got some catching up to do.

 

[RealityNow]

If it was in a school book, it was new to me.

If this is new to you, then you've got some catching up to do.

Keep talking if it suits ....

 

[KevinKohler]

Work in the grocery business.

As long as people gotta eat, I'll be fine. Added bonus...it can't be outsourced. Automated? One day, sure. But not for another 50-100 years would be my guess.