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

[mu_enrico]

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.

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[Jatiluhung]

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.

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.

[aoluain]

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.

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.

[Ani1985]

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.

[Chato1977]

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.

[noorman0]

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.

[zasad@]

• 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

[/list]

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.

[Sanitough]

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.

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.

[ChiNgadOr]

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.

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.

[dunfida]

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.

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.

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.

[YUriy1991]

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.