76% of Adults are Making Lifestyle Changes to Prepare for a Potential Recession - page 2.

348Judah

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Quote from: Ryu_Ar1 on October 23, 2022, 06:16:38 PM

I don't refuse by preparing and making some plans about anticipating the Recession, but for me, who incidentally lives in an environment that is actually lagging behind and with a mediocre economic condition, actually every day even before it was crowded, I have also felt the Recession for myself personally.

We just need a speedy intervention for this recession of a thing and nothing could have advanced to this if not the inflation we are all currently battling with, don't be surprised that not only your locality or country was bernnaffected by this, it a global challenge and everywhere is been affected, what we should be running after is on hiw to provide a lasting solution to the effect and this has also bring in about creating an alternative means to sustainable economy, bitcoin is already solving part of it, you discover that when you run an independent economy.

Quote from: Ryu_Ar1 on October 23, 2022, 06:16:38 PM

What I mean is that when we want to prepare, we actually don't have to wait for it to get crowded first because indeed when preparing now with the recession already in its early stages it is still good but this seems like we are not ready because when the recession starts we have already prepared.

Dont depends on what the economy or government serves to give you, work out your own sustainable means, try as much as possible to be decentralized, avoid liability assets, cut your cost, increase your income and budget well with your financial assets, things cannot always be thesame as it has always been.

Note3

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Quote from: Ryu_Ar1 on October 23, 2022, 06:16:38 PM

In the last few weeks I've read a lot about Recession, Recession Threats and so on.
I really don't want to be naive about this because it's really good to be prepared for this but there are some things I can say here.
I don't refuse by preparing and making some plans about anticipating the Recession, but for me, who incidentally lives in an environment that is actually lagging behind and with a mediocre economic condition, actually every day even before it was crowded, I have also felt the Recession for myself personally. .
What I mean is that when we want to prepare, we actually don't have to wait for it to get crowded first because indeed when preparing now with the recession already in its early stages it is still good but this seems like we are not ready because when the recession starts we have already prepared.

The preparation only can be done by people that already have an assets and the income can cover all daily needs not with people in third world country.
People from the third world can only hope that there is no riot because this can also happen when many people can no longer get food.

Ryu_Ar1

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In the last few weeks I've read a lot about Recession, Recession Threats and so on.
I really don't want to be naive about this because it's really good to be prepared for this but there are some things I can say here.
I don't refuse by preparing and making some plans about anticipating the Recession, but for me, who incidentally lives in an environment that is actually lagging behind and with a mediocre economic condition, actually every day even before it was crowded, I have also felt the Recession for myself personally. .
What I mean is that when we want to prepare, we actually don't have to wait for it to get crowded first because indeed when preparing now with the recession already in its early stages it is still good but this seems like we are not ready because when the recession starts we have already prepared.

KingsDen

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Goodnight, o_e_l_e_o 🌹

Quote from: xSkylarx on October 22, 2022, 03:15:29 AM

Quote from: Davidvictorson on October 19, 2022, 08:46:22 PM

Please share your personal experiences on how people in your country are preparing for or dealing with a recession.

With the continuous weakening of our local currency and continuous climbing of inflation rate, people here don't care anymore if a recession will happen. I live in a 3rd world country so most of the people here just go with the flow on their daily living. Minimum wage is not enough to sustain oneself since prices of basic commodities have shoot up to the point that whatever saving techniques you do, it is not enough. Only the people that belongs to middle-class and above are able to prepare if a recession is bound to happen soon.

This is the harsh reality.
Many people are predicting or speculating on what to do to avoid the looming recession, while there are many who doesn't care about the recession, who doesn't care about the inflation because every day of their life there is recession and there is inflation. There are many who doesn't think about projects that they will execute for a whole year, there are many who only thing and care about what they will eat for that particular day and the next day they will continue to pray and hustle fir another mealto arrive.

This is the harsh reality of life, the life is not that balanced and the politicians of some countries have contributed more to their woes.

Fortify

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Quote from: Davidvictorson on October 19, 2022, 08:46:22 PM

According to a new survey, three-quarters(76%) of U.S. adults are delaying big purchases and reducing debts since they are worried about an impending economic downturn. Below is the summary of the findings:

34% of Americans are delaying major purchases like a home or a car
29% are paying down debts
28% are planning to reduce holiday spending
24% are allocating more income to savings
24% are staying in a job they do not enjoy

Dual-income families should save at least 3 months’ worth
Single earners should put aside 6 months or more
Entrepreneurs should set aside 1 year of expenses

In addition, from a personal standpoint, investing in a cryptocurrency, especially bitcoin, acts as a buffer against the harsh realities of a recession.

Please share your personal experiences on how people in your country are preparing for or dealing with a recession.

