Recession survival tips
TC: 275K. 75K is in RSUs, 200K as cash. YOE: 6 Paid off my grad loan and did not buy a house yet. I have little savings of over 50K. But the 50k are going to be spent for my wedding next month. So, my net savings will be zero. Assuming there is an inevitable recession in the coming months, what are some smart things/actions to survive recession? By survival, I mean to have basic living expenses, health care etc.
Have a less expensive wedding? It’s fine to want a nice big wedding but if it will literally take all of your money seems like a good place to reconsider
50k - ask yourself, is it absolutely necessary?
Agreed... nothing wrong with spending $50K on a wedding, but if you have to drain your savings to make that happen, that is plain stupid...it also assures you will start out your marriage with more pressure.
Have a lot of money, get rich.
I'm not planning on spending the 50k on marriage alone. Accounting for Marriage + Setting up the new home with frugal furniture, running costs for the first couple of months etc. Will definitely have some money left over. Any other ideas?
Holy shit. I can’t imagine how much you’re gonna spend on divorce. And no one has an insurance for that.
With this tc and saved amount , you have a spending problem.
50K for what exactly. Wedding is waste of whole day spent on stress
50k on wedding, honey moon and new furniture seems reasonable. Go ahead with that. Planning: -if you can do NOT have kids immediately. Wait a couple more year at least (more if you still in your 20s). -a simple 1bd is more than enough for a couple, that costs around 2k. -avoid expensive travelling for a year. -dont forget to max out your 401k -save at least 30% of your net income (aside from 401k). -once you reach 200k in savings (invest it, please don't leave in savings account) you should be able to breathe again and will be recession proof.
Why did you pay your student loans? That’s the one piece of advice I have for surviving recessions. Don’t pay off more than necessary. They are a cheap source of money that you can’t extend. Use the money you would have paid it off with on everything else you need. Now you got nothing.
^ will definitely do this.