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originally posted by: JAGStorm
Most U.S. states lack reserves to weather next recession: S&P
"Those states, in order of least-prepared, are Louisiana, Oklahoma, North Dakota, New Jersey, Montana, Kentucky, Virginia, Missouri, Arizona, Illinois, Pennsylvania, Wisconsin, Kansas, New Hampshire, Mississippi, Michigan and Arkansas."
I've lived through 6 recessions. The recession of 2007 hit my family pretty hard and we were living in Illinois at the time. I don't think the state ever recovered. I recently visited a small town in Illinois. I had not been there in 11 years. I was shocked, absolutely shocked to see that nothing had changed. No new buildings or businesses. There were quite a few closed, but it was if time stood still for a decade. It was comforting yet sad at the same time.
The last recession I went though taught me a lot. Even though it was very scary, it opened my eyes to a lot of things.
#1 don't be afraid to move if you lose your job. When hard times hit, you will truly find out who your true friend are and that some friends are
more family, than family. Downsize now while things are good.
Make sure your resume, linkedin and everything is up to date now. Take a serious look at your debt and deal with it now.
The most valuable thing you have is your health.
There is always a light at the end of the tunnel. No matter how bleak situations seem, recessions don't last forever.
Remember to sell high, buy low. Real estate is a steal during recessions.
I have a feeling we will start feeling the first of the recession last next year, and then really full force in 2020.
I have a feeling it will be worse than 2007. Good luck to everyone!
originally posted by: network dude
what economic indicators point to a recession?
#1 don't be afraid to move if you lose your job.
originally posted by: lordcomac
No mention of the inflation bubble, eh?
How many years was QE pumping free money into our failed fiat currency to keep money flowing?
The backlash on that should be fun.
originally posted by: dothedew
a reply to: lakenheath24
Now, we're just going to have to invest in good quality RV's. Be better to live in a FourWinds down by the river than a conversion van...