The writing is on the wall right now, we had almost a decade of the good times and now it is time to pay it all off. We're already seeing stocks dropping slowly month after month in major indexes around the world, it could easily continue throughout 2023 unless there is some great news like the war in Ukraine coming to an end - that might see a happiness bump and alleviate some of the problems. However Putin is a stubborn man and Ukraine will not back down either because their land has been invaded. Unfortunately he is a barbaric man so it could get worse before it starts to get better, the sooner he is gone the sooner the world can be more peaceful again and economies start to stabilize.

jaberwock

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Quote from: Darker45 on October 20, 2022, 07:58:16 AM

I doubt majority of my countrymen even know what a recession is. They probably don't know what that means and whether that's coming or not. So preparation is definitely not done. Normal people don't really make economic forecasts. But the irony is that they are at the receiving end of all this. So they are definitely feeling it. They probably don't know what this is but they know very well that the prices are rising and the worse might yet to come. But they're seldom preparing.

As a matter of fact, saving is seldom done by many people in my country. Most are basically daily wage earners who cannot survive 3-6 months on savings alone. They're living on a one scratch, one peck basis.

This is the sad truth for the poor living on developing countries. U.S is a well developed country and people there are so advanced that even the adults now know what is an economic recession and they are now ready to face it. For a poor person, the economic recession is like a normal event that is being felt from time to time due to their difficult situations.

Less jobs, and then prices of the goods are rising. It's impossible for these people to save up for a long time and even if they separate some money, it will still be used up later on. Economic recession or not, all the items in the op should be followed. It was like delaying self gratification to be more successful in life.

Eternad

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Quote from: xSkylarx on October 22, 2022, 03:15:29 AM

With the continuous weakening of our local currency and continuous climbing of inflation rate, people here don't care anymore if a recession will happen. I live in a 3rd world country so most of the people here just go with the flow on their daily living. Minimum wage is not enough to sustain oneself since prices of basic commodities have shoot up to the point that whatever saving techniques you do, it is not enough. Only the people that belongs to middle-class and above are able to prepare if a recession is bound to happen soon.

The sad reality that poor countries experiencing, people will just rely in governments. Hopefully people will still be able to save atleast for these events, it will benefit them once recession occurs. It’s hard to always rely in reliefs from governments or to be a burden to others. If we already live in a poor country we must aim high to survive than to just stay poor. Good to those who have mindset to prepare for crisis and hopefully many will inspire to also save for emergencies.

radjie

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Quote from: AmoreJaz on October 21, 2022, 06:44:10 PM

Quote from: Rengga Jati on October 21, 2022, 05:44:58 PM

The recession really has a tremendous effect, especially in certain countries. This affects many parties, not only people who already have heavy dependents but also young people who also have to give up their pleasures a little. In fact, the consequences of this recession are unavoidable, everyone has to face it, somehow. Rearranging finances, controlling excess activity especially just for temporary pleasure, trying to get income from other sources of income, and others. I see many people complaining because their income is fixed while expenses are very high and increase due to rising costs and prices of any kind. And when you want to get additional income, it is not as easy as we expect.

Indeed this is not easy, but it is very necessary, especially on this one point:

Quote from: Davidvictorson on October 19, 2022, 08:46:22 PM

28% are planning to reduce holiday spending

during pandemic and the long lockdown experienced by almost all people in the world, many of us had the chance to contemplate on many things in life. and this catapulted to change of lifestyle to many people. many people change their priorities in life and live simply. i guess, this recession won't be hard to many of us now as we experienced a lot of setbacks in the past couple of years. and learned what are the important things in life that we can devote on.

in fact, there are still many people who are wasting money after the lockdown was relaxed during the pandemic, they feel free as if they were living a new life when Covid-19 was declared to have entered the green zone. Carrying out activities as usual is even more wasteful to spend money in shopping centers, vacationing like people who are taking revenge because they have been confined for a long time due to the lockdown. but this time there is a threat worse than a global recession that could destroy the economy. Some adults certainly think of dealing with this recession in their own way, who are worried that if the value of a country's currency is not valuable, there will be threats of poverty and hunger due to high prices of various commodities due to inflation.
it's good we should also try to use vacant land to grow crops to anticipate a very bad economic collapse if the currency of the country we live in becomes worthless

At first glance I once read an article that one country became poor because the local currency was worthless, bought 1 kilogram of tomatoes with a few piles of money they had

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Quote from: darkangel11 on October 20, 2022, 12:05:11 PM

Quote from: Don Pedro Dinero on October 19, 2022, 10:27:11 PM

Of course, we had already been warned, and if you followed the economy a little, you could see that at some point in the near future we were going to have another crisis, regardless of the war that is happening, because the solutions to the 2007 and 2020 crises were a flight forward by the central banks by flooding the markets with liquidity.

