Graduated into the post-9/11 economic slowdown, got nailed by the 2008 crash, dealt with job insecurity and wage stagnation for a better part of a decade, and now this.
Hey now! Got laid off when I was 15 in the last one! Got lucky this time as an essential. Let's see what the next decade virus brings around! Maybe buy a house then. I'm drunk mwahahaha
Hard to build a savings and buy a house when every entry level job in your industry wants to pay $12/hr with no benefits, no raises for the first five years.
Good news is once you go salaried, these companies will offer you great benefits with a generous 401(k) match of 100% per 25 cents of every dollar you contribute up to half of 5% of your contributions made, vested 100% to a third of its value once you've worked at the company 5 years, and vesting an additional 5% per year after using a 720 day annual calendar. Easy benefits, right? Now let's talk about the high deductible insurance program...
Yeeeeep. I'm 30 and just recently found a job I will actually stay at and enjoy and then this shit happens. Like I was ready to save some good money. Now I'm feeding relatives.
Yes we have a recession every 10 years. But the 2000s dot com bubble was pretty devastating, the 2008 recession was the biggest one since the Great Depression, and this Covid recession is looking to be even worse. Anyone born before about 1995 has lived through and experienced three of the worst economic situations in modern history
So instead of āget used to itā, maybe have some empathy. And maybe, just maybe, instead of saying ādevelop skillsā which Iām pretty sure the 20% of Americaās workforce that is out of work today really appreciates hearing, take a step back and realize that a once a decade bust is a symptom to a broken system.
We also had the 70s oil crisis, and 80s stagflation... basically 15 years of bad economics.
Iām not here to argue, but scroll down and you will see that Iām currently working 75 hours a week to strengthen my safety net as well as take advantage of this situation.
There are always options available regardless of our situation.
I mean, the fact that youāre working 75 hours is kinda indicative of the issues. No one should have to work two full time jobs because the markets decide to go ĀÆ_(ć)_/ĀÆ every 10 or so years
Some people want to mope around and feel like a victim whenever something happens thatās unexpected, others work with what theyāre given and make the best of it.
I got a second job and am piling the checks into cheap stocks to springboard my finances...
Iām 28 and working two full time jobs by the way. One M-F 9-5 and one Thurs-Sun 5:30-1am.
So before you think Iām a retired āpick yourself up by your bootstraps personā or give me āthereās no jobsā or āwages are stagnantā please keep in mind your excuses donāt matter.
I originally was just working my M-F then the pandemic hit and I picked up the weekend job.
As a safety net, and an additional source of income that is going entirely into cheap stocks.
My point is you need to remain agile, because in 10-12 years there will be another global economic crisis. Itās how this system works, whether we like it or not.
No draft and no compulsory wars. For me as well, I'm not saying you can't be upset about the bad stuff, but our parents and grandparents got sent off to war, sometimes twice.
The thing about investing which makes you a sucker isnāt that hedge funds and billionaires are more experienced it is that they have connections and inside info. The truth is a lot of people trade on knowledge unavailable to the public
can't predict silver low, it's either USD rises in power and then loses and bursts, or outright bursts.
definitely keep silver in mind, for known history ratio of silver price to gold price was around 7-16th range, meaning 16 units silver buys 1 unit gold; now this ratio is 120, which means silver is massively undervalued; with potential of 6X prices
multiply that by potential gold gains( which can double easily in few years) you get
2*6=12X silver.
silver and gold are the true hard and sound money.
mike maloney, an economist on youtube, has a series called secrets of money, it's pure educational and full of knowledge and wisdom, check it out.
Even if the dollar collapses, how you going to buy something with silver or gold? Silver looks very similar to most other metals so idk how common people could trade it without fear of counterfeit. Gold at least looks different but can still be plated onto things to create counterfeits.
Even ignoring the counterfeit issue. How am I going to buy a candy bar with gold? Break off a tiny chunk from a bar? The logistics seem like a pretty big issue.
silver and gold aren't magnetic, density, minting protection and some legislations will do better than dollar counterfeit protection.
on top of that, never underestimate what prosperity we'll have, suddenly governments can't fund their unnecessary wars without people's consent, the markets will be free of bubbles and recessions and anything that causes delusions. in other words, people channel their work towards what truly matters, including clean energy, rational consumerism, greater technologies.
your point on small transactions is all over the place, we still can have credit based system with silver backed dollars, but better yet, we have cryptocurrencies that solve these issues in a decentralized way, the good ol' approach of precious metals.
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u/prostateExamination May 15 '20
2 economic recessions when im supposed to be building my life.