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

If we, adults, will not be responsible in handling our finances, we will definitely fail and will not survive when the recession happens. Our families and especially the younger family members rely on us so having an appropriate lifestyle will be a smart response to this crisis. We should eliminate the necessary things that cause us to spend too much. Our lifestyle should match our finances and there should always be a savings allocation.

When Adult of course we must be smarter to manage finances, usually when adult then we have reduced work or business activity, physical decreasing and weak and if we do not immediately change the lifestyle then we can be sure to go bankrupt.

How are people around the world responding to this threatening risk. yes, there are probably many others around the world who have made some similar changes but whatever Technique you decide to use, the most important thing is to stay consistent in whatever changes you make. we try to do.

I think if that's critical enough, Food is a better investment than gold. A good pack of noodles will fill you up and provide more energy than a handful of gold bars.

The sad reality is that those poor would get poorer, even they do have those kind of investment plans or something that would really enhanced their way of living but since they do have money to start on then they woul really be ending up on being poor in the end due to lack of capacity which is really a sad thing but there are people who do really strive on achieving goals despite of their condition.There are really just things which cant really be done if you dont have the money to move out.Its true that middle class or rich class would really be thinking on having businesses or diversifying their funds
for having that probability on creating more income but of course it would be accompanying such risk.

Apart form this more people are really planning for the recession because no one knows what. Happen next and if America goes into recession then I hope what happened last time will not repeat itself. Inflation is high and making persons are suffering including those that are working and those that have no job.
This is one of the best time to save and prepare for the worse because if things ever go wrong just like when the COVID-19 hits us very badly and unprepared, making people died of hunger and lives lost.

Well, with poor people they are always facing a recession even before so this is certainly not new to them. In fact, it becomes harder for them to survive these days seeing the never ending price inflation. However, for middle class and rich people in society, most likely they focus more on investments right now and limits their spend in fiat because that will enable for them to see growth and development in their investments. Otherwise, they will end up suffering too from this endless inflation effects.

It is a very correct decision not to take out loans during the crisis, because it becomes more difficult to earn money. But if you have money, then you can buy a car or a house during a crisis much cheaper, because demand will fall and sellers need money.
But if you are poor and up to 50% of your salary is spent on loans and the rest for necessary needs, then it is very difficult to change something now.

Have thought of several ways to deal with a possible recession, but don't know where to start. I can't believe it will have an impact on all walks of life, including rural people in developing countries. It's kind of funny when I explain this around, even my neighbors can't believe they went through a recession in 2009.
It seems that the easily accessible information age has had an over-effect on the recession rumors this time around, lol.

People needs to do anything to save for the recession , as this will come near now then there are action people has to.though some are not to be truly affected but there are so much to happen .
and for me? even without recession coming I keep saving and shorting my expenses as for the future.

The potential for an economic recession became clearer after many companies were declared bankrupt and closed their businesses, they failed to pay their debts so that the country was always worried about the economic future, besides that there were many problems such as the threat of war, natural disasters and so on which have the potential to make us have to immediately change our life style.

While I am not proud I have been working towards countering the effects of an approaching
recession, I started about 6 months ago but it's really too late, I should have started way earlier.

I think a lot of people have been caught napping so to speak and of course there will be people
who will be able to absorb the effects of a recession and there will be many who won't.

Over the last couple of weeks I have been talking to business people who say there is a
"Big Squeeze" coming.

There are those who have to make lifestyle changes, it will be forced upon them.

indeed preparing from now is a wise thing. because preparations must be made from an early age so that we can be calm when a more severe economic crisis comes. because we already have preparations. But I hope that global economic conditions will improve. because I worry about those from the lower classes who can't even prepare for a more severe economic crisis to come. because they are from the lower classes even very difficult to meet their daily needs. But we don't need to panic about the Recession. because in fact this has happened a lot in the past. but preparations still have to be made.

This is a middle-upper-class problem. I don't think most people in the country I currently reside give a shit about the recession since they had the worst, i.e., the pandemic. People here are used to uncertainty and survive on their daily income.

For middle-upper-class tho, they have to think about debt repayments and securing their assets. Basically is what OP has shown, and more portfolio rebalancing, via converting high-risk assets to low-risk assets. For the upper class, it's more about maximizing their potential wealth gain on discounted assets.

