I'm very curious and think that many of us can learn from those that lost all/much of what they owned during the housing crash. One story I know, of a friend, owned and rented out multiple homes. The tenants lost their jobs and he was stuck paying multiple mortgages. Which, needless to say, he couldn't pay and had to forclose on.
I was probably the one who bought em. I bought a lot of houses in 2013. Sorry. Recession didn't hurt me at all, I bought all the things and all of the luxuries went on sale.
Come back down to earth please. Thanks for sharing
Are you posting this from your space yacht?
I lost my job. I basically lost everything because I had just started my career. I was too old to be a new grad but had barely one year of work experience. Nobody even wants to interview that. Was forced to start my own business which meant I was confined to a bed in my mom’s house for 18 months and live in almost total isolation for close to 3 years. It all worked out in the end though.
Sorry to hear. Glad it worked out though. Were you living on your own?
I had 12 yoe then. Net worth got halfed, lines of credit got chopped, 7 properties for rentals. You need liquidity to run rentals or you go belly up. Sooo, I embarked on a furious 5 year work spree (side gigs, consulting, sales, teaching). Built a safety net, then purchased everything I could find. Yada yada yada I retired this year.
Congrats! Are you buying properties outright this time around or does it not make sense to do that?
If another recession hits, are you going to go back to work!
Company match on 401k contributions stopped - which really sucks because stock were so cheap then. Anyway, I waited for years then bought a foreclosed house at the exact bottom, so worked out well for me. The real change is psychological. After watching so many really suffer, I now keep 400k in cash as backup.
Is that 400k liquid or do you protect it against inflation with laddered CDs each month?
Just curious how you settled on 400k, rather than more or less?
Company started furloughing non-eng. Actually was jealous because they all got 3-day weekends
My mom lost her house. I had just graduated college and couldn’t get a job. Ended up going back to school while dirt poor and got into tech.
I was fine but many of my friends lost their jobs. Tech definitely wasn’t hit as hard as other industries.
People leave the country and their super cars on apartment parking lots when labor market turns into pumpkin.