This is also what Germany did after World War I. They were hit by sanctions so they printed money and created big inflation and recession, which is why Hitler was able to give people purpose and create jobs, even when the purpose of these jobs were to make war machines and munitions.
Lots of similarities between that time and now with what Putin is doing. Reduction of country's population and giving people an enemy to fight usually works against recession.

It's not really similar because in this situation there is no war, it was the pandemic that caused people to print money. And this time around there is no "coming back from war" type of extra jobs. Back in 50's and 60's USA lived the richest period of its life. Because, tech was improved enough to actually do something with the man power, and since men came back from the war, there were a lot of people willing to work.

This created a boosting economy where there were new things all the time, and they were all working to get better, and there was money to be spent as well. This time, there is none of them, just a handful of wealthy people becoming even wealthier.

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Quote from: pawanjain on October 21, 2022, 09:59:38 AM

That is a good thing because prevention is better than cure. It's better to prevent mishappenings due to recession rather than feeling guilty later.
Whether a recession happens or not, the steps taken now to prevent it will only benefit us in the next few months.
I would say it's better to have at least a year's expenses worth of savings aside just in case things go haywire.

People are now applying adjustment and saving as much as they could so dealing with the recession in the future won't be hard. We can't blame them for changing their lifestyle because everything is rising and getting expensive nowadays. We have to leave some of the things that we used to do and focus on more valuable things just to save for the future which is a good move. If we'll live a luxurious life now, we might lose the chance of preparing for the future crisis.

Yes ofcourse. We need to prepare for the worst in our future and also have to plan our retirement well before we retire.
If not done so then we have to face the consequences later and it will be too late by then to take any action.
This is the reason why many investors and financial planners advice to plan for retirement right from you start earning.
This is the age when we can work hard and secure our future in case things go otherwise.

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The whole world seem to face a difficult time different than before. Lots of speculators been saying that the things will heat up with Octobers end... It feels like something big is coming...

Quote from: Davidvictorson on October 19, 2022, 08:46:22 PM

According to a m/2022/10/13/how-to-prepare-for-a-recession.html#:~:text=Delaying%20big%20purchases%2C%20reducing%20debt%3A%2076%25%20of%20adults%20are,prepare%20for%20a%20potential%20recession&text=Eighty%2Dfour%20percent%20of%20adults,concerns%20about%20inflation%20have%20increased.]new survey, three-quarters(76%) of U.S. adults are delaying big purchases and reducing debts since they are worried about an impending economic downturn. Below is the summary of the findings:

34% of Americans are delaying major purchases like a home or a car
29% are paying down debts
28% are planning to reduce holiday spending
24% are allocating more income to savings
24% are staying in a job they do not enjoy

If ever a recession hits, there is likely to be a downsizing-i.e., a lot of workers are most likely to lose their jobs. Experts have suggested that emergency savings would act as a financial cushion. Here are m/2022/07/06/how-much-cash-you-need-for-a-recession-according-to-advisors.html]their recommendations below:

Dual-income families should save at least 3 months’ worth
Single earners should put aside 6 months or more
Entrepreneurs should set aside 1 year of expenses

In addition, from a personal standpoint, investing in a cryptocurrency, especially bitcoin, acts as a buffer against the harsh realities of a recession.

Please share your personal experiences on how people in your country are preparing for or dealing with a recession.

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Quote from: Davidvictorson on October 19, 2022, 08:46:22 PM

Please share your personal experiences on how people in your country are preparing for or dealing with a recession.

The predicted recession can actually make us prepare for the worst, but that's if we were not previously involved in consumptive debt such as cars or luxury goods that are not too important or their value is rapidly dropping, unfortunately more young people in my country already involved in such debt, and there are many more whose income is not sufficient for their daily needs, these people just hope that they still can working and a help from government that have little impact

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Quote from: Davidvictorson on October 19, 2022, 08:46:22 PM

Please share your personal experiences on how people in your country are preparing for or dealing with a recession.

With the continuous weakening of our local currency and continuous climbing of inflation rate, people here don't care anymore if a recession will happen. I live in a 3rd world country so most of the people here just go with the flow on their daily living. Minimum wage is not enough to sustain oneself since prices of basic commodities have shoot up to the point that whatever saving techniques you do, it is not enough. Only the people that belongs to middle-class and above are able to prepare if a recession is bound to happen soon.

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Quote from: Davidvictorson on October 19, 2022, 08:46:22 PM

In addition, from a personal standpoint, investing in a cryptocurrency, especially bitcoin, acts as a buffer against the harsh realities of a recession.

Please share your personal experiences on how people in your country are preparing for or dealing with a recession.

