Topic: What is your plan for the next world wide recession. Are you planning on such? (Read 232 times)

You can find it here https://bitcointalk.org/index.php?board=251.0 it's a child board of serious discussion.
It restricts members from posting if they are newbies, jr. members, etc, so spammers won't have a chance to take over the conversation flooding your topic with meaningless shitposts....

To cut the long story short, you can find quality topics and discussions there, go and check it out, you'll be surprised if you used to just read Bitcoin Discussion and other boards with a lot of spam megathreads.

What is the Ivory Tower board? (sorry, clueless..)

brad

I personally think that it would be good that another recession would occur, because of the economic decline during which trade and industrial activity are reduced the price obviously will go down the slope chart. It can either attract more investors or investors will find other project to invest in.

In my perspective another recession will be the good time to invest and planning to hold it as long as i can. I still have trust though

accumulating more wealth in general and also creating some sort of passive income. so far I have only bee working on the accumulating more wealth part by investing in bitcoin and other revenues that I have for earning money including altcoin trading. but my longer term plans are to have passive incomes. I don't have any serious one yet but that is the goal. not just to fight world wide recession but generally to have some sort of safety net to fall back on even if I couldn't or didn't want to work anymore.

I think the strategy must be to pay off all debt first, because inflation alone, is a killer and if you have to deal with interest on loans and debt on top of that, then you are screwed when you have to go on pension. 

Kill the little jackals first and also the debt with the highest interest rates and then concentrate on finding investment opportunities that might beat inflation. Every year, where you beat inflation, you will be going forward. If you cannot beat inflation, then you will be moving backwards. 

debt? i don't have any
i never liked being in debt, borrowing money,... specially from a bank! when everyone around me was busting their ass trying to a get loan from banks to buy a house, i didn't. i waited and bought one with my own money, and thanks to bitcoin that was hastened a lot. now they are still running around paying their debt while i am building up to buy another!

as for what i do, i am mainly invested in bitcoin but i have also diversified into other things such as stocks and now trying to add real estate. all as an effort to stay a little ahead of the curve.

Though I voted for it would be all peachy but still this thread needs attention and I hope we can have some serious talk about it.
Why not consider moving this thread to Ivory Tower board?

Debt does torture, and I will reduce it to improve the life to come:
  1. Change the financial system that I must control
  2. Change the strategy in making decisions when the market decreases by looking at opportunities.
  3. Set the ability and change coins with Eth and Btc, but Btc is still far from my reach.
  4. Survive fiat money and keep returning to produce for survival.

as an aside Amex green or gold card you can put any amount on it eventually if trusted enough...but if not paid off in like 5 weeks they can hit you with

29% interest and take the card away. Why they call it a rich man's card. As an example, if you had an accident say out of state and put say 10k in say

bills of some kind (medical?) that you had to pay. You could use Amex and take a signature loan out at your bank (remember Amex charges only $80 a year

for the gold card, the green card is less. The gold card includes equiv of a AAA car service that in the states is $80 a year that works..so I call it's a wash and just

pay the yearly fee...I usually put 20k a year on the Amex..treat it like cash pay it off each month.. the only bill is the $80 a year because they don't allow a

balance with interest on the green and gold cards) Anyway, you go to a bank an try to get that signature loan at 9% vs VISA 18% plus and the bank says

NO. You have outstanding credit on VISA. On the Amex card used for the same purpose paid off every 40 days or so and kept up with NO balance ever..they

go sure and you get your 8.9% sig loan to get you out of the hole. This gold Amex card is the only credit card I have (besides the usual bank debit card visa folk

get now from banks) Had it like 27 years...works slick. So if you do have regular credit cards, cut them up as I did and pay them off like a regular loan and use

the Amex card...but knowing you can't cheat on it is a big deal..keeps you honest as you hack down and out of your traditional credit cards. Amex does have

blue and other cards that act JUST LIKE VISA. IT IS ONLY the Green and Gold Amex cards that are a holdover to the past that does this yet.

anyway, just an FYI on having a credit card and emergency fund in one place w/o the danger of going 'hell with it' and adding to credit card debt after too many beers!

