What is the best way to prepare for a recession as a recent college graduate?

30 comments

1. Find a job.

2. Employment is still really high, so in the immediate term, I don’t think you will need to worry much about finding a job — especially if you can work remotely or are willing to move. Find a job, save as much as you can, and don’t rush into buying a house right now — there’s absolutely 0 shame in living with family or roommates for a while if you are saving money and have a plan.

   This is also an insane opportunity for someone your age to start their retirement and/or investment accounts; everything is really low. Nobody can predict the bottom, of course, but we’re probably closer to it than we are further away. A company that matches your 401(k) contributions would look really appealing right now, since they’re essentially giving you free money to buy solid companies at a huge discount.

   Source: I graduated in the summer of 2008.

3. Grab your ankles.

4. Invest in everything crashing now so when it recovers you have a nice sum of money

5. Apply for admission to a masters program, as there won’t be any jobs any more, so you might as well have something to do.

6. Recent college graduate is too vague. Need a major.

7. Stay out of debt as much as possible.

8. Work in an industry that thrives on other peoples’ misery. For example, financial services (read: banking or payday loans). Also: repossession, debt counselling, or breweries.

9. Make sure you have a job the whole time. Be frugal. Limit eating out and drinking and smoking weed.

10. I agree with find a job

    But also go live back home and let several months worth of paychecks from new fancy job pile up before you even consider moving out. (Provided you get on well with your parents…why not live rent free for a while?)

11. Live within your means at all times, don’t go into unnecessary debt, save as much money as practical, and live at home (if you have that option/looks like you do) until things start up looking up again.

12. I’m almost 40 so i’ve lived through the last few recessions. The best thing you can do is have a job and save as much as you can. By saving I mean in your retirement. In 5-10 you’ll be okay. You’re gonna be going through multiple recessions in your life time.

13. Keep your expenses low, keep money in the bank. Don’t get used to luxury.

14. Secure an essential job.

15. Chaos is a ladder

16. Work more.

    Make more money.

    Live cheaper and put more emphasis on paying off debt earleir.

17. Stock up on ramen noodles

18. What’s your degree in?

19. in a recession, businesses that cater to “basic needs” such as bakeries and food suppliers flourish while the ones that cater to “wants” such as tech based businesses suffer.

    same goes for services, only here almost the whole sector will suffer, except doctors for example.

    you should follow suit and limit your spending to basic needs only, until the situation is resolved.

20. By getting a job.

21. Live within your means.

22. Realize that retail is calling your name

23. Find a job, any job. Having an income is better than not having one. And there is nothing stopping you from continuing to look for a job in whatever field of work your education was for.

24. Vote better

25. Save 6 months’ worth of expenses.
    If you have any debt with non-fixed interest rates, Dave Ramsey that shit as quickly as possible.

26. Ah yes, we the experts will help you

27. 1. Have an income.
    2. Ensure income is greater than expenses.
    3. Replace worthless things with things that are useful. For example, get rid of your greenbacks and buy things of value such as precious metals and self value items – knife, compass, etc. If a full on depression hits, you’ll have a means to still eat whether it be hunting, fishing, trapping, foraging, whatever.
    4. Practice a recessed life style so you aren’t in shock when it hits – go camping, shut your phone off for an entire day, go fish, etc
    5. Mentally prepare to not have a life of luxury but rather a life of self efficiency. At the end of the day, regardless of what any government says, you are the only person that has your best interests at heart. You need to be self reliant and provide for yourself.

28. First- I’d get and keep building those savings until you have enough for about 6 to 8 months of emergency funding before you go out and go get fancy clothes or a new car etc. In my experience, it takes about 2 to 3 months to get a new “job” but 6 to 8 months to get the right new role that will profess your career.

    Second – be likeable and memorable in your company and industry. So work hard, be friendly and helpful to everyone, really engage with all the managers and execs you can by talking about both company /department goals and everyday life. Participate in all the extra curricular activities to be seen even if they are boring as fuck.

    Third – latch on to a hardship task. Do the work no one else wants but is essential for the company and be indispensable. Find a way to automate a task, show everyone, but don’t share any document how it works etc . Latch on to the biggest clients and programs from other teams and be a part of it. When the execs sit in a room and discuss people, you want several managers to go “no, I need that guy. He’s too important to project xyz”.

    Fourth – this one is a little manipulative but fuck it, this is your life and future here so I encourage everyone to play ball. I’ve been part of 100s of hiring/firing/re-org decision and committees and also for a long time had the final call. Executives and managers are humans and we make decisions based on human things too. So ensure you do my second point and be likeable but you should play up your personal life and stress/package up the stories that make you sound you have more responsibility than your fellow peers and make them sound noble. So if have aging parents that you cut their lawn for….your story around this is you’re pretty much your parent’s caregiver and they are so proud of you for your job and how much you make since they wouldn’t be able live so comfortably without it. If you babysit your your nephew like once a quarter…your story is that you have to help your sister’s kids out a lot because money is tight with them and you’re their lifeline. Find ways to connect with execs and manager at a human level, play their sports, watch the movies they tell you to watch, pick up their hobbies and ask them for advice.

29. Free up some cash, I don’t care how. Buy stocks. The cheaper they get, the more you buy. I don’t care how or where you get the money. Put as much aside as you can, buy stocks and sit on them until 2027. Five years. Then, once the economy rebounds, QT is reversed and fear subsides, start slowly selling.

30. Adjust your lifelong expecations.

    When the recession is over and hiring picks up, entry level positions will go to recent grads. You will have been 2-3 years after graduation, so will be passed up. Might need to retrain, or get some other kind of school going to be considered “recent graduate”.

    You’ll probably be like Gen X was. Slacking around a few years and finally truly getting started in their late 20s and playing catchup the rest of your life.