Millennials born between 1981 and 1990 have already lived through a recession as working adults.Here we have Emily Lorsch who is 30 year old Millenial. She is going to tell those of us who have survived recessions how to prepare and thrive.
Here's how to prepare for and thrive in a recession
Amid red-hot inflation, experts are betting on the likelihood and the timing of a future recession. Take these steps to safeguard your personal finances.www.cnbc.com
I was born in '88. I was in college during the last one.
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That is another "element" of the new culture here in America........... Redefining.You will have to delete this thread, there will never be a recession ever again.
WH Redefines 'Recession' Days Before Expected GDP Report Showing More Growth Declines - Big League Politics
The White House has just redefined the word “recession” because, well, of course they did. A new GDP report is
The Great Recession lasted from December 2007 to June 2009, the longest contraction since the Great Depression..
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Those that follow this thread seriously appreciate you taking time to give us your thoughts. Your post may draw a few questions. For the most part, those here have a curiosity about the "future". I, for one, back at the first post thought the recession would hit during the third and fourth quarters of 2022. I underestimated the FED Reserve as far as them leaning to the "transitory inflation"... That, in itself, pushed the recession into 2023. Seems any and all Government schemes only prolong the inevitable.
First statements are total and "average"... last paragraph is "median".. so a few people like Hunter that got lots of Covid bucks and scammed the system are driving up the average, but not the median.Does not add up:
Millennials, born between 1981 and 1996, have more than doubled their total net worth, reaching $9.38 trillion in the first quarter of 2022, up from $4.55 trillion two years prior, according to a MagnifyMoney report.
And millennials’ average net worth — defined as total assets minus total liabilities — also increased twofold during the same period, jumping to $127,793 from $62,758, the report found
Specifically, the median wealth of Latinx Millennials is $14,691, more than twice the median wealth of Black Millennials, who hold $5,676, and slightly more than half the wealth of White Millennials, at $26,109. At the very least, racial gaps in Millennial income reflect economic inequality only to a lesser extent.
Millennials' average net worth more than doubled during the pandemic. Here’s what advisors say they should do next
Millennials' average net worth more than doubled during the pandemic, and real estate makes up more than one-third of their financial assets.
Every day that inflation stays the same, fuel is at $5 / gallon, eggs are at $5 / dozen and wages stay the same is a day closer to making these things "The New Norm"..... When the markets "Plateau" that is a red flag in itself. That is when things stagnate.
No. This is where the Fed and the politicians are playing with words and confusing people. Inflation is a verb. However, they have turned it into a noun and talk of it like it isn't active. to INFLATE something is to actively expand it. Inflation by its definition is an active, moving thing. Once inflation ceases, the prices are no longer increasing but they are still inflated from a previous norm. Once this occurs, the inflated price is now the norm and there is no more inflation. The same thing happens in the opposite direction with deflation.
www.barrons.com
Shiiiit. They redefined "vaccine", and 99% of people ate it up like it was perfectly normal. Recession should be a piece of cake.
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I'm a custom builder, and I am right there with you. I'm booked up for a while, but this time next year will get rough. Going to have to do major renovation again most likely, which I hate. I've had to search and pay theough the nose for many materials for the last year to get houses finished, and with the general mood of society plus hard to find labor, ect. I may just go do something else in a year or two. I've been doing it 20 years and it's been good to me but it's getting to a point where I hate leaving in the morning. Such a huge change in this business over the last 10 years.
Every contractor I talk to is saying the same thing. Especially the guys that have been doing it longer than I have.
I'm not so sure about that one. The residential housing industry employs more people in this country than any other industry BY FAR. As new housing slows, the labor demand lessens and the labor prices will not rise and the over all amount of labor needed will lessen drastically. I've been through this before and I know what's going to happen with some of it. With the massive movement of people to the South East and other Red states plus a pretty large lack of inventory it's hard to say how this industry will go.‘It will be mostly a white-collar recession’: Milken economist William Lee on how the next economic downturn will be different
Lower-skilled workers in jobs that have experienced a labor shortage will likely have an extra layer of protection if the economy slows down.www.yahoo.com
Yeah, I've heavily considered running carpentry crews instead just so I don't have to deal with home owners for so long. I've got a friend that I've been working with for years that I've very seriously been talking to about doing metal also. I'd like to get out of building. I've made great money but the stress and difficulty and changes over the last 10 years has me worried about having a heart attack before I'm 50. I work some seriously long hours and it's 1000 mph all day long without any break or any rest and many times without lunch. As I get older, my concerns in life have changed, and since having kids, your point of view changes a lot too.
Some points of the article were thought provoking. Europe has gone through similar labor shortages. Projects there required craftsmen from other countries to get them completed. Very few white collar American's have a hands on skill they can fall back on when the crunch comes.
www.thegatewaypundit.com
Surprise, Surprise, SurpriseIT'S OFFICIAL: Second Quarter GDP Comes In at Negative 0.9 Percent -- US OFFICIALLY ENTERS BIDEN RECESSION (Video) | The Gateway Pundit | by Jim Hoft
US RECESSION WATCH — Second Quarter GDP comes in at negative 0.9%.
off-guardian.org
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A lot of that is due to crypto. Who got in on bitcoin at $1? Most likely millennials.Does not add up:
Millennials, born between 1981 and 1996, have more than doubled their total net worth, reaching $9.38 trillion in the first quarter of 2022, up from $4.55 trillion two years prior, according to a MagnifyMoney report.
And millennials’ average net worth — defined as total assets minus total liabilities — also increased twofold during the same period, jumping to $127,793 from $62,758, the report found
Specifically, the median wealth of Latinx Millennials is $14,691, more than twice the median wealth of Black Millennials, who hold $5,676, and slightly more than half the wealth of White Millennials, at $26,109. At the very least, racial gaps in Millennial income reflect economic inequality only to a lesser extent.
Millennials' average net worth more than doubled during the pandemic. Here’s what advisors say they should do next
Millennials' average net worth more than doubled during the pandemic, and real estate makes up more than one-third of their financial assets.
I have survived 3 - 4 major recessions. Going into each recession there have been some very sharp, hard working young people. In every recession they lost a major portion of their wealth. Many times it was due to poor planning or expecting this to "never happen to me". I see crypto being the first thing that took a beating heading into a recession.
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