| All of this is the opposite of what the government will want you to do, since (arguably) the best way out of a recession is to spend one's way out, but, tragedy of the commons aside: - Get rid of debt, right now. Interest rates are skyrocketing and unsecured debt is the last thing you need. Restructure it, consolidate it, pay it, but get rid ASAP. - Emergency fund. Cash is good, but inflation depreciates it and it's too easy to spend. Buy precious metals (gold can be bought by the gram, you don't need to be rich already) or some other reasonably stable store of value that tracks inflation long-term. - Trim the sails on your unnecessary spending - not all, but some. Try and have something left at the end of every month. - It's musical chairs time for jobs. Find a comfortable job at the highest pay you can muster that has long-term stability, best measured by longevity and number of employees. Now is not the time to join a funky equity-paid two-man startup. - Fill the cupboards with tinned and dry foods. Perhaps not in the US (you guys are fairly self-sufficient) but in Europe we're already seeing gaps on the shelves, not least because of the blockades in Ukraine, rising cost of transportation, Brexit and so on. - Fill some fuel cans if possible (store them OUTSIDE), fuel prices are unpredictable at best, at worst there will be shortages. - Try not to read too much news. Walk the dog. Focus on your family. |