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Ask HN: How can I prepare for hard economic times?

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Re: Ask HN: How can I prepare for hard economic times?

#91

Post by oDot »

dmje wrote: post #74

Diversify in as many areas as you can. In income terms, diversify away from a single source by learning new skills, training up in areas you're a bit rusty in, learning totally new ones. In savings or investments: diversify where you put them, spread them around so you're not dependent on any one scenario. In eating: eat more interesting and cheaper things. Become vegetarian, if you aren't already. In exercise: drop…

Diversification is indeed the best strategy, but please do not become vegetarian on a whim. Consider the health implications it involves.

Re: Ask HN: How can I prepare for hard economic times?

#92

Post by danuker »

Freak_NL wrote: post #86
dmje wrote: post #74

Diversify in as many areas as you can. In income terms, diversify away from a single source by learning new skills, training up in areas you're a bit rusty in, learning totally new ones. In savings or investments: diversify where you put them, spread them around so you're not dependent on any one scenario. In eating: eat more interesting and cheaper things. Become vegetarian, if you aren't already. In exercise: drop…

> Become vegetarian, if you aren't already. A laudable goal in terms of sustainability and health, but in most developed countries not a cost saving measure. Meat is way too cheap, and often forms part of the bargains supermarkets use to attract customers. In the long term and the most pessimistic scenarios doing without meat may be cheaper though.

If you consider the cost of healthcare in developed countries, it may be that meat is much more expensive.

Re: Ask HN: How can I prepare for hard economic times?

#93

Post by dan-robertson »

yamrzou wrote: post #9

Related: Ask HN: What tips do you have for weathering a recession? - https://news.ycombinator.com/item?id=15798401 - Nov 2017 (104 comments) Ask HN: How are you preparing yourself for a recession? - https://news.ycombinator.com/item?id=22527383 - Mar 2020 (148 comments)

And in both cases the impending recession was not as imminent as the posters likely expected.

Re: Ask HN: How can I prepare for hard economic times?

#95

Post by ricardo81 »

jonathanstrange wrote: post #79
ricardo81 wrote: post #69

Earlier quoted context omitted.

I'd edited my post as you replied. Agree, food generally costs more. Mortgage/rent, highly variable depending on where you live, house big enough etc and if a mortgage, how many years are you able to spread it over. Most UK homes are heated by gas. My recent bill went up 50% to £1500/y. Is expected to increase by 50% again this year.

I see, that makes more sense than your original post. I don't know about mortgage but rents should also be much higher than gas costs nearly everywhere. High rents combined with inadequate salaries seem to be the biggest problem in most industrialized countries.

The thing with mortgages (and rents) is they're highly variable across the country, I'm in one of the lowest paid regions of the UK and a town nearby can have 2-bedroom houses going for £60K. That could amount to ~£150/m repayments over 40 years. The same house in South East England may go for quadruple that.

Gas is also one of the main sources of electricity generation here.

Energy has by far outstripped inflation here over the past year.

Re: Ask HN: How can I prepare for hard economic times?

#96

Post by konha »

burntoutfire wrote: post #80
yossarian1408 wrote: post #70

Earlier quoted context omitted.

Mate they'll go after your gold before they go after your land.

They can't go after something they don't even know you have.

They can make it illegal to privately hold gold. Wouldn’t be the first time in history. Good luck trading your gold for goods and services under these conditions.

Re: Ask HN: How can I prepare for hard economic times?

#97

Post by reedf1 »

ChrisMarshallNY wrote: post #87

I've always found that "living at my means" has paid dividends. To many folks, 'round these parts, they'd consider it "living below my means," but that's mostly because they "live beyond their means." I avoid personal debt like the plague. If that means living in a small house, and driving an old car, then so be it. I've also found that learning to deliver software, as opposed to just "writing" software, has made me…

Ah I can relate. I might not be the fastest, most innovative or most technical developer but I've been told my super power is getting stuff delivered. I think this comes from a combination of communication skills, requirement gathering and prioritisation, and finally, as you say, patience.

Re: Ask HN: How can I prepare for hard economic times?

#98

Post by fortylove »

CJefferson wrote: post #77
vbezhenar wrote: post #58

Buy house with few dozens of acres of land. Buy tools to cultivate the land. Buy few sacks of potatoes, learn how to grow them. Buy few sacks of salt, ensure it's stored safely. Learn how to weld with gas, buy enough gas to be stocked. Buy medicines. Buy guns. Buy bullets and vodkas. There are many thing to do to survive in harsh times. But first thing you need to ensure: your own home where you can live; defenses ag…

Has there ever been a time in the last 100 years when this kind of model has been useful. I understand the attraction, but I can't imagine how we could end up in the kind of situation where what you describe would be useful, without say total nucular war, at which point what you describe isn't enough.

I mean, it might be useful in Ukraine right now.

Re: Ask HN: How can I prepare for hard economic times?

#99

Post by ganzuul »

Started preparing 5 years ago by leaving IT for a more stable industry. As a machinist I won't be sent to the front lines because they need me alive to rebuild society.

That's a pretty bleak outlook, I know. However right now the depressive realism I had when I chose to switch is looking prescient, up here in the North East of Europe. No worries. :)

Re: Ask HN: How can I prepare for hard economic times?

#100

Post by unionpivo »

danuker wrote: post #92
Freak_NL wrote: post #86

Earlier quoted context omitted.

> Become vegetarian, if you aren't already. A laudable goal in terms of sustainability and health, but in most developed countries not a cost saving measure. Meat is way too cheap, and often forms part of the bargains supermarkets use to attract customers. In the long term and the most pessimistic scenarios doing without meat may be cheaper though.

If you consider the cost of healthcare in developed countries, it may be that meat is much more expensive.

With exception of USA, individuals cost of healthcare is not that high.

I pay several times more for my phone+internet per year than for my healthcare (and I have 2 separate chronic conditions)

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