I think it's actually good that people are becoming more financially aware and not letting consumerism eat up their future. It's better to be prepared while being wrong than to not have anything when worse comes to worst. I myself am converting some of my extra cash into other assets, and stocking on valuable necessities too just in case. Nothing wrong with it unless it becomes hoarding.

I read some interesting things in the previous thread because preparing for Recession has to start from setting up an emergency fund, making investments and many others but if we look further this only works for people who have more funds there.
For people who have this, it is clear that this is acceptable, but the problem is that we live where there are still many people who cannot even prepare savings or investments because they are still a little confused for tomorrow's meal, so that if something like this happens, it would be the law of the jungle. which is executed.
Even though it's not all like that, we can now see a lot of cases or crimes that are based on the economy which is the main background.
It's hard to figure out some things to do when something like this happens. But it's not that I want to give up on the situation but indeed for now there is nothing that really contributes well at this time in facing the Recession other than facing it with courage.-

You seem to have misinterpreted what I meant.
I personally do not wait for what the government provides because this is tantamount to giving our lives to others in my opinion if we depend on other people or the government.

What I mean is when we can still do it, why not from the beginning, not just starting now to plan for a better life, even though we have been able to do it a few years before.
But indeed this is the nature of humans like him because indeed they will only be ready when they are forced to face a problem.

Something bad has been predicted for us to experience in the not too distant future. Yes, a nightmare that we don't really want to experience in real life. One way that we can do right now is to reduce our spending as much as possible to prepare for and live this recession. We can't avoid this kind of thing, but we can prepare as well as possible before it actually happens. From this we should realize that preparing for the future is something very important.

The upcoming recession might be stagflation, which means recession+inflation. However, the chance of having a stagflation crisis isn't that big.
I can't imagine how the working class people would survive losing their jobs and having to deal with increasing food prices at the same time.
The governments aren't prepared for fighting recession/stagflation. The national debts are at historical levels and the interest rates are growing globally, which means that getting new debt will become more expensive. Mortgages and consumer debt will also become more expensive. Nobody is fully prepared for a crisis, but let's not panic and let's not believe in the massive FUD. The winter is going to be hard, but the next spring/summer might be a better period.

Some of what you said is true. In the midst of saving with all the wealth they have, it is easy for those who earn above enough. But if you look at the downside of course I feel how the hope that the recession will only kill the lower class. Such a scary recession, people who can only survive day by day will experience a faster collapse, starvation and somehow I describe such conditions too sad.

People with average salaries can still set aside some of their money to save and prepare for a recession. But not for others. Hopefully, the predictions of a recession don't really come to pass. Because it can kill a smaller population like us.

Doesn't mean they are categorized on third world they don't have money used to prepared on something worse. But for sure majority are now incapable of saving something to use especially on worst case scenario to come. Maybe there are others will be left behind due to financial reasons but for sure if their government is eager to help their citizens they can get over with it. For now since this case is slowly happening maybe its time for country leaders to find ways to boost up agricultural sector or where they can generate foods for their citizens since this could save many of them from total hunger or other worse that we can see.

The US economy previously reported negative growth for 2 consecutive quarters, in theory, they have officially entered a recession but the Fed and the government still say there is no recession, this is just a diversion and understatement to avoid causing panic.

Energy, all commodities globally are up 20%-30% and central banks are constantly pumping money in response to the current situation, enough to suggest a recession is underway, rather for preparing for a recession. The best solution today is the same as you shared: let's save up and it's better that we find part-time jobs, work more than usual to have more income to cover life. When the war is over and goods are in circulation, things will gradually recover.

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.


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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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...

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

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.

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.

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.

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.

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:

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.

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.

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.

I am surprised, to be honest, that the vast majority is trying to prepare. I thought the majority wouldn't do much because of being unable to do that. I must say, the choises the Americans make aren't fully understandable to me, though. A home or a car is usually a kind of thing people buy because they feel the need for it, not as a whim. And if a person now has the money for such a purchase, why not make it before the prices skyrocket and inflation makes the money less valuable? As for debts, I think it depends on whether it's adjusted to inflation or not. I remember hearing that some deals in the US are actually fixed and aren't adjusted to inflation, so starting a mortgage before the inflation hits can actually be a way to win.

That is actually a good thing because prevention is better than cure. It's better to prevent the 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 savings aside just in case things go haywire.

