Comments on: How to Prepare for and Survive the Next Recession https://www.campfirefinance.com/prepare-for-recession/ A personal finance community for those seeking FIRE, by those seeking FIRE Thu, 26 Sep 2019 17:38:47 +0000 hourly 1 https://wordpress.org/?v=5.3.2 By: Ty @ Get Rich Quick'ishhttps://www.campfirefinance.com/prepare-for-recession/#comment-867 Fri, 21 Oct 2016 23:25:00 +0000 http://www.getrichquickish.net/?p=497#comment-867 Thanks, Matt! You nailed it – personal finance is easy. What’s hard is having the discipline to do what you know you should. And I love your comment about values. Moral flexibility, abandoning your values, is easy to justify in an emergency. Prepare now so you don’t find yourself making difficult comprimises later on.

]]> By: Matt @ Finance Yoselfhttps://www.campfirefinance.com/prepare-for-recession/#comment-866 Fri, 21 Oct 2016 22:50:00 +0000 http://www.getrichquickish.net/?p=497#comment-866 Great list! As with anything personal finance related the mental and emotional aspects are just as important as the actual actions and numbers. An added bonus is that once you realize that financial preparedness is a lot less complex than people make it out to be you’re more likely to have the confidence to seek out solutions and problem solve on your own if and when you do have a financial emergency, and will be more likely to find a solution that’s more in line with your values instead of someone else’s.

]]> By: Ty @ Get Rich Quick'ishhttps://www.campfirefinance.com/prepare-for-recession/#comment-865 Tue, 18 Oct 2016 18:21:00 +0000 http://www.getrichquickish.net/?p=497#comment-865 Getting bit by having only one income is what initially helped get me interested in FIRE. I wouldn’t recommend it 🙂
Thanks for stopping by, Amanda!

]]> By: Amanda @ centsiblyrichhttps://www.campfirefinance.com/prepare-for-recession/#comment-864 Tue, 18 Oct 2016 12:44:00 +0000 http://www.getrichquickish.net/?p=497#comment-864 The area we need to work on the most is income (though we do have a mortgage too!). We have relied on one income for over a decade now and have been lucky that hasn’t bit us in the a$$. We’re working on it – it’s not easy, but hopefully within a year or so, we’ll have income trickling in from a couple of other sources. Great list, Ty!!!

]]> By: Lilahttps://www.campfirefinance.com/prepare-for-recession/#comment-859 Mon, 17 Oct 2016 23:29:00 +0000 http://www.getrichquickish.net/?p=497#comment-859 Absolutely! I want to get to the point where I have 7 multiple streams of income. I know a successful artist that is going to have several licensing deals this year. I love all the quirky ways people make money these days. It’s just too scary in today’s flex world to just stick to one income.

]]> By: Penny @ She Picks Up Pennieshttps://www.campfirefinance.com/prepare-for-recession/#comment-863 Mon, 17 Oct 2016 20:11:00 +0000 http://www.getrichquickish.net/?p=497#comment-863 I mean, with a GIF like that, how could you not be headed for thousands a month?! I wasn’t knocking your list, either. Just pointing out that it should be priority #1, but you have to work the whole list at once…or you’ll be stuck for a long time (if you have a stupid big mortgage like me).

]]> By: Ty @ Get Rich Quick'ishhttps://www.campfirefinance.com/prepare-for-recession/#comment-862 Mon, 17 Oct 2016 17:17:00 +0000 http://www.getrichquickish.net/?p=497#comment-862 Hey, Penny! It’s (often) frustrating to hear someone say “oh, just get out debt.” As if it’s an easy thing to do … I totally get that, but it’s still my main financial goal at the moment for the reasons I listed, but mainly because I want to keep the money I make!

It would be a lot easier to do if this blog somehow became one of those blogs that was making several thousands of dollars per month! 🙂
https://uploads.disquscdn.com/images/7e9e684b37e4a999ae4a03344c1bc5bf9383bc5b8d76bd76984a5ae6f0dda6cb.gif

]]> By: Penny @ She Picks Up Pennieshttps://www.campfirefinance.com/prepare-for-recession/#comment-861 Mon, 17 Oct 2016 17:01:00 +0000 http://www.getrichquickish.net/?p=497#comment-861 It’s a great list. It’s unfortunately much harder to do than it is to say. For instance, I will be in debt for at least 5 more years, likely 10, thanks to our mortgage. So I definitely try to do more of the other things to compensate.

]]> By: Ty @ Get Rich Quick'ishhttps://www.campfirefinance.com/prepare-for-recession/#comment-860 Mon, 17 Oct 2016 16:42:00 +0000 http://www.getrichquickish.net/?p=497#comment-860 wow, 7 income streams is great! And licensing your own art would be awesome. Unfortunately, I’m not very artistic in any way, so my income streams are currently limited to (1) my main job (2) dividend income (3) blog income (3) interest income and (4) income from selling unused stuff from my home. In the future, I hope to generate even more income through (5) business/side hustle, (6) real estate/rental income, (7) ….. not sure; I’m running out of ideas. Getting to 7 is tough! 🙂

Thanks for stopping by, Lila!

]]> By: Ty @ Get Rich Quick'ishhttps://www.campfirefinance.com/prepare-for-recession/#comment-858 Mon, 17 Oct 2016 16:24:00 +0000 http://www.getrichquickish.net/?p=497#comment-858 Thanks, Graham! Whether we like it or not, we’ll all experience down times…best to prepare while things are good. Thanks for stopping by.

]]>