Are you wondering if we are heading towards recession? If so, it is best to prepare for it.
Do not stop contributing towards your retirement!
Keep building your nest egg. Is it 401(k)? Then keep contributing to your 401(k). Keep putting money into it just as you have been doing. Don't fall into the temptation of reducing you contribution or pulling out completely. Don't touch it. Let it grow.
Pay off revolving debt.
What did I say and keep on saying? Carrying debt during inflationary times is expensive. What... 15% interest rate? or even 25%? An absurd amount of 39%? Pay off that credit card debt! Pay of any kind of debt with variable interest. Pay it out right away! Those interest rate will add to your debt. Enough said.
Reduce your budget
Do you spend everything you bring home? Goodness!!! If you are not doing it yet, do yourself a favor and make a spreadsheet of your spending. Get to the details and get granular! Reduce your spending. Bring food to work. Cut down on cigarettes, or liquor... you know where to cut down.
Find ways to have new sources of revenue
Why not sell your unwanted things... kitchen appliances you seldom use, small tools like you extra knives, or what have you. How about clothes, and bags... or those fancy earrings? There are a lot of things just sitting around.
Maybe your creative. How about turning that hobby to something more?
For certain, no one can predict the future. The good thing is that we have time to prepare as these are just predictions.
As for myself, I intend to bulk up on cash. I'll continue to look at my budget and cut it further, and do some Summer cleaning!
What are you thoughts?
I post an article daily, and I hope to see you again soon!
It is important to reduce unnecessarily spending and develop the act of saving more.
In times of plenty we may somewhat free to indulge ourselves. During times of want, we have to hold back for sure. Now we have to prepare.
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I don't know if we are heading into a recession or not, but the signs certainly make it look like we are.
Although I haven't made an exact plan, I was hoping to figure out some way to retire next summer, but with prices of everything flying up and a possible recession, I may choose to just keep working. I make more than I have to have right now, but if prices continue to climb, it might not be possible to retire and make it as I would be bringing in considerably less. That doesn't make me happy, but at least for now I appear to have a choice. With that being said, you never know what a company will do and change and no job, even with long term empoyment (over 20 years)... there is still no way to know what can happen tomorrow.... so
I have 401K, but it is not huge. In the first 4 and half months of this year it leaked nearly 5K. I changed it to no risk, which means I won't make much on it, but I won't lose more either. Normally I have left it in the down times and it has recovered, but at my age and desiring to retire, there may be no time to make it up and I didn't think I could afford to go on losing at that rate.
I am currently debt free, but at a time when I did have revolving debt, I did not pay it off at certain times because I couldn't. I can't imagine anyone keeping debt with the interest rates that high if there was a way to pay it off. Just never know someone's situation on such things.
I could certainly reduce my spending if needed. There always seems to be one more place that can take a little cut.
I wouldn't mind figuring out a little side item for some income on the side, but I really don't want anything that is going to take a huge amount of time. I would only expect extra income accordingly to what I put into it, but I'm definitely not looking for something else to add full time.
These are all great categories to look at and consider and the time to have too may be sooner than later. I hope not, because there are too many people that will suffer because of it. Our leaders should be so ashamed.
If you can hold off on your retirement... that would be good! That would add more to your retirement savings and ride out the possible storm in the meantime. Do you have definite plans for when you retire? Can it wait?
Wow, you have pretty much covered everything! In that sense, you and I are lucky.
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I can put off retirement if my work and my health hold out, but quite honestly, I don't want too ! I've worked and worked all my life and I never planned to work after I turned 65, at least not in a structured job. I'm tired and weary of it all and my job is mentally stressful at times. I WANT to retire !
Hahaha!!!
Okay, okay! Hehehe!!! 😝🤪
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I don't have credit card. I have a few beers sometimes. I buy many cheap things !
Good for you!!!
“CARRYING A BALANCE HELPS YOUR CREDIT SCORE.”
The biggest lie that credit companies tell you!
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Pulling out of the contribution will be a great loss in my own view and when things are not going in the way it is suppose to go budget reduction should be an option to minimise the way things are spent
Very true, my friend! Reduce your budget!
!invest_vote
Exactly. Thanks for the vote
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recession? i think more a great depression :D
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Exactly. reduce your expenses and increase your income.