They always say that you get used to good things very quickly, and it is almost impossible to break the habit. But it sounds beautiful for wealthy people. In 2008, when the crisis was raging, my brother living in America wrote that he felt that instead of 5 sneakers for his son, he was forced to buy 3 or 4. 
Today, times have become tougher, but people who had the previous experience have already been able to change. Yes, products are becoming more expensive; gasoline, gas, and so on; but we must come to terms with the fact that it will be for a long time, and as it was before, it will no longer be. Therefore, everything that is characteristic of a person, namely, adapting to forced conditions, should not cause panic, but, on the contrary, be a source of motivation for further development.

If government were able to recover the unaccounted money out of the politicians accounts, then this recession could be easily handled. What we see is a cyclic process. If there is no such recession people forget about the real value of money.

At some part of the world the recession have made a big impact. Being prepared will let us overcome the unexpected with ease. According to me, even if we're prepared we're gonna experience hard days as it is predicted to last longer time period.

Well, in my country i'd say we're already in a recession, it is pretty bad and quite a lot of things have become unaffordable, especially for the common individual, i don't think citizens in my country had any special preparation for this, and now that we are in a dire situation, people are basically just seeking diverse other ways to make an additional income for themselves, but there is another problem, and that's unemployment, which is quite high over here, thus over the past few years in my country i've noticed an increase in the desire of individuals to get themselves acquainted with one skill or the other, and to learn more about the digital market and how they can channel it to be productive for them.

Having said that, personally nothing changed for me, i've always lived a frugal life, i hardly buy more than what is necessary, and i take saving and long term investment quite seriously, thus i don't really have that much cutting down on things to do, i'll just keeping doing things as i've always done and hope my investments are ripe in year's to come.

It’s good to know that many already preparing for this and taking this seriously because in my country, they are still not planning and their spending habits are still the same. Personally, I’m already working with my emergency funds, I also delay some of major purchases and major renovation because I know, my country would be on the of the country to be more affected by the recession and increasing inflation rate. Paying loans right now is ideal, the interest continue to increase, you might also be affected by this if you delay paying it.

Do you mean more people will invest in crypto because it won't be influenced by the recession?
If more people prefer to focus on savings, they will decrease the allocation for investment. People know that investment doesn't guarantee profits, especially crypto investment. It will risk their money if they put more of their money in crypto. Except they put their money in stable coins. But I doubt if they won't spend more in crypto during the recession.
 

People have no choice actually but to face the truth that the world is set to experience another economic recession in the years to come and that people should always be ready for it, otherwise we will all suffer from poverty and starvation. And for me, that would be better to change our lifestyle from a luxurious one to a simple and plain one. After all, we don’t need everything in the world, we just need to be happy and satisfied in everything we have.

I have made a good amount of change in my lifestyle because of inflation already, don't know if I can handle recession following this as well. It is a bad period to be in, and I feel like it’s not going to really end well for me neither. It’s going to be obviously a hard period for all humanity, but it’s not just economically bad neither, it’s going to be psychologically bad too.

I am going to end up with both living a smaller lifestyle because of this period, but it’s going to be psychologically hard to just live poorer and poorer to make sure that I am not in big debt. How smaller can we get? I earn a decent amount and yet still not live a comfortable life.

Those recommendations are nothing new at all, except I've never seen the time frames broken down like that.  Usually I see that everyone should have 6 month's worth of cash set aside for emergencies, and that seems reasonable.  I'd think even dual-income households should put that much away, assuming they can afford to.

Me?  I'm not doing much of anything to prepare for a recession, but that's only because I've got so little money to work with.  But for argument's sake, if I did I'd be stocking up on non-perishable foods and other household consumables (like shampoo, soap, and the like) to hedge against inflation.  And I'd do that right now, because inflation is already getting bad.  Christ, a little thing of cream cheese is over $5, and that's outrageous!

Immediately after the Covid-19 pandemic, it was glaring that this would never be the same again. My income was no longer enough to take care of the family. I discussed it with my family and we agreed that we needed o make some costly adjustments. We had to move from our house which was located in an expensive area to a cheaper one.

When we compared my wife's salary as a teacher and the amount we spend on children's school fees, we discovered our children can get quality homeschool education if my wife resigns from her job and we would save more money. We had to get the necessary permission from the government and today we are homeschooling them.

