I'm worried about a crash in the next 2 years. Is there anything I can do? What do people do in preparation of recession? Not a troll, just want some advice from experienced people :) My friend who happens to have the same concern is thinking about buying gold to preserve value, I don't know if it would actually make sense đ I appreciate your advice đ
I usually quit my job beforehand so I won't get fired during a recession.
How about inflation?
you must do the needful for the next 2 years.
Not sure that I understand.. what is the needful? đ
I'm not sure either. Its funny af
Seriously go talk to an advisor if you are that worried. In general just move your funds to less risky investments depending how concerned you are. I'd say bonds are the lowest I'd go. I wouldn't ever decide to just hold cash
Would you mind explain a little bit about the last sentence? I'd appreciate it :) Talking to an advisor is good advice, I'll do that :)
In terms of risk: individual stocks, index funds, corporate bonds, government bonds, cash (In order of decreasing risk) The lower risk the lower the return, but higher safety. Cash has negative return because of inflation, but risk is tiny. Bonds are very low risk but small return after accounting for inflation. I wouldn't keep anything in cash except as an emergency fund. (X months worth of living expenses. X is up to you)
Cash, Folgers cans, holes in desert.
Buy bitcoin. Seriously
Could you explain? đ Can't tell if you are trolling...
Someone above said gold. Bitcoin is better. Overalll though you just want to have cash on hand. Try to build up as much cash as possible. A small percentage should be in bitcoin or gold. I vote bitcoin
Last recession I was in my young 20s and got laid off and the thing that sucked the most was having debt and not having cash savings (not just for if you get laid off but also so you have options. I had to take a lot of shitty jobs because I needed the money and I felt stuck). When I bounced back the first thing I did was finish paying off all my debts. Next I saved and invested (but since investments can tank have cash). So save,spend less, try to increase your salary this year if you can to help the mission. Ride it out. You just donât want to get caught with your pants down.
Stack cash. 6+ months and live within your actual means. Itâs petty simple. Spend less. Save.
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Letâs settle it here and now!
Stay the course and keep working hard