Fight, flight or freeze

My recession fears temper my current reality. I remember all too well the 2008 recession, taking on a rather crappy job at 1/3 less pay than my previous job because literally no one was hiring. My stocks lost half their value. Currently I’m in a mediocre job and was trying to get out, but my feet are frozen now. Don’t want to quit something stable to start something new and unknown with a global recession at the doorsteps. Doing nothing is an action. It’s not my first choice but playing it safe is better than the despondency I felt last time around. I’m also forgoing all those $100+ events, restaurant meals, etc. Prefer to stuff it under my mattress so to speak. Belt tightening has already started for me.

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I agree

Jul 8, 2022 at 8:32pm

I was horribly affected by the situation that happened in 2007-2008. Due to circumstances at that time, I was never able to recoup the losses I incurred from investments. I lost my home, my job, and my life savings. If I’d been younger I might have been able to build it back up again, but I was in my 50’s and it never happened. So now I’m just managing to scrape by, and I don’t have enough money that I can afford to risk a thing on an investment that might tank. A lot of people feel this way now. People are stockpiling cash, and I have started doing the same. What’s the point of having it in the bank where it earns close to nothing anyway? I’m going to rent a safety deposit box and stash some funds in there just in case.

8 0Rating: +8

There’s Always Money in the Banana Stand

Jul 8, 2022 at 10:34pm

Maybe it’s time to build one.

Unless we invest in real things like the saffron fields - weather permitting.

Like you, I’m scraping by.

2 1Rating: +1

@I Agree

Jul 8, 2022 at 10:49pm

In all of history, there's never been a better time to branch out and do things for yourself. To make extra money.
If you have a hobby-sell that on Etsy. Are many stay at home book keeping, billing etc part time jobs. Consulting in your area of expertise. etc.
Don't give up and don't stop trying if one thing doesn't work.

5 0Rating: +5

Anonymous

Jul 9, 2022 at 12:12am

You know someone else mentioned that to me today about there's a recession coming.
I think it's already here food costs are outrageous and housing prices and rent are ridiculous. Gas well don't get me started. Wages never seem to catch-up with cost of living prices.
The world is screwed.
The few fat cats are living the vita loca while the rest of us live in poverty or are barely scraping by.
We need a French Revolution.
And no cake !

7 0Rating: +7

True

Jul 9, 2022 at 1:46am

be careful but the recession hasn’t happened yet and the prediction is it will be next year and not too bad. Do the belt tightening but don’t freak out quite yet!

2 2Rating: 0

@@I agree

Jul 9, 2022 at 5:25am

I didn’t say I’m not doing anything, but with the cost of living being what it is in this incredibly expensive part of the world, I’m still scraping by. Sure, selling things on Etsy is a way to make money, but you’ve got to have a place to make that stuff and the money to buy the supplies in the first place, etc. Working from home is fine if you live somewhere where it’s quiet enough or large enough for separate office or creating space, but that’s not the case for a lot of people. The point is that we live in a time of great uncertainty, especially when it comes to economic matters, and unless you have enough money that you can afford to lose it, risking it by investing isn’t always the smart decision.

5 0Rating: +5

@Anonymous

Jul 17, 2022 at 4:00pm

The recession is here, yes. But this is just the leading edge of the storm. It's a bit like standng on a beach with the winds are picking up because a hurricane is predicted to make landfall, and someone says "this isn't so bad."

It will get bad. There may be no "coming out of it" in quite the same way that the World economy has done in the past.

Belt tightening now will serve everyone well but as we've seen in other countries, if your money becomes devalued and devalued, your saved money doesn't go very far. It wasn't that long ago that a Mars Bar cost over 100 Rubles in the Soviet Union. Different circumstances yes, but really that different? It wasn't too long ago that there were huge lineups at banks in Greece. Then the banks started telling customers they could only withdraw a certain amount each day. Then you got to line up the next day. People forget so fast how quickly things change. North Americans typically think it only happens to other countries.

The coming hurricane will affect everyone, so get creative and learn to live with less, be more basic and do many things, not just one job.

2 0Rating: +2

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