The family has also substituted expensive imported products with cheaper local food. We are also planting vegetables on our land and raising some local birds, just to cut expenses.

In my country people suffered from high inflation lately. Therefore they changed their behaviour more than usual. Normally one family could afford kilos of vegetables and fruits weekly but nowadays it's really hard to afford it for most of them. Some of them wait to closing time of bazaar and they collect from bazaar area. These are most likely considered bad product from the seller and they left it as trash. In my country people already ready for the recession even they made a lot exercise 

Big white elephant.

It's caused by the bumble fucks who elected the buffoons into office.

If we had a real president none of this would of happen. It's a situation created to hurt people on purpose. Just follow the facts.

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.

To get better at anything then learn from the mistakes it can be from your own in the past or from others with their history but slightly on the worrying sign since how it is going to be effective when majority of the people are prepared for it cause I feel it won't be felt even if there is a recession when people are prepared for it.

From the recommendation I agree that we should have 3 months or 6 months funds for emergency purpose but it shouldn't be in the form of fiat, keep it gold or something because fiat lose its value all the time.

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.

preparations for the Recession should be done from now on. I myself continue to set aside money for savings and part of it is included in my investment in Bitcoin. in fact I continue to save these few months. because I see this economic crisis will not end quickly. and the peak could be in 2023. So this year is a time to prepare for a prolonged economic crisis. but maybe for some people it will be difficult to save today. because inflation makes people have to spend more money. because the prices of daily necessities continue to increase significantly.
so the steps that can be taken from now on are just trying to save as much as possible. and cut expenses that are not really needed. and the people around me have also started to make preparations like I did.

In facing a recession, of course, we must be wise and mature in responding to how to survive in the midst of an economy that is completely shaky. Whether it's reducing unnecessary purchases or adjusting the investment portion not to exceed 20% cash funds. Indeed, many experts have been doing this for a long time and those who are rich should be aware that there is a recession or not the fact that they have to fulfill their basic needs to survive. I think that anticipation is important and indeed needs to be considered from now on. A recession will trigger an increase in the price of goods and services to become more expensive.

Yes, rising inflation and fuel prices are triggering lifestyle changes in my country too...

~ People are buying less fast food and eating out less than usual, because they simply cannot afford it any more.
~ The market for second hand vehicles are exploding and new car sales are going down.
~ People are buying less brand name goods, because the cheaper alternative is more affordable.
~ A lot of people are scaling down and buying a smaller house, because it reduce their taxes and their Bond payments.

So, yes.... I can see the impact in my country and also in the statistics reported in the media. (Tourism has gone down dramatically) 

Delaying large purchases (presumably bought on credit) makes sense when the interest rates have tripled in the past few months. People aren't likely aren't new to seeing quotes imo and it'll have put people off getting those assets (especially since cars lose their value quickly).

I've always seen the 3-6 months of emergency funds being a recommendation in the past although it's a bit late to say it now if people can't save up that money quickly (the 3 months is possibly achievable before a recession hits - though with rising inflation that's probably unlikely). Its probably best for entrepreneurs to take on other employment too if they can't afford their business expenses from their income and have some time to take on something else.

Also depending on the figures being used, the US might already be in a recession.

I won't say that today is too late to change our lifestyle and start saving, but all those who didn't realize that they needed to take some of the steps from OP at least one or even two years ago are facing a very difficult challenge. Given the inflation that has realistically increased the price of many basic products by at least 20% (and much more), how will someone manage to save anything when there is not enough even for basic living expenses?

---

If the data is correct, then it looks very bad for the average US resident, even though we all know that people keep some extra money under the mattress or in a bank deposit box. Besides, the US government has been very generous with those checks in the recent past, and although I'm not aware of any similar measures, that doesn't mean there won't be any again.

---

At the moment, the cryptocurrency market seems quite static, but we have seen this in the past in a certain period after each halving. Although inflation and the recession that follows have an impact on more or less all markets, if we look at the price of Bitcoin, we can say that it resists the current challenges very well.

What many have already learned is that there is a time when you should expect profit (in the short term) when it comes to Bitcoin, so they adapt their strategy accordingly. Few have the courage and money to invest in the long term, which means that they will wait for the time as close as possible to the halving or even after that.

