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How do we prepare for the coming financial crash?

Discussion in 'Education & Learning' started by GatsbyMag, Mar 1, 2017.

  1. GatsbyMag
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    GatsbyMag Contributor Speedway Pass

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    So I've been hearing a lot of talk from the 'gurus' like Grant Cardone, Gary Vaynerchuk and Tony Robbins as well as some guys like Peter Schiff that there is another recession coming.

    Even if there won't be a financial crash coming any time soon it's still pretty smart to learn how to get prepared for one. Unfortunately most of the solutions I find are for Americans.

    How can non-Americans (perhaps specifically people in the UK :p) who are under the age of 21, have no money or any idea in investing into stock markets and currently in university prepare for this crash? What are your suggestions? And how did some of you guys handle the last recession?

    Any reading material or external references relating to this would be appreciated. I don't expect to find 'the answer', just want to learn more. Thanks guys!
     
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  2. lowtek
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    lowtek Silver Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass Summit Attendee

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    I was in grad school in 2008, so the recession didn't affect me. It won't affect you either, in university. If you're really worried about hyper inflation or something, just make sure you've got a couple weeks of food on deck so you don't starve to death.

    Reality is that you do the same thing to prepare for a recession as you do a boom - get your ass in gear and start taking action.

    As long as it's not "the end of the world as we know it", money is going to change hands - that means you just gotta catch it. A recession doesn't mean nobody spends money, it just means that they spend less of it and you have to try harder to convince them to give it to you.

    Here's an idea for you: learn how to repair smart phones. In a recession people will happily pay $50 to repair a broken phone, rather than buy a new one for $300+

    Now go forth, young grasshopper, and prepare for the recession.
     
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  3. Nmm540
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    Where have you been hearing about these so called gurus talking about a recession coming? Do you have any sources you can share?
     
  4. GatsbyMag
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    Thank you Lowtek! What I really got from your post amongst many is that if you're able to convince someone to give you money during a recession by providing service then you've definitely got something great.

    And also to not be engulfed by panic/paranoia. Thanks!
     
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  5. Argue
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    Argue Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    Tony explains it in his new book, unshakable. He provides guides, insights, etc to protect yourself. I'd consider buying it.
     
  6. blackkramer
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    blackkramer Silver Contributor Read The Millionaire Fastlane Speedway Pass Summit Attendee

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    Make yourself valuable. Learn how to give people what they want. Learn how to be able to learn. Don't ever say "I don't know how to do that". Live within your means.

    Stack precious metals, guns and ammo, and lots of booze for trading...
     
  7. lowtek
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    lowtek Silver Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass Summit Attendee

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    He's in the UK, so.... no stacking of guns and ammo.
     
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  8. RazorCut
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    RazorCut Student of Life FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    If in the UK get a decent deposit saved up and if a recession hits buy a house (or houses if you can swing it). One of the most difficult problems facing the youth in the UK is getting on the property market. A recession, and so fall in house prices, gives you your best chance. Also typically it doesn't take long for house prices to recover so if you are just doing it for an investment opportunity there is some good money to be made.

    I think currently the UK needs to build 300,000 homes per year just to keep up with demand and that is just not happening and will not happen anytime soon. Supply and demand means bricks and mortar and a safe bet.
     
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  9. Everyman
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    Everyman Ridiculous speed FASTLANE INSIDER Read The Millionaire Fastlane

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    Invest in yourself. Have you read "The count of Monte Cristo"? Read it. Watch the movie if you can (version with Jim). I don't have a crystal ball but if anything happens and you lose everything (let's assume this worst-case scenario you are probably afraid of) - then what you will have is your bear hands and what you have in between your ears. I know it is broad but this forum is for the people looking to excel.

    I will contradict here. Everything is always in short supply. People are more and more dependent on social welfare - how can they produce anything of value to exchange for other goods/services (e.g. homes) if they don't do anything? One thing that is keeping it altogether is money printers...

    I will get back to this post with links and more proof later but the question is excellent. And one answer (question):

    - You don't control the market situation anyway, do you? So you should work and take action as usual but be smart about it - this forum is a perfect place for it.
     
  10. AgainstAllOdds
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    Why do you give a shit?

    According to your intro post, you have a failing business, are 18, and in college.

    Preparing for "the coming financial crash" when you don't have cash, assets, or a business is probably the dumbest use of your time and brain capacity.

    Find a need. Fill that need. Make money. Then worry whether demand for your product/service will change with "a crash" once you actually have something to worry about.

    Until then you're just bullshitting and getting stressed over your own misdirection.
     
  11. masterneme
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    masterneme Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    Gurus are full of sh!te, they just want you to buy their stuff by using fear and scarcity, just keep working on your fastlane.

    The crash happened because of greed and because many people lived beyond their means buying stuff they couldn't afford.

    If you want to be protected I just told you the way, build a fastlane, stay away from slowlane gurus and be smart about your spendings.
     
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  12. Everyman
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    Everyman Ridiculous speed FASTLANE INSIDER Read The Millionaire Fastlane

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    After giving it a thought...

    I was about to paste some links but AgainstAllOdds summarised it well. No point in talking about something that you don't have control over ("financial crash").
     
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  13. G-Man
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    G-Man Platinum Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    This ^^ There are folks with ironically fastlane businesses telling others to put all their money in silver coins, build bunkers, and withdraw from civilization.

    Don't get me wrong, I've always got a closet full of booze... just being responsible :clench:
     
  14. Scot
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    Scot Ductus Exemplo FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    Agreeing with @AgainstAllOdds and also that Gurus sell using fear and scarcity. I don't give a damn about a recession. Why?
    You've read MJ's book right..?

