So I had to try to find a job.
Make sure your emergency fund is in good shape, and continue about your business.
I'd been doing freelance work and it just shut down immediately (no tapering off.)
I invested heavily in my 401(k) plan at work while the market was down figuring that I'd either do really well or go down with the ship.
I'm able to pay off my debt (student loans, no CC), put money in investments, maintain my emergency fund, and reward myself. It was a horrible warehouse job.
There were structural changes to their field during the crisis and they just never rebounded. Reduced my aggresive/high yield exposure back down to my targets. The real money is in opening new stores and I'm treating every opportunity like it's my last, even though it means time away from family. I was lucky. Sell. Others I know bought a house right at the bottom and are doing great - doubling their largest asset in a decade.There is a tremendous amount of luck involved. Today I’m debt free and I can weather a storm like this if it were to happen again. Have a healthy emergency fund, or at least some money (or something you can easily liquidate) when things go wrong. That way you reballance as the stocks drop and rise. Then over the next nine year, I didn't invest one single cent out of fear of another big market drop (just left it in savings). Join our community, read the PF Wiki, and get on top of your finances!Press J to jump to the feed. The peak unemployment rate in the 1981-1982 recession was actually slightly higher in most states than it was in the 2008 recession, but the recession itself was much shorter. I knew a few people who got caught-up in the whole "no income verification" mortgage thing buying too many houses, and then lost everything and went bankrupt.I think the main lesson I learned was not to panic when things go bad. Plenty of time to shore up those savings accounts, make sure you're budgeting properly (see below), etc.The last recession was called the Great Recession for a reason - it was a harder-hitting one than those that came before. That's a pretty big one to be fearful of.This is what I always come back with when folks say stocks will be on sale.Yes, they will. The only exception here is if you really are completely and utterly broke otherwise and absolutely need the money. Make yourself as indispensable as practical with your employer (which you should be doing whether there is a recession or not).My father is 77. The world isn't ending. Regulatory and advisory work rapidly scaled up as business react following the initial crash. Just ride it out. Not the best industry, going off my 08 experiences, but I'm moving up quickly and about to qualify as a corporate level trainer. Which leads me to...Just be smart. And since it was largely based on a housing crisis, it felt even worse because people were losing their homes due to ridiculous mortgages that they never should have been offered, or agreed to, in the first place. While I've technically been alive during a recession, I've never worked through one.
Thanks!Yes, one of the worst things you can do with your investments is to have knee jerk reactions to every inevitable rise and fall in the stock market. I’m doing alright now but for about 6yrs after college I was floating with bankruptcy and was 30k in debt at my bottom working 60-70hr weeks to barely meet my minimum. The last recession was called the Great Recession for a reason - it was a harder-hitting one than those that came before. Join our community, read the PF Wiki, and get on top of your finances!Press J to jump to the feed. Everything OP says is accurate. IF the current indicators that people are looking at end up holding true, it's still well over a year before things are "expected" to go south. I didn't touch anything that I already had in the market and just waited it out. I was basically caught "without a chair.
I graduated college January 2009 at 22 with a degree in management technology.
But they never mention the main point: Possibly getting laid off.This thread has been locked by the moderators of r/personalfinanceLearn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. This took 7yrs to recover and I am extremely against debt of any kind except mortgage due to this experience. I sat with recruiters, applied online everywhere, even walked into places with my resume and got absolutely nothing. Everyone is just hoping they have a chair behind them when the music stops...Yep. Press question mark to learn the rest of the keyboard shortcutsCookies help us deliver our Services. Got a job at Enterprise Rent-A-Car making $19k ($36k today in inflation-adjuster dollars), during a period of nationwide expansion, but that turned out okay because insurance related stuff (Enterprise does most of its business in insurance replacement rentals) is functionally recession-proof since it's one of those things people need whether the economy is good or bad, like toilet paper. I found zerohedge website that convinced me that doom and gloom if not tomorrow, then next weekI mean, fear for a jobloss. Like... what's the practical financial impact on your life?Right now, everything is great. Your stories have helped put my mind at ease this morning.
NO!!!
Because I'm a freelancer, it's taken me about 3-5 years to reach this level of stability, but now it feels great, and it's really worrisome reading about all these predictors of an upcoming recession.Side note -- do you think we'll see another crash as bad as 08 in our lifetime?It is either terrible, inconvenient or entirely unnoticeable depending on what you do and where the 'bubble' is.Now if that seems like an entirely unsatisfying answer that doesn't provide any certainty - that's pretty much the feeling of a recession. Tech work collapses and recovers much more slowly.
"What about my stocks? If you're overspending, take a look at your budget and see what you can cut out of it. I know people who still think we're in the 08' recession.
So. "During the recession (s) in the early 1980's I was a kid, and my father was in the military, so it didn't affect us much. Oh, and offshore gets shafted hard. I didn't even notice it.Interestingly, the unemployment levels in the late 1990's were about what they are now, but back then employees were less shy about demanding more money.
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