The recession is already here when the U.S. GDP reports showed two consecutive quarters of negative GDP growth. All the financial models show a guarantee of recession within the next 6 months, which is to say that the Q3 GDP report will show more negative growth. Europe will be having similar troubles once the domino effect of the global economy sucks the entire world into an economic downturn.


Not exactly. If the global economy takes a dive, crypto market's going to suffer as would any other financial market. Institutional traders won't be putting their money in assets that are volatile during a recession.

• in my country also the same,
but most of them are people paying off their debts and paying off their mortgages.

• Regarding saving money, it still seems normal as before.
• When it comes to work, it's still normal as usual, indeed, in the past year many people were removed from work due to the COVID-19 outbreak, but now they are back at work.
• and when it comes to vacations, in my country vacations don't cost too much money, because most of the holidays are to the beach or to the zoo, so it's not too much money,
it's people around me, I don't know people who are not around me or from different regions.

The current problem is not stagnation, but rather the difficulty of predicting economic variables, or what is known as the state of uncertainty, which makes making investment decisions very confusing.

Many people tend to celebrate it with cash or gold and reduce unnecessary spending until the recession is confirmed and thus dealing with its tools or that the economy will recover and thus investing in stocks and others and thus reviewing the background of the central bank manager in your country will have the greatest impact in determining your investment plan for the coming months in addition to reserve decisions federal.

"76% of Adults are Making Lifestyle Changes to Prepare for a Potential Recession"

Meanwhile 42% of US citizens have less than 1000$ in their savings account. 58% have less than 5000$. -https://www.zippia.com/advice/american-savings-statistics/

They might be delaying big purchases and reducing debts but there are nowhere near being ready for potential recession.

Besides that, everyone who has creativity in terms of certain product innovations that are often used by the community can also create their own works which can then be sold in the market, because it can also trigger an increase in buying in the community. The government in this case can also help to make more innovations and increase employment so that people's purchasing power does not decrease and can also run stably.

This is a lovely discussion for the current timeline and everyone should follow this. Whether this survey was conducted throughout America or just part of America and little population does not matter. What matters is, every bit of the answers above are true.

In fact in my locality we have already started to get feel for recession. At least 3 in my family circle are facing employee lay off in their IT company. Daily expenses such as buying grocery/veggies are doubled or tripled in their base prices and common man could already feel that.

If I turn on any news channel then farmers are crying for their lives because:
1. Their crops have been hit by unwanted rain and floods.
2. There leftover crops are so costly that people are switching to cheap junk food and thus farmer is not even able to recover farming expenses, how they can survive the families?
3. Most of the labour workforce has been reduced by large companies to cut down expenses. I can see their groups over news everyday asking and literally begging for the Governments Help!!
4. As the time is passing things will escalate to whole new dimension of cost per household - too costly to survive.

These are the time to follow the rules in OP. Sadly not everyone gets to enjoy them since many of them are under common man line and loosing hopes from all side.

Tough times ahead, just hold on and save as much as we could.

Even before the announcement of a big identity like Bezos people are already making changes due to the cost of living. There were already reports that people in Europe are skipping meals just to survive the day.

It's why there were also speculations that due to the high cost of living there are massive protests and to some extent, there could be civil war taking back the EU to the dark ages. Not just the EU by the way.

in fact,, by reducing consumption and debt from people,, it will accelerate the recession itself.. this recession cannot be overcome by the citizens alone, the government must be able to provide incentives, provide programs that improve the economy and also tax amnesty to increase people's purchasing power

Well, I am glad that is the case. It's better to face a recession having prepared for it in some way than to spend like there's no tomorrow, go into massive debt, without even being aware that a recession might come, and then run into it and end up being foreclosed on.


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.

Well we had pretty much 3 recessions since 2000. So people learnt that they obviously aren’t fun.
Many occupations get affected, maybe doctors is one that isn’t affected but many jobs are not recession proof.

So people are holding back and preparing which is smart. Very crazy how back in 2000 and 2008, everybody was caught by surprise but now everybody is preparing for the recession. The way it’s looking it seems there might not even be a recession.

If you don't have idle funds since you only have an emergency funds or funds to survive around a year, how can you invest in Bitcoin? This is why everyone shouldn't spend too much money for unnecessary thing like holiday, major purchases, branded clothes etc. If they're learn a good money management before potential recession happen, they will have idle funds to invest in Bitcoin when the price will cheaper than before.

In short have a lot money, have a lot job especially passive income.

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

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 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.