    If you live your life with a Fastlane mindset you are recession proof.

    If anything, most of us should be praying for a recession. Some of the worlds richest people made their money and opportunity during financial crisis and economic lows.

    When everyone is selling, you better be buying.

    I wish I wasn't a broke 19 year old during the RE bubble burst in 2008. In my home town, it was ground zero for the bubble. My city was the "fastest growing city" for a couple years during the boom. Contractors were building Spec houses left and right. And they all went years, foreclosed and vacant after the burst. Houses originally valued at $3-500,000 were on the market for $40-50,000 with no bites.

    In this example, do you think you should panic, or find a way to buy these Firesale houses?

    What happens during a recession? People don't buy houses, they rent. If you pick up a few houses, you can RENT them to people who panic in the recession.


    At the end of the day, you are recession proof in college. My university town, you never knew there was a recession. 18-22 year olds with financial aid and parents money, there isn't a lack of cash flow.

    But on the really off chance there is a recession soon, get ready to take advantage of the opportunity.
     
    Last edited: Mar 2, 2017
  15. cmor16
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    cmor16 Bronze Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    The thing with financial markets is they are cyclical, so they are bound to be right ..........eventually, and they will be the 1st ones touting how their prediction was correct when it does happen.
     
  16. G-Man
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    G-Man Platinum Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    This reminds me of a mindset story:

    I'm driving down the road with my wife and baby boy on a sunny Saturday afternoon, on our way to lunch at the best Thai restaurant in DFW. I'd had a good week at work, was feeling pretty invincible and in high spirits because of the warm sun and impending feast of nam tok pork and sticky rice.

    Driving along 635, we passed a billboard for the Powerball jackpot showing over $400 million. Thinking it would be a fun way to pass the next 15 minutes of the drive by talking about our hopes and dreams, I asked my wife: "What would you do with 400 million dollars?" Anticipating her answer, I'm thinking about driving sports cars down the coast of Adriatic, living barefoot in a shack on my private island, the look on the local preacher's face when I tell him the church's mortgage is paid, and buying my parents a house on the gulf coast.

    Then comes Mrs. G-man's answer: "What would I do with 400 million dollars? I'd build a bunker"
    Me: You'd build a damn bunker? 400 million dollars and you become a mole?
    Mrs: Yeah, with all that money, you could make sure you were safe in the apocalypse.
    Me: So, with 400 million dollars, you plan to live like an Armageddon refugee?
    Mrs: I guess so. Stop making fun of me!

    I have a lot of respect for my wife, she's very frugal and responsible, and it's a product of growing up in poverty and having to fend for herself early in life. That said, we live more abundantly now than how she would with unlimited resources. It makes me think about the importance of an abundance mindset. People with an abundance mindset find a way to make something out of nothing in lean times, and make even more out of what they've got in fat times. People with a scarcity mindset have scarcity even in times of abundance.
     
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  17. Raoul Duke
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    Whatever you are currently doing now....

    do this


    [​IMG]
     
  18. MidwestLandlord
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    MidwestLandlord Platinum Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    I doubled my net worth in 2008, thanks to inventory appreciation on the product I sell.

    Also, since I sell a price sensitive product, people seek me out when times are bad. Gross revenue wise, 2008 & 2009 were our best years in our 35 years of business.

    Recession? Bring it! I'm ready!
     
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  19. Waspy
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    Waspy Float like a butterfly FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    Strong this.

    So much truth it hurts.
     
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  20. G-Man
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    G-Man Platinum Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    You're one of those lucky bastards that sell "inferior goods" my freshman econ professor always talked about.

    Dude was like a million years old and used to say "Recession can be a good thing if you're in the business of bologna and Bud Light"
     
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  21. MidwestLandlord
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    MidwestLandlord Platinum Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    Seriously, I want a recession. If I got to repeat 2008/2009 with my current ownership level? (i owned only 5% then)

    Oh my.
     
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  22. PeterCastle
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    PeterCastle Bronze Contributor Read The Millionaire Fastlane Speedway Pass

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    Peter Schiff is a good guy to listen to. He and other Austrian economists predicted the housing collapse many years before it happened.
     
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  23. G-Man
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    G-Man Platinum Contributor FASTLANE INSIDER Read The Millionaire Fastlane Speedway Pass

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    I won't go so far as to say I want a recession (with all the pain and suffering and whatnot), but given that most of my net worth is in cash, and the rest is in government receivables, I'd be lying if I said I hadn't thought "damn, would be great if the bottom dropped out of the RE market so I can buy a bunch of shit"
     
  24. RulesForRebels
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    I myself worry but people have been calling for a crash for 3-4 years. If you pulled your money out of the market or put it into bonds you would have missed all the gains. If your time horizon is like 6 months, 2 years, 3 years you shouldn't be investing anyway put it in a high yield savings account. If your hoirzon is retirement or 10 years plus just put your money in the market. If you play this trying to time the market game your going to miss all the gains. If there was a correction there will be enough time for most of us to pull our money out and still be ahead as many people are already up 20% plus.
     
  25. RazorCut
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    I don't understand your statement. By the very nature of an economy everything is not always in short supply. Where there is a demand people will fill it. It's what's called competition. Recessions come and recessions go. It's all a cycle. Looking at the past gives you a good insight into the future. During a recession the rich get richer and the poor poorer. One of the ways the rich get richer is investment in property when prices are low.

    If there is some conspiracy of an off the charts recession that totally uproots our modern economy then I guess the best advice is to stock up on water and canned foods and wait for it all to go tits up.
     
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