2 ways I reduced my expenses is got a cheaper phone plan since I have a work phone too and I negotiated my web hosting package with my provider. Asked for a 15% discount for paying up a year and got it.
Now I just have to increase my income :)
Increasing income... yes.
Earn more, either in earned income, rental income, interest income, dividend income, business income, capital gains,...
Great job negotiating your phone rate. It makes more financial sense to cut expenses first .
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I think it's long overdue unfortunately now after coivd it might be a really bad one , you are so right everyone needs to be prepared and get to work on a plan and being smarter with their money
Not just to plan but to immediately act on it. Save today! It's like preaching to the choir, hehehe. I know you save, @bitcoinman . hahaha!
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To be honest I think we have been in one for a little over 6 months now. Funny thing about bull runs, bear markets and recessions. You don't realize it's here till your already half way in or it's coming to a end.
For those of us who are nonchalant about spending using credit cards for every purchase, the realization comes a bit late. Very true, @bitcoinflood , very true! But it is not too late.
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It’s good that we are both preparing @silversaver888 . My youngest son is also preparing for hyperinflation. He said he feel sorry for those that are going out and spending cash on new cars and trucks that they don’t need many will be caught unaware!😬
Isn't it true?!!! My thought exactly. Especially when it comes to brand new vehicles!!! I pity those who are buying at this time, @silvertop !
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You must be killin' it out here!
@silversaver888 just slapped you with 1.000 PIMP, @silvertop.
You earned 1.000 PIMP for the strong hand.
They're getting a workout and slapped 1/1 possible people today.
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Your thought of accumulating cash right now is a very good idea as well my friend!😇
@silversaver888 thank you for this wonderful post. Just this morning, I wrote down all 5hat I have sent and realized that I have spent more than I actually have earned for this month. I have gone back to the drawing board and I am determined not to make unnecessary expenses anymore
Cut back on non-essentials.
At the very least, do not spend more than what you earn.
But best of all, keep some of your earnings in savings.
Good luck in saving, @joydukeson .
We all need it.
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In my opinion everything is energy (including money, which is actually a very beautiful energy). This is a good time to be creative since the old ways of making income are coming to an end. If you focus on lack you will attract lack. If you focus on abundance you will attract abundance 😉
Hahaha!!!
Yes, it is great to be creative!!!
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I do think we are already in a recession. It's just the economic factors catching up to the economy and I expected ever since we had supply chain issues.
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Yes, you may be right, @jfang003 !
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I'm sure we'd rather be on vacation than on a recession.
Always, with love 🤗🌺❤️ Aloha!
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I am reluctant going on a vacation, but I have bought the tickets a long, long time ago, and I have saved up for this vacation... so I am still going, hahaha!
ALOHA!!! 🤗🌺❤️
You worked hard this long as the Admin/Mod for #LOH so I'd say you earned it!
I'm sure you will work from there just as hard from your laptop, a working vacation. 🍹
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Hahaha, I'll bring my laptap, but given the schedules of my friends and grade school and high school classmates, I just don't know!!! Would you believe, a few of them hasn't been to the mainland!
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Great tips for people.
Yes, now is the time the save and add to your pension.
And if people have depts, try to pay it of or get better rates.
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Hello @littlebee4 !
Save, save, save!
Now is not the time to be frivolous with our spending!
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Hello @silversaver888
I am… we have goals and a big move coming up 😉😎🤩
So all good! No extra spending anywhere. No extra things are being bought to add to our belongings hahaha 🤣
Have a wonderful Sunday further 👋🏻☀️💃🏻
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Cut back, have an emergency fund, attack debt, and have backup plan in case you lose everything... at least that's what I'm trying... cheers @silversaver888, I think you are on the right path!
You have the right frame of mind. It's just what you are doing right now!
Carry on, @fat-elvis ... hehehe.. piece of cake!!!
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Covid first ironically enough, reduced our spending by reducing our trips to the store. Even though things have gotten better, we still do not go as we did prior to covid. I guess that's one good thing that came out of that, lol!
It is good to have the precious metals, the cash and crypto; a diversified port folio and you are prepared no matter what.
Thanks for sharing sis and have a lovely Sunday!🤗😘💕🌸 !LADY
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