Recession coming?

If anyone wants a gas sipper hit me up, 250cc of pure power. Even when gas hits $8/gallon you can still afford to fill this puppy up and even keep tag/insurance on it too!
 

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BNielsen said:
As a first time homeowner, I am scared shitless.

But the memes are good so I guess it's alright
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Same. Weve been in our house for 5 years. Im terrified of what may happen when shit hits the fan.
 
benXJ said:
Why? How will you be affected more?
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Be affected more than who or what? Its already harder to keep food on the table and make the house payment. If it gets worse, then what? Sure, we have some savings and some things we can liquidate. But then what? Our mortgage is cheaper than most rent payments, so renting isnt likely to help. We are a single income family with a special needs toddler, and a kid under 1. On top of all the usual expenses, we have therapy to go to which can easily be 3-5 x week. Make too much for medicaid, but not enough to pay for all thats needed.


We arent in the worst possible situation, by any means. But we arent in a good spot either.
 
JSJJ388 said:
Be affected more than who or what? Its already harder to keep food on the table and make the house payment. If it gets worse, then what? Sure, we have some savings and some things we can liquidate. But then what? Our mortgage is cheaper than most rent payments, so renting isnt likely to help. We are a single income family with a special needs toddler, and a kid under 1. On top of all the usual expenses, we have therapy to go to which can easily be 3-5 x week. Make too much for medicaid, but not enough to pay for all thats needed.


We arent in the worst possible situation, by any means. But we arent in a good spot either.
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Those are all very legitimate concerns, but I believe his question is how being a first time homeowner in your house for five years affects that more than if you were a third time homeowner in your house for 15 years?

Duane
 
CLRracer said:
Those are all very legitimate concerns, but I believe his question is how being a first time homeowner in your house for five years affects that more than if you were a third time homeowner in your house for 15 years?

Duane
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That was my first question. But my thinking is that we dont have much equity in our home that we could potentially use in tough times. But just to be honest, its intimidating because we have never been through a recession as adults who are paying the bills and trying to make ends meet. That was my main point is "oh shit, weve not been here before. what now?"
 
JSJJ388 said:
That was my first question. But my thinking is that we dont have much equity in our home that we could potentially use in tough times. But just to be honest, its intimidating because we have never been through a recession as adults who are paying the bills and trying to make ends meet. That was my main point is "oh shit, weve not been here before. what now?"
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Liquidate anything you owe for that you can afford too. That is the first step. Second is of course save. But it is getting harder too. Third do not go into more debt for any reason, even if you think your saving......Same goes for second mortgage and refinance. The fees and related will wash to a moot point in the long term.

I you have a skill, get paid its worth. If you have a second skill ramp up the hustle. You seem like a great family man and your concern is genuine. If you are close to scrapping by now, legitimately consider selling while some can afford to buy......but and only but: if the second living space is cheaper and you are paying toward ownership. It would be a tough pill to swallow but a single wide and piece of dirt you can afford is much better than crashing credit and revolving debt to stay a float.

That said a recession spells less of everything, not the loss of complete existence. The term to broadly scares the crap out of everyone. The shift will be to less new and shinny to more we gotta make due. Markets will shift. The ones in position to invest or capitalize on "new need" will make bank. The wealthy will still be wealthy. Bologna will still be the mainstay for many but the slice will get thinner and bread might be a luxury. Don't sweat it, just adapt and hustle harder.

I have saw this roller coaster coming. I have accrued zero extra debt to amount to anything in a few years. In the mean time I've payed of everything and sold our last payment to break even. Long term if I can keep the wife happy is to live in or at nearly zero debt. The American Dream to own property and stuff is admirable at best. Most come buy it by way of life long debt to arrive at the same point....dead. My point of view has shifted massively, I am just very blessed to have always been a pincher of coin and fearful of living the financed dream.
 
WARRIORWELDING said:
Liquidate anything you owe for that you can afford too. That is the first step. Second is of course save. But it is getting harder too. Third do not go into more debt for any reason, even if you think your saving......Same goes for second mortgage and refinance. The fees and related will wash to a moot point in the long term.

I you have a skill, get paid its worth. If you have a second skill ramp up the hustle. You seem like a great family man and your concern is genuine. If you are close to scrapping by now, legitimately consider selling while some can afford to buy......but and only but: if the second living space is cheaper and you are paying toward ownership. It would be a tough pill to swallow but a single wide and piece of dirt you can afford is much better than crashing credit and revolving debt to stay a float.

That said a recession spells less of everything, not the loss of complete existence. The term to broadly scares the crap out of everyone. The shift will be to less new and shinny to more we gotta make due. Markets will shift. The ones in position to invest or capitalize on "new need" will make bank. The wealthy will still be wealthy. Bologna will still be the mainstay for many but the slice will get thinner and bread might be a luxury. Don't sweat it, just adapt and hustle harder.

I have saw this roller coaster coming. I have accrued zero extra debt to amount to anything in a few years. In the mean time I've payed of everything and sold our last payment to break even. Long term if I can keep the wife happy is to live in or at nearly zero debt. The American Dream to own property and stuff is admirable at best. Most come buy it by way of life long debt to arrive at the same point....dead. My point of view has shifted massively, I am just very blessed to have always been a pincher of coin and fearful of living the financed dream.
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Appreciate the input. Only major debt is the house. Few old cards that are closed that are being paid off, but thats under 5k. Yea, I foresee a lot of side hustle coming up for a lot of folks. We stopped caring about a credit score not long after we got hitched. Stopped using cards and closed them. Vehicles are all paid off, no open cards. We just sold the wifes old car a couple months ago thankfully.
 
What should be really concerning is that we are both in a recession AND there is still inflation.
 
Jody Treadway said:
There is a very simple solution to this. All you have to do is change the definition of both and voila, no more problems!
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Excellent point. We will just call it "anti-stagflation". Since "anti-facist" actually means facist, "anti-stagflation" can actually mean stagflation, and the youths will be all for it.
 
Evergrande, will it be the catalyst? China’s housing market is 30% of its GDP and 73% of its wealth.

Anyone want to theorize the implications of evergrande failing and subsequent impact on China economy?

Mix in the almost a million protestors not paying their mortgage on housing they will never receive? Meanwhile China shut the internet off this weekend to roll out tanks to restore order, while issuing notice that “private” savings in “banks” are now investment tools and people can’t withdraw those funds.

Could potentially have huge global impact due to all the goods made there, that we need as consumers.

Hard to imagine the potential for worse than COVID supply chain issues if the Chinese economy continues its decent as the evergrande bubble has completely burst and the wave of that moves outward.

Almost $1 trillion default currently?
 
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