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Dirtyhip

Next recession

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I still think we will have one in 2020.  Not as huge as the great recession, but the signs a pointing to a slow down.

Are you ready?  I think we are ready.  We have saved a lot of post tax buffer. Also, I recently reallocated due to our short time frame toward retiring.  Kinda glad I did, after yesterday. Woof.  That was ugly.

Are you doing anything to prepare for the next economic slowdown?  Updated resume?  Bulked up e-fund? 

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7 minutes ago, bikeman564™ said:

For what? If no jobs are available.

Good point.  Still, preparation and planning are the keys to weathering this, again.

The only reason we did so well last time, is I was hustling. Any habit that brought in money, was sought.  I sold eggs, made bread for people, slung coin on ebay.  LOL

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1 minute ago, Dirtyhip said:

Good point.  Still, preparation and planning are the keys to weathering this, again.

The only reason we did so well last time, is I was hustling. Any habit that brought in money, was sought.  I sold eggs, made bread for people, slung coin on ebay.  LOL

Phew.  That's a relief.

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I work for a direct lender and we are seeing unprecedented growth right now.  The industry is cyclicals I know but at the  moment things are looking bright for us.  If it does turn I’m in a fairly safe position as all of my staff are contractors anyway. I’m the only employee doing a critical function for the organization.

We are pretty conservative with our investments, have about 6 months of income in savings and carry almost no dept.  I’m really not worried about it.

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9 minutes ago, ChrisL said:

I work for a direct lender and we are seeing unprecedented growth right now.  The industry is cyclicals I know but at the  moment things are looking bright for us.  If it does turn I’m in a fairly safe position as all of my staff are contractors anyway. I’m the only employee doing a critical function for the organization.

We are pretty conservative with our investments, have about 6 months of income in savings and carry almost no dept.  I’m really not worried about it.

' I am leaning towards a balanced portfolio. 

Man, I miss the days of me just talking about powder days.  lol

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1 minute ago, Dirtyhip said:

I am seeing people working like crazy, building.  Contractors are busy.  Pre-bubble inflating?

Low rates are causing a boom in refi’s so people are upgrading & building too.   

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Just now, ChrisL said:

Low rates are causing a boom in refi’s so people are upgrading & building too.   

Duh.  WTF?  I should have put those together.

Need more coffee.

Yes! An economy and market propped up by cheap debt.  What's the worst that can happen?  LOL

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1 hour ago, Dirtyhip said:

Without tapping into your pre-tax retirement savings, how long would your emergency fund last?  I think we could go 3-4 years, easily.

 

As long as my heart still beats. Then it isn’t a worry. 

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Over the last few years I've been slowly moving my portfolio to the balance I'd want for long term retirement.   So while a recession would definitely hurt my investments, it wouldn't be as bad as it might have been a decade ago.  I've got a "bucket" of short term investments and cash that would help for at least a few years.   Work-wise, it would be hard for me to get another job in my field if I lost my current one during a recession, so that might accelerate my retirement.

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I sold a tiny U.S. investment just recently. It was an index fund.... managed to squeak out & make some tiny change. I'm sorry this recession could be more long-term disturbing if one of the world's most powerful leaders is incredibly mecurial, irrational in his comments and irresponsible to his country's economy and not quite understanding how global trade/economy works now compared 75 yrs. ago.  Anyway one day, he will leave...

While Canada does get affected by major U.S. market downturns,  I've kept whatever stocks left...in Canadian firms with global markets. There is 1 Canadian tech one that is outstripping Apple.  I like it they decided to go multilingual in their e-commerce platform...a great need by small to medium sized biz worldwide.  This is what Amazon is failing to do....  which is why Alibaba exists in China/parts of Asia.

I'm glad to have home paid off awhile ago. And not to rely on the costs of a car for transportation.  Sure I fly several times /yr. and most times it tied to loved ones across CAnada.  Plus I might as well enjoy other parts of my huge multicultural :)country, if certain years I'm not going overseas.  I did say multicultural because that's what keeps some of us on the ball, if we don't wish to travel overseas.

 

 

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I'm hoping to get my 401k up a little bit more, then I'll prepare and set things in safer funds. Right now I have things fairly aggressive. Market goes up, Smudge does well. Market plummets, Smudge says big bad words. As far as my job goes, my mouth is probably more of a concern than the economy.  meh....

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55 minutes ago, shootingstar said:

I sold a tiny U.S. investment just recently. It was an index fund.... managed to squeak out & make some tiny change. I'm sorry this recession could be more long-term disturbing if one of the world's most powerful leaders is incredibly mecurial, irrational in his comments and irresponsible to his country's economy and not quite understanding how global trade/economy works now compared 75 yrs. ago.  Anyway one day, he will leave...

While Canada does get affected by major U.S. market downturns,  I've kept whatever stocks left...in Canadian firms with global markets. There is 1 Canadian tech one that is outstripping Apple.  I like it they decided to go multilingual in their e-commerce platform...a great need by small to medium sized biz worldwide.  This is what Amazon is failing to do....  which is why Alibaba exists in China/parts of Asia.

I'm glad to have home paid off awhile ago. And not to rely on the costs of a car for transportation.  Sure I fly several times /yr. and most times it tied to loved ones across CAnada.  Plus I might as well enjoy other parts of my huge multicultural :)country, if certain years I'm not going overseas.  I did say multicultural because that's what keeps some of us on the ball, if we don't wish to travel overseas.

 

 

Stop with the political bait. 

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3 minutes ago, smudge said:

Ugh, I just checked my 401k. "Woof" is right.  :( 

I'm skimming abit, falling but not drastically...

I keep telling myself that my parents retired on my father's cook savings @65 yrs.  Of course in the restaurant biz there's no private pension offered. I keep telling myself that already there is a model in the family how to retire and live thriftily in a comfy home, safe gentrified neighbourhood, enough good food on table daily  in Canada's biggest city.  However, they didn't travel anywhere and occasionally bought lottery tickets  (probably amounted to $30.00 per month or so) for fun.

People are amazed I spent $80.00 to buy a complete new set of bike handlebar gear shifters and have them installed.  I'd say as my primary transportation, that it was cheap compared to other transportation challenges....and I don't even have fitness club membership.

The sad thing is that safe, fixed instrument interest rates in Canada are quite low..including bonds.

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