It is kinda a 'cheat' but keeps me honest, knowing this in the back of my mind, keeps me in check.

Never bothered to change after I paid off my other credit card debt, it is how I roll now.

brad


brad

This is what I'll do if recession hits again, I have planned a little for that

1. I don't have any debts on me and I am earning quite well based on the country I am in, so I have maintained a balance between risky (crypto) and traditional investments (Bank, Mutual Funds , stocks etc). So I'll buy some of all of above things according to my capacity. Maybe a little less crypto while the market is in downtrend.

2. I'll probably convert all my crypto into BTC and most of the BTC into fiat or USDT for the time when market is going down. I'll start buying again all good coins when market would stabilize a bit.

3. I always keep some fiat spare for the times like the present, when market is way down and all the good coins are cheap. I treat it as the best opportunity to buy and accumulate more.

4. I live within my means, I will never take loans for investing.

5. And last, trying to learn TA, so that I could make money even in bearish market or in recession.

The others have given technical details; so I'll just provide some basic logic that unfortunately doesn't get to a lot many folk.

[1] Live within your means.  Whether your income, or even if it's a lump-sum amount of money, start imposing austerity guidelines in your life.  Weed out the luxuries and the non-essential spends.

[2] Try to develop some skill that will be useful even in a jobs-squelching recession.

[3]  Most important, stay healthy.  Build up your health, because even more important during a recession: health is wealth.

[4] Build up your buffers of resilience through reading good books, literary stuff, and indulging in art and entertainment that is freely available.

Last, but not the least, when, God forbid, the recession does hit, remember:  THIS TOO SHALL PASS!

STAY OPTIMISTIC Y'ALL, EVEN WHEN THE GOING GET'S DARK.

AND REMEMBER, IT'S DARKEST BEFORE DAWN!

Debt is a killer. When the last recession of 2007/2008 hit i was made redundant
after 15 years in the same company. With the redundancy money i cleared all
of my debt bar my mortgage and kept my dept to a very minimum. I dont have
a credit card since 2008 and only a small personal loan on a low interest rate
which will be cleared next year.

Other than keeping my debt to a minimum and trying to stash some bitcoin i
really cant do anything else.

debt.
pay down any debt on a variable rate first. when a recession hits that rate will go up and kick you over and over

if fixed. then as long as its low interest. relax. thats great. when inflation hits your repayments get 'cheaper'
EG if $10 a month interest buys you 10 loaves this month.. in hyper-inflation it will only buy you 1 loaf so why pay 10 loaves this month that you can pay off with 1 loaf later.

but again if you have variable interest rates. get that paid down first.

another option. if your not employed you could just put all your eggs hidden away into crypto. and then file bankruptcy.thus kick the debt out of your life and give yourself a clean slate. (its what trump and the clintons do)
or atleast threaten to go bankrupt and arrange freezing interest and lowering the debt to something you and your creditor can agree on

(best check with a financial adviser how it will affect your life for next few years(hide your crypto well))

then try to only make financial decisions based on amounts you consider disposable. EG if you spend $30 a week on fast food that just end up as a toilet flush the next day after digesting.. then use $30 as funds you dont care to lose

I'm doing the same. Was gonna just live off liquidation of altcoins but at these prices may be a year short of my goal of 66 years and full retirement soc security etc...I have

2.5 years to go, retired Jan 14th, 2018 when BTC and Altcoins were high *guess I broke the works*. So probably will have to tap into Bitcoin Hoard at year 65 a year early

at this rate. One good thing is next year is the last year to spend crypto on Health Insurance ($12,800 per year for only Silver Plan available...because of mining income

that is without any subsidy). Anyway, when you turn 65 years in the USA, you can get Medicare/Medicaid (not sure proper term for retired), so that will help a bunch.