I am not sure if more people are preparing for the economic recession or rather for the inflation. In my country we had close to 0% interest rates for more than 10 years and had no high inflation for almost 40 years. Most people don't even know about the risks high inflation can have on personal savings and living costs. That is why a lot of my friends had a bad awakening since the start of the Russia-Ukraine war. With both food prices and energy prices rising sharply I think that everybody I know changed their spending habits this year. Most large purchases like a new car or renovating the house/apartment have been moved into 2023 or 2024. And with grocery shopping it became more important to look for promotions and buying in large bundles. We have a big supermarket that sells goods in large quantities for all the small restaurants. You need a special membership for it, but its free and easy to get. Before the crisis nobody went there, and now almost everybody I know is now shopping there at least once a month.

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Quote from: Rengga Jati on October 21, 2022, 05:44:58 PM

The recession really has a tremendous effect, especially in certain countries. This affects many parties, not only people who already have heavy dependents but also young people who also have to give up their pleasures a little. In fact, the consequences of this recession are unavoidable, everyone has to face it, somehow. Rearranging finances, controlling excess activity especially just for temporary pleasure, trying to get income from other sources of income, and others. I see many people complaining because their income is fixed while expenses are very high and increase due to rising costs and prices of any kind. And when you want to get additional income, it is not as easy as we expect.

Indeed this is not easy, but it is very necessary, especially on this one point:

Quote from: Davidvictorson on October 19, 2022, 08:46:22 PM

28% are planning to reduce holiday spending

during pandemic and the long lockdown experienced by almost all people in the world, many of us had the chance to contemplate on many things in life. and this catapulted to change of lifestyle to many people. many people change their priorities in life and live simply. i guess, this recession won't be hard to many of us now as we experienced a lot of setbacks in the past couple of years. and learned what are the important things in life that we can devote on.

Hydrogen

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While I can't be proud of my results. I have made efforts towards becoming more self sufficient since 2017. Its common for me to say its good for people to rely less on corporations and governments. Being reliant has been a big issue in recent times. As reliance on natural gas and other things has been revealed to be means of applying leverage to push agendas. Not wanting to be hypocritical there has been an effort made to follow through on things.

Over the last 5 years I tried to look at ways I'm reliant or dependent on outside people for things and tried to find alternatives. The basic themes are mundane things like: transportation, food, energy, water, home defense & security. Most of it is research based. Everyone would like to improve their circumstances. Most would not know where to start. Information and knowledge play big roles. Trial and error is also a factor.

I always looked at poverty outside of the US as america's future and thought all of the issues foreigners have abroad would someday find their way to american shores. That makes things easy.

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The recession really has a tremendous effect, especially in certain countries. This affects many parties, not only people who already have heavy dependents but also young people who also have to give up their pleasures a little. In fact, the consequences of this recession are unavoidable, everyone has to face it, somehow. Rearranging finances, controlling excess activity especially just for temporary pleasure, trying to get income from other sources of income, and others. I see many people complaining because their income is fixed while expenses are very high and increase due to rising costs and prices of any kind. And when you want to get additional income, it is not as easy as we expect.

Indeed this is not easy, but it is very necessary, especially on this one point:

Quote from: Davidvictorson on October 19, 2022, 08:46:22 PM

28% are planning to reduce holiday spending

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Quote from: DudeAtWork420 on October 21, 2022, 12:27:55 PM

These data clearly show a recession ahead. But the more people stop spending and start saving the worsen it will be. Less expense means less GDP. In the meantime, most people don't know how they will deal with the energy price hike in Europe. Many still talking about upcoming food shortages because of the disruption of food supply from Russia and Ukraine.

Many already know what will happen during the recession and that’s why they take actions ahead of time and they know if they become more complacent and continue to spend that much, problems may occur later on. Recession will happen, it’s just a matter of time and it’s not too late yet to prepare for that. I do save some already and continue to lessen my expenses, this may be hard but we have to start now.

erep

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People are now applying adjustment and saving as much as they could so dealing with the recession in the future won't be hard. We can't blame them for changing their lifestyle because everything is rising and getting expensive nowadays. We have to leave some of the things that we used to do and focus on more valuable things just to save for the future which is a good move. If we'll live a luxurious life now, we might lose the chance of preparing for the future crisis.

I have to prioritize financial management for savings before the hardest recession, we have to reduce spending on secondary needs and even have to cut primary needs due to preparing for the crisis before the recession occurs. Countries already experiencing the worst of the recession have created panic because they have no savings for emergency needs, they even reduce their consumption of basic foods just to pay electricity bills. So it's a valuable experience from other countries that we have to increase our savings for emergency purposes before the recession.

DudeAtWork420

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These data clearly show a recession ahead. But the more people stop spending and start saving the worsen it will be. Less expense means less GDP. In the meantime, most people don't know how they will deal with the energy price hike in Europe. Many still talking about upcoming food shortages because of the disruption of food supply from Russia and Ukraine.

Topic: 76% of Adults are Making Lifestyle Changes to Prepare for a Potential Recession - page 2. (Read 618 times)