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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?

#101
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.

> 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.

Where I live, this is no longer true; on the one side there was a big outrage at the super cheap meat (€3 / kilo at the lowest), pushing shops to sell meat at a higher price (and presumably better animal conditions, but I'm not convinced this is independently verified), on the other there's these certifications farmers can get for their animals' living conditions, and people are willing to pay extra for this.

Anyway, in our household, freezer vegetables are a staple. We tried fresh vegetables for a while, but there's a lot of stems (in e.g. broccoli) and it's not as fresh or affordable as the frozen stuff.

That said, I think that instead of raising the price of meat, they should lower the price, availability and diversity of vegetables.

I would also encourage people to avoid these "vegetarian meat alternatives"; they're kinda scammy in that the ingredients are cheap but they sell it at meat prices. It's a lazy vegetarian's option. If you want to avoid meat for whichever reason, learn to make meals without something that kinda looks like meat.

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

#103
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.

It's a case of "hope for the best but prepare for the worst". I mean the threat of another world - or nuclear - war is looming.

But that's me / selfish, imagine being Ukranian and having to leave the country. I hope they saw it coming and prepared accordingly.

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

#104
post #99

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. :)

Similarly, I've begun tactical combat and firearms training. The most essential part of a society is it's stability, and the government's ability to exert power in the name of this stability. It would be counterintuitive to send me to the front, as they need me for the rebuilding.

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

#105
post #42

Work for a company that is protected and you will be okay. Food, soap, and other basic boring stuff will be in demand. Luxuries not as much, so games might be bad, or as cheap entertainment they might do good as people buy the games that will keep them all year to avoid the expensive entertainment they did instead. Really it is a guess as to what will do well. Most people have a job in bad times. The real problem is…

Absolutely agree, the crash is coming since ten years.. Any moment. I dont believe we will see a crash. Stocks might go sideways for quit a while. But companies will keep chugging along and employ people. Companies which will do well, are companies, telling people the world will end...

> Stocks might go sideways for quit a while.

Nasdaq-100 is down 21.33% in 7 weeks. According to wikipedia a stock market crash is a decline "of over 10% in a stock market index over a period of several days".

DAX declined even sharper (-16.5% in 12 days; -24% from recent highs).

Just as a heads up: this is similar to the 1990's where Iraq invaded Kuwait. The Dow Jones Industrial Average dropped 18% in three months, from 2,911.63 on July 3 to 2,381.99 on October 16,1990. This recession lasted approximately 8 months. This recession is listed as a "stock market crash" on wikipedia. [1]

IMO when something loses 1/5th of its value in such a short time it could be considered a crash.

[1] https://en.wikipedia.org/wiki/Category:Stock_market_crashes "Early 1990s recession"

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

#106
post #42

Work for a company that is protected and you will be okay. Food, soap, and other basic boring stuff will be in demand. Luxuries not as much, so games might be bad, or as cheap entertainment they might do good as people buy the games that will keep them all year to avoid the expensive entertainment they did instead. Really it is a guess as to what will do well. Most people have a job in bad times. The real problem is…

Absolutely agree, the crash is coming since ten years.. Any moment. I dont believe we will see a crash. Stocks might go sideways for quit a while. But companies will keep chugging along and employ people. Companies which will do well, are companies, telling people the world will end...

Speaking broadly, we've already had two economic recessions and I'm confident a third one is coming / underway; hopefully it won't affect individuals too much, but now would be the time to make sure to have a low-risk / risk-free rainy day fund, instead of having everything in stocks or whatever, in case you are without a job for a while for whatever reason.

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

#107

in theory isn't going into debt before the big crunch the best move with inflation?

If the crash is inflationary, then yes. If deflationary, then no. Will the future be more inflationary than the market currently expects?

If your country has a central bank, I promise you the crash is going to be inflationary.

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

#108
post #89
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. This is very healthy. But make sure to take B12 if you're going vegetarian. > Though deficiency for those starting out with adequate stores may take years to develop, the results of B12 deficiency can be devastating, with cases reported of paralysis, psychosis, blindness, and even death. https://nutritionfacts.org/topics/vitamin-b12/ Edit: To the downvoters, care to explain…

Supplements are usually not necessary for vegetarians. If you include milk, cheese and eggs in your diet you probably get enough B12. If you are vegan you need to take a bit more care.

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

#109
post #90

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.

Fresh vegetables are cheap. Look at how immigrants do it.

You don't need to be an immigrant. Vegetables are cheap in UK supermarkets.

1kg carrots - 39p https://groceries.morrisons.com/products/morrisons-carrots-2...

2.5kg potatoes - £1 https://groceries.morrisons.com/products/morrisons-white-pot...

And so on. Vegetables are cheap. It's frustrating seeing people complain about food but not learn to cook. Making casserole is cheap.

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