At the risk of sounding like a broken record, here are the basics for preparing for the next recession:
- Get out of debt! House, car, student loans, credit cards. Try not to owe anyone anything. If you do this, you only bills will be utilities, food, gas, etc.
- Downsize if possible (can you go from three cars to two? from a 3000 sq ft house to a 2000 sq ft house?).
- Have multiple streams of income.
- Bulk up your savings.
- Diversify your investments.
- Live simply and below your means.
- Vote for those who will represent you well (these politicians and politicians like them should be voted out).
- Be as self-sufficient as possible.
- Develop a wide range of sale-able skills.
- Look for opportunities (opportunities for other sources of income, opportunities to help others, opportunities to network with others, etc).
- Stockpile the things you use the most (food, toiletries, etc).
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