2007-11-30 05:58:45 · 7 answers · asked by Uncle Pennybags 7 in Business & Finance ➔ Personal Finance
The best things you can do for yourself are things you should have been doing anyway.
If there is a recession, what are you worried about in particular? I'd imagine that it's your job. Prepare for a recession just like you'd prepare for any major issue. Live below your means. Pay off as much debt as possible (I only have a mortgage, I carry no other debt). Have six months worth of living expenses in a savings account. If you really think the recession might be bad and you could lose your job, increase this amount to 9 months to a year. That savings is to be used if you lose your job, then you have 6-9-12 months to find a new one without destroying yourself financially.
Keep your expenses low and don't use credit.
good luck!
ps - precious metals are not a low risk investment. Inflation protected securities are a low risk investment (low return, but low risk).
2007-11-30 10:01:43 · answer #1 · answered by Rush is a band 7 · 0⤊ 0⤋
Downsize, get a fix-it book, be green, get ahead on your bills, buy a high mileage vehicle and recycle what you have on behalf of yourself.
Consider your purchases with the notion that you have a responsibility to keep them in good shape, repair them if possible and hang on to them until they no longer meet with usefulness.
2007-11-30 07:47:57 · answer #2 · answered by wider scope 7 · 0⤊ 0⤋
Invest in less risky assets like precious metals or real estate. cut down on spending and fund your pension. If you have the funds, periods of slow labour market are a good time to go back to school and invest in your education. If you know how to do it you might look into shorting stocks of business cycle sensitive firms.
2007-11-30 06:04:53 · answer #3 · answered by tenno1234 4 · 0⤊ 2⤋
Stretch out your lower back and practice kissing?
1 Move into more firmly backed and funded investments
2 Diversify holdings into several smaller less aggressive investments (aka don't pull it all back into one place for safety)
3 Look for income paying investments over holding investments
4 Get employment insurance that has a health insurance rider to it.
5 Consider giving me all your worldly possessions? No? Sorry had to ask.
6. Make SURE who ever you vote for in the upcoming election is NOT a Fiscal conservative and can in your opinion pool enough support to repair our trade deficits aka not another Bush in any way shape or form.
2007-11-30 06:10:01 · answer #4 · answered by Carl B 3 · 0⤊ 4⤋
no worries mate k.b.r. can always use another truck driver and its all tax free,the war buisness isn't affected by recession.and a word to the wise if you don't wan't one quit talking it up as it is as much a subjective matter as not.
2007-11-30 15:33:18 · answer #5 · answered by joe c 6 · 0⤊ 0⤋
short the market.
2007-11-30 17:28:54 · answer #6 · answered by Steve R 6 · 0⤊ 0⤋
Save as much money as you can.
Make sure you do what it takes to keep your job.
2007-11-30 06:03:06 · answer #7 · answered by countryguyhfc 5 · 2⤊ 2⤋