I'm figuring as I said on a recession and just taking all my traditional investments, no debt, and reducing crypto and all the stuff by 1/2. As a result, I made 35k before

working with the dev disabled before I retired, I easily can make 35K in these next 2.5 years in full retirement, even if BTC tanks more, then at 66 years w/o the social

security figured in again $35k (47.5k or so after soc sec check). Thus, the only risk is to my ego if it all goes 'tulips' and BTC and crypto are 'worthless'. Again this is with

crypto/traditional stocks/staying out of debt all cut in half. (Fun fact about the USA, that can change quickly and go to NEGATIVE NUMBERS OF $$$ IN A HEARTBEAT, IF YOU

HAVE SUDDEN MEDICAL PROBLEMS, THUS AQUIRE DEBT! (knock wood I stay healthy, that will be my only debt concern and/or a depression could shoot the works as well.

I'm just a happy 'ray of sunshine' in this post, huh?

Angle, you always need an angle. Also, if I'm wrong and we have another boom in the economy to compensate for the 7-10 years of the crash that drag'd us down,

I"m still golden, for being incorrect. But again, I kinda doubt it and betting on a 40% correction and ugly recession at least, IMHO.

Always, best to cover your butt. (too bad I did not think that with my 'moon fairy dust/unicorn and pixie fart view' when BTC was 18k or so. (sigh)

Again, only do crypto with what you can afford, and 'desensitize' your ego. Bitcoin is an 'evil wench' and likes to mess with your mind on WTF is actually going on.


later

Brad

Recession will usually affect people who do manual jobs and government work. People whose income does not base on central system are not affected most likely. This is one of the benefits of bitcoin and some altcoins that can't be manipulated. So, I will just hodl them for the future.

I would just by more BTC and wait for some more years to make my investment X10 I guess. I think recession will be best time for some people to rise and get more rich from doing some sort of new business.

Interesting poll, but I couldn't choose a single answer mainly because I have a mix of everything.

I have reduced my debt to zero (paid off all loans and don't owe a single penny to anybody now). I have accumulated enough fiat to retire so I have minimal risk in case my income reduces in future. Not to mention I have ample crypto in cold storage and continue to accumulate more by trading / investing.

Frankly, I wish there is another recession. In that event, I'll seem part of my Bitcoin stash and buy stocks.

Well, as much debt as you can dump I'd guess, also anything you can do now that you would give yourself a bad time about for NOT getting in a recession..extra work etc.

If your job is going to be in jeopardy .think about a backup job in place even if a lot less money you could grab...just as a stop gap if it all goes to heck.

Not a lot you can do about a recession, but you can get your ducks in a row and do something because it is always "I'm gonna beat myself up" about the recession (like you can

control such things) ...so at least if you do some of this stuff in case, your self-esteem will be better.

Went thru 5 of them. Always beat myself up should have seen it coming, with the way the USA is acting these days it is like a red flare to me!

And if I"M DEAD WRONG...you are golden with less debt and such actions above.

mostly, it is not about the $$$ or BTC you can save..it is about you did what you could as you 'go to hell plan' or GOT plan...in case it does go sideways and down...

Again, the last couple I took some steps that saved my butt...paid my house of early, which saved me from a 2nd job just before the 2009 crash...

anyway, my coping mechanism from psychology class on all this

brad

p.s. be sure to take the POLL.

I hope we aren't due for another global recession because the regional recession experienced recently in West Africa bite harder than imagine with exorbitant prices of commodities. Thanks to good economic policies and foreign direct investment, the economy is now in a recovery phase but won't last long, if a global economic recession kick in.

Moreover, those who can have feasible plans to cushion the effect on the micro level are the super rich but for a young graduate just settling out, I can only hope it's not true.

What advice will you give me @Op ?