Economic Recession is Coming! Here's Why I Don't Care (In Cheap We Trust)
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- เผยแพร่เมื่อ 20 ต.ค. 2022
- I don't have a job, and most of my money is in the stock market, so you'd think I'd be pretty worried about a looming economic recession - but I'm honestly not!
I recently gained some historical perspective from a book titled "In Cheap We Trust" by Lauren Weber, and it made me realize that I'll probably be just fine in the next recession. By following a few simple tips from this video, you can stop worrying, too.
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#recession #stockmarket #economy
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We're Lauren and Steven, and we followed some simple financial guidelines that allowed us to quit our full-time jobs forever by age 29. We created Trip Of A Lifestyle to share the knowledge that changed our lives for the better. All of our content is free.
Get rich. Work less. Travel whenever.
www.tripofalifestyle.com
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“How can I live on half what I make?”
“Whatever you make… someone out there is MAKING half what you make!”
Well said! I heard this from someone who is making 120k as a single person.
I said, “ you do realize half of what you make is just about the average HOUSEHOLD income!”
happiness = reality - expectations
I actually view a recession as a positive for my current situation. If you’re just staring out on your FIRE journey (like I am) a recession at the beginning let’s you acquire more shares earlier in the process. So, when the market does go back up (whenever that is) my gains will be amplified even more than they would have been if the market had been high when I started.
Regardless of whether a current recession actually results in amplified returns over the coming years (which may or may not be true), having a positive attitude and a willingness to continue investing will serve you well!
I save some 50-60% of my salary every month with which I paid off my debt, then insurances like medical, health, provident fund, etc. Once I'm done with tax saving instruments, I go full into indices, mutual fund, small case and individual stocks. So by this basically I depend on expert knowledge of an asset manager (MF), I trust India's economy by investing in the index, then I get some special people investment ideas from small case and then I use my own knowledge for investing so I buy stocks too. In this way I keep on managing my investments. Need not to say, I have some money parked for my emergency/what if I don't have a job, days. Talking about deep shit recession.
Great info as well as you're other stuff. Dang I wish I had seen this stuff 20 years ago 🤦
Never too late to start! 🙂
@@TripOfALifestyle you got that right
Hi, very helpful video. But one question. When you are in the investing journey and the next 12 months look rough, how do you decide when to be aggressive with buying.
Nobody really knows what's going to happen tomorrow. It could be negative returns for a year, or unrelenting recovery starting immediately! All we really know is that over the long run, the stock market has a tendency to go UP, so the best time to invest is always "as soon as possible."
More info on our investing strategy: www.tripofalifestyle.com/money/winning-stock-market-model/
what was your income at age 20-29? I don't see how the average person coming out of college with debt can do this.
Glad you asked! You're welcome to take a look at our entire financial history on our blog's About page: www.tripofalifestyle.com/about/#finances
Feel free to poke around a bit more while you're there. There are 102 articles and counting (all free) that aim to help others do something similar! 🙂
@@TripOfALifestyle cool. Not sure how that's possible with a $40k/year salary but managed to save $100k over a 2 year period. How did you account for taxes and cost of living?
@@auxrush Our cost of living was $22k/yr combined during that period. Our tax burden was quite low after applying the standard deduction for two people. There's a detailed explanation here if you'd like to check it out. Hope it helps!
www.tripofalifestyle.com/money/we-saved-100k-in-2-years-on-teacher-salaries/
You are beautiful why worry recession?