How are you prepping for a major setback in the economy? We’re retired and our financial advisor said our portfolio is as recession proof as we can get. No debt other than a very low interest car loan. Wondering how some might be preparing for lean times. I think we are ok but curious how others “prep”
Posted by TruthGold2028
8 Comments
I told my wife we should cut down on excess spend…she prob spent another $1k on random stuff the following week.
Chickens…you need chickens! You may be broke, but at least you’ll have eggs. 😉 lol
Just be aware, stocks will probably keep going up. Inflation will also go up. Best advice is to reduce spending, and get out of debt.
Get some silver and gold.
Bury some investments in the back yard.
You’ll be good. Assets will remain high for a while. I think some of the cracks will start to show up in the summer in the housing market, but that’s it. Slow hire environment. Basically if you lose your job, you might not find another one for a long time if at all that pays a livable salary.
The Second Great Depression is going to be for the movies. We will have a booming stock market while the underlying fundamentals erode. I still expect at some point this year for the anti-doomers to start getting a little worried.
Be out of debt and earn at least the rate of inflation at low risk on savings. Live healthy and within your means. If there’s a recession, Treasury bonds and CDs will still return a little bit, which could be significantly above deflation.
Make your coffee at home. Avoid going to Starbucks.
>We’re retired and our financial advisor said our portfolio is as recession proof as we can get
You have one more step he/she won’t tell you about:
Get rid of your financial adviser and become a boglehead (you can start with Rob Berger)