I am:
>poor student
>income of $10k a month
>no savings
>$6k student debt
>$4k credit card debt and paying down
>rent apartment for $800 a month
>no property to my name
>$4k worth of crypto
How do I avoid getting fucked over by the coming recession? How will I benefit from it?
How do I survive this coming recession?
Noah Wright
Noah Torres
>$10k a month
>poor student
Wyatt Lopez
Fuck meant $1k
It’s 10k in local currency
Owen Johnson
>Poor
>10k a month
Suck your boss's dick to make sure you aren't fired. Then invest heavily every month.
Aiden Garcia
80% of your income going to rent is unsustainable, get a roommate or move back in with your parents.
Daniel Ward
Need to get rid of all your debts ideally.
3 months worth of living expenses in cash, 6 months would be better.
Poor people get fucked about by recessions, having the cash ready for when shit hits the fan is the best you can do. In case you need to move out, or emergency costs appear
Ryan Wilson
If in eastern Europe, find a western company and look for a chance to relocate so you can be away from the coming conflict in Russia and Ukraine
Ethan Gomez
Also, sell most of that crypto and pay off your credit card. Finish school, but only if it's in a field that you're going to actually make money in. Make sure you're networking to get that job, not just being a shut-in.
Jayden Lopez
>>$4k credit card debt and paying down
Some banks offer fee free overdrafts to students, see if you can get one so you can pay off the credit debt. Then pay back the overdraft interest free.
Check around for bank accounts offering switch offers, or introductory rates. Rinse them for all it's worth.
Noah Nelson
buy, food water and ammo
the next recession will lead to a fucking war
Ayden Stewart
stock up on cheapest foods (rice, bottled water, random cans). anyone can do this.
whenever you feel like indulging, don't. stock up more instead.
in like a year you will be rice king god, king of the fucking soup cans. when everyone else starves, YOU. EAT.
when everyone else eat. YOU. INDULGE.
this will be the time of many rice and even more opening of cans.
good luck.
Caleb Sanchez
Lmfao at these suggestions
Brayden Turner
20 year old zboomer here who hasn’t experienced a recession that affects him
Is having all your savings in fiat a good thing or should you keep it in PMs, stocks, funds, bonds and/or crypto?
Logan Morales
fiat is a great idea. literally the only thing that fucks it is hyperinflation, and that comes with a warning/signs.
just make sure to keep cash, not fucking bank credit (banks go bankrupt).
Gavin Bell
>mfw I can always rent out the two extra rooms in my apartment and get zero cost housing + 200 bucks a month
I AM RIGHT NOW INDEPENDENTLY, FINANCIALLY INDEPENDENTLY
David Cox
>implying the 2008 recession is not affecting you right the fuck now
retard
Jeremiah Brown
based
Christian Thomas
Based and redpilled
My advice for the current recession - live with your parents, work on some kind of ecommerce business, invest all money into eth because you’ll want to have your seatbelt on when the next moon mission launches
Jordan Cox
Aren’t all my money in bank basic Bank credit? So you imply I take it all out?
Cameron Ramirez
Dubs and green id confirmz
Elijah Morales
Recession benefits those that have no jobs and have debt.
You've got nothing to lose, idiot.
Joseph Adams
I'm trying to brace for it by picking up a second job.
I'm trying hard to get my job to pay me more but cut my hours by 33.333% each week. Not going ot be easy but I"ve been priming them for it, they won't be surprised when I ask. Hard part is demonstrating that I'm worth it to the company and being able to make good on threats that hurt them some how. For the most part recessions are a meme. They only fire the people who let it happen. Rarely does management pay favorites, it's jsut no one is bold enough to ask. I've gotten so much shit that people with 5x as much experience as me that it's begun to hurt relationships with lateral coworkers. Not my fault if they hate money and vacations tho, they can go eat shit for all I care.
Wyatt Morales
>earn 10k/mo
>6k debt
>4k debt
>4k """"""""""""""invested""""""""""""""
REEEEEEEEEEEEEEEEEEEEEEEE!!!!!!!! JUST STOP BEING FUCKING DUMB.
HOW TO NOT BE FINANCIALLY RETARDED:
0. DON'T SPEND MORE THAN YOU CAN.
1. PAY YOUR FUCKING DEBT AS FAST AS YOU CAN
2. INVEST THE REST OR USE IT TO FINANCE YOUR DREAMS
3. DON'T GET BAD DEBT EVER AGAIN IN YOUR LIFE
YOU HAVE LITERALLY ZERO DOLLARS INVESTED. YOU ARE JUST STARING AT THE NUMBERS WITHOUT UNDERSTANDING ANYTHING AND FEELING GOOD ABOUT IT.
I'M GOING TO BE A KEK AND HELP YOU OUT:
0. STOP """"""INVESTING""""""
1. PAY THE FUCKING CREDIT CARD DEBT. I'LL GIVE YOU 3 MONTHS MAX
2. PAY THE FUCKING STUDENT DEBT. I'LL GIVE YOU 4 MONTHS MAX
3. MAKE A $30K EMERGENCY FUND
4. GO BACK TO "'""""INVESTING"""""
Nolan Long
1 is a stupid rule, guaranteed way to end in financial ruin. Some debt is good. If I gave you a million dollars and presented you with two options which would you pick?
>give me back a million dollars now
> give me back a million dollars tomorrow but you also get 10 millions dollars extra to keep for yourself
Would you really pick the first option here?
Leo Perez
If it was tomorrow then I sure would pick the second one, but what I see out there are things like these:
>"Wow this house/thing costs only 100k and I can take 30 years to pay. In 30 years it'll be worth 1m!! I'm going to get into debt and buy it right now!"
>30 year later: object is worth 1milion, you paid 800k in interest, you fell happy that at least you got your 100k back plus 100k in profit. except inflation over 30 years ate 60% of the value and you only really got back 80k and no profit (im doing shitty calculations here)
This is not good debt in any way.