I do not want this to be a political debate nor an opportunity to post recent headlines. However, in my opinion, this administration seems to be taking actions which history suggests may lead towards a near or total economic collapse. Whether you agree with this or not is irrelevant.

This post’s question is: If one were to have a concern that they’d no longer be able to afford common household goods or that mainstream (S&P, Nasdaq) financial investments were no longer sound, what can one do to prepare for “the worst”? What actions could someone take today to minimize economic hardship in the future?

I would also like thoughtful insight from older adults to offer younger adults about how they should be better preparing themselves for an uncertain future, outside of current events or place of residence.

  • RBWells@lemmy.world
    201·
    7 hours ago

    I’m old enough to have lived through several recessions, though I was poor for the first couple of them. I think a recession more likely than a collapse. If it’s a recession:

    1. If you can keep your job you will be ok, really. Try to keep your job if you can. Yes even if they do temporary pay cuts.

    2. If you’ve been unable to buy a house, a recession may make it possible. That is how we got our first house - prices tanked, we got a run down house, couldn’t improve it really but it was a place to live for a long time, and when you buy in a crash, taxes stay low here.

    3. Remember there have been worse times and you are descended mostly from people who survived them.

    4. Be nice to people. Always be nice on your way up, because what comes up must come down. We used to have to dumpster dive, and I have lived on the streets and in a car, don’t want to again, at all, but there are plenty of less extreme tactics - live with more people in one house, we used to have one family in each bedroom, not one person, and that makes housing cost so much easier.

    #1 is really the most important though - if you can keep a job you will be ok. If that falls through, do not think you are on your own, reach out to others and work together.

    • JOMusic@lemmy.mlEnglish
      1·
      2 hours ago

      Remember there have been worse times and you are descended mostly from people who survived them.

      I love this

    • Zorsith@lemmy.blahaj.zoneEnglish
      11·
      5 hours ago

      I don’t think housing is going to come down in any meaningful way. They’ll just be bought up by corporations automatically now when the price dips low enough