I do not want this to be a political debate nor an opportunity to post recent headlines. However, in my opinion, this administration seems to be taking actions which history suggests may lead towards a near or total economic collapse. Whether you agree with this or not is irrelevant.

This post’s question is: If one were to have a concern that they’d no longer be able to afford common household goods or that mainstream (S&P, Nasdaq) financial investments were no longer sound, what can one do to prepare for “the worst”? What actions could someone take today to minimize economic hardship in the future?

I would also like thoughtful insight from older adults to offer younger adults about how they should be better preparing themselves for an uncertain future, outside of current events or place of residence.

  • BCsven@lemmy.ca
    31·
    7 hours ago

    As a teen we went through the collapse in the 80s when (in Canada) mortgage rates hit 21%. So Get your mortgage rate locked in now and don’t have a renewel pending in the next 2 years.

    For my family in the 80s it meant most income was going to the mortgage and we had to be very frugal. We ate a lot of potatoes and beans, no restaurants ever, and no extras. My dad also hunted, left over meats went into soups.

    We are currently living frugally for reasons. We buy bulk dried chick peas, kidney beans, lentils (various kinds), frozen peas, rice. We stock up on potatoes , carrots, onions and canned tomatoes. With a large selection of spices and occasionally other ingredient we can make a wide variety of dishes. Weekly grocery shop is around $35-50.

    I expect for those in the USA the luxury of lavish meals will need to become more like my frugal diet.

    Drop extra services…do you really need more than one streaming service, could you go without and scour the thrift store for BlueRay / DVDs , the libraries have free rentals of new releases.

    Carpool. Barter between neighbours to exchange services.