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The Nomad Economist
Premiered Sep 3, 2022
Various indicators in the economy are pointing to the signs that an inevitable recession is coming which has been at the center of financial news for over the last few months. As a result of this there’s been a spike in recession fears throughout the nation.
So what do you do when the recession happens, and how can you prepare now. I’ll tell you what most people will do. Now, in the good times, they’re going to “enjoy it while it lasts” they’ll rack up credit card debt, car loans, mortgages, and student loans. Why save money when debt is so cheap and easy to get? Besides, times are good. They “optimistically” ignore the possibility of a decline.
For millennials especially, the “good times” are all they’ve ever known. One day soon, these people will be in for a shock. That nice stable job suddenly looks a lot less stable. The payments start coming due on those loans, and it becomes a lot harder to get new loans. They begin to default. They begin to sell off assets to make ends meet. Not a fun time. I’ve decided not to allow myself to be in that position.
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