According to a
new survey, three-quarters(76%) of U.S. adults are delaying big purchases and reducing debts since they are worried about an impending economic downturn. Below is the summary of the findings:
- 34% of Americans are delaying major purchases like a home or a car
- 29% are paying down debts
- 28% are planning to reduce holiday spending
- 24% are allocating more income to savings
- 24% are staying in a job they do not enjoy
- Dual-income families should save at least 3 months worth
- Single earners should put aside 6 months or more
- Entrepreneurs should set aside 1 year of expenses
In addition, from a personal standpoint, investing in a cryptocurrency, especially bitcoin, acts as a buffer against the harsh realities of a recession.
Please share your personal experiences on how people in your country are preparing for or dealing with a recession.
The writing is on the wall right now, we had almost a decade of the good times and now it is time to pay it all off. We're already seeing stocks dropping slowly month after month in major indexes around the world, it could easily continue throughout 2023 unless there is some great news like the war in Ukraine coming to an end - that might see a happiness bump and alleviate some of the problems. However Putin is a stubborn man and Ukraine will not back down either because their land has been invaded. Unfortunately he is a barbaric man so it could get worse before it starts to get better, the sooner he is gone the sooner the world can be more peaceful again and economies start to stabilize.