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Ask HN: Are you prepared for a recession? How would you prepare for it?

6 points by llampx 5y ago

The financial/economic news isn't all that rosy nowadays. If we are looking at a recession in the next 1-2 years, lasting 5-10 years, are you prepared and if not, how would you prepare?

JoeMayoBot 5y ago
Not sure why more people didn't mention this. I make sure that I have a minimum of 3 months of liquid cash available. Generally, I keep it at 6 months. Not only is that a nice buffer between jobs, but it also gives me confidence that I don't have to take the first/worst job that comes along next.
baybal2 5y ago
I am preparing for the next recession by looking to get a wife before it hits.
JNRowe 5y ago
Last Week "Ask HN: How are you preparing for the incoming recession?"¹. Seeing the question twice in a week does make me think I should be considering this a little more ;) ¹ https://news.ycombinator.com/item?id=30263666 https://news.ycombinator.com/item?id=30263666
- llampx 5y ago
  Yikes, I didn't know about that! Thanks, some interesting responses there.
jamil7 5y ago
Yeah just gonna keep slowly DCA’ing and ignore the markets and news, ride it out.
Graffur 5y ago
I am not prepared really. I don't see how anyone can be suitably prepared for a recession where there is inflation. Any stock you have will go down, any property you own will go down, financial institutions will lend out less, any cash you have will be eroded by interest EDIT: After taking a minute to consider it further, I am prepared in the following ways: * My job is stable and would hopefully be okay during a recession * My rent is reasonable * My hobbies (coding, learning, tv/movies, walking, reading, working out at home) are very low cost * I can happily eat oats, eggs, rice, beans, chicken, turkey, homemade pizza for a long time. I don't need to eat out much.
- tomcam 5y ago
  You’re doing pretty well! I never felt that working for other people was particularly stable so I always had a second job (before I started my own company). I own my property outright so that I never have to worry about inflation other than the somewhat high Seattle area property taxes. I pay $26,000/year just for the right to stay in property for I have no mortgage.
  - tomcam 5y ago
    * for which I have no mortgage
tomcam 5y ago
Yes. Paid off my house & farm, have decent retirement money in liquid and less liquid form. Have lots of precious metals. Grew up not secure, and have been expecting this since the 70s. Am officially retired but have always kept my skills current.
baremetal 5y ago
Started a business doing something people need. Building my own house with my two hands. Bought 20 acres of farmland Learned a ton of skills. Skills are inflation and recession hedges.

6 points by llampx 5y ago

The financial/economic news isn't all that rosy nowadays. If we are looking at a recession in the next 1-2 years, lasting 5-10 years, are you prepared and if not, how would you prepare?

JoeMayoBot 5y ago

Not sure why more people didn't mention this. I make sure that I have a minimum of 3 months of liquid cash available. Generally, I keep it at 6 months. Not only is that a nice buffer between jobs, but it also gives me confidence that I don't have to take the first/worst job that comes along next.

baybal2 5y ago

I am preparing for the next recession by looking to get a wife before it hits.

JNRowe 5y ago

Last Week "Ask HN: How are you preparing for the incoming recession?"¹. Seeing the question twice in a week does make me think I should be considering this a little more ;) ¹ https://news.ycombinator.com/item?id=30263666 https://news.ycombinator.com/item?id=30263666

llampx 5y ago
Yikes, I didn't know about that! Thanks, some interesting responses there.

jamil7 5y ago

Yeah just gonna keep slowly DCA’ing and ignore the markets and news, ride it out.

Graffur 5y ago

I am not prepared really. I don't see how anyone can be suitably prepared for a recession where there is inflation. Any stock you have will go down, any property you own will go down, financial institutions will lend out less, any cash you have will be eroded by interest EDIT: After taking a minute to consider it further, I am prepared in the following ways: * My job is stable and would hopefully be okay during a recession * My rent is reasonable * My hobbies (coding, learning, tv/movies, walking, reading, working out at home) are very low cost * I can happily eat oats, eggs, rice, beans, chicken, turkey, homemade pizza for a long time. I don't need to eat out much.

tomcam 5y ago
You’re doing pretty well! I never felt that working for other people was particularly stable so I always had a second job (before I started my own company). I own my property outright so that I never have to worry about inflation other than the somewhat high Seattle area property taxes. I pay $26,000/year just for the right to stay in property for I have no mortgage.
- tomcam 5y ago
  * for which I have no mortgage

tomcam 5y ago

Yes. Paid off my house & farm, have decent retirement money in liquid and less liquid form. Have lots of precious metals. Grew up not secure, and have been expecting this since the 70s. Am officially retired but have always kept my skills current.

baremetal 5y ago

Started a business doing something people need. Building my own house with my two hands. Bought 20 acres of farmland Learned a ton of skills. Skills are inflation and recession hedges.