Every time we're heading towards a recession, we're told that it's best to put money in such things as gold, specific stocks, land... things that wouldn't loose value as much as money might. It certainly sound like a good strategy the issue with that is by the time we learn about this it's already too late. Have you look at the price of gold recently? You need buy these things when the cost is low to sell when its high. If you were to buy gold now, hold on to it during the recession, only to sell it afterwards you would be buying it when the value is at its highest only to sell it when the value is going back down.
The common folk can't win with these strategies because we're not paying attention to these things as much as experts are.
What can be done?
We will see another recession, and another one after that, as it's just how our imperfect economy works. The first thing that we need to do is insure that our personal finances are in order. Get rid of debt, have a few months worth of savings and be prepare to downsize if necessary.
There's some good that comes out of recession as it's often a perfect opportunity to buy stocks (as most people are trying to get rid of them out of fear) therefor be on the lookout for these opportunities. These market corrections offers buying opportunities that aren't accessible at any other time.
Humanity will get through this recession as its done so many times before. My hope is that every time we go through this that we learn about our mistakes and move on in a better direction afterwards.
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