Late 20’s...how to become as recession proof as possible

Matto1

Hi all,

I’ve been trying to follow the impending recession and how best to prepare for it.

I’m currently in my late 20’s. Graduated with a business degree and I’m now working in a software company for the past 8 months.

I’ve roughly 30k savings. Engaged and due to get married next year (in Italy...not my choice haha) and my parents left me a site so I’m currently looking at applying for planning permission as rent is just too crazy (currrently paying 1400 a month for a one bedroom)

Right now I’m happy with my situation...I’m quite sensible with money without being tight or going without but from looking around and also what I’m reading it seems like the good times won’t last.

I’m trying to figure out where or how to best position myself. I completely understand certain things are unavoidable (losing my job etc) but what would be the do’s a donts? I’m half thinking of maybe going for a public sector job for security...even though I’m very happy in the job I’m in.

Is there anything that would be sensible to invest in? Would it be madness to apply for a mortgage with this impending recession?

I’ve tried researching this but to be honest it’s so complex...was following some of the related threads here and there seems to be a lot of informed, intelligent opinions.

What do people think?

zig

I think you are being super dramatic. Firstly, dont forget that the last recession was so bad that the IMF concluded it was the most severe recession since the great depression in the 30s.

So, lets assume there will be a recession, and lets assume it may as bad as the last one.

Then I think you should not go investing your money in anything other than what you need to live a comfortable life, you should instead get that mortgage and build your home, because its a home, not a financial investment to make money. If the absolute worst happens at least you have the home and it will be take severe lack of cooperation with a bank before losing that home becomes a possibility.

I also think you would be crazy to leave a job based on recession forecasts. Firstly being in a public sector job doesnt give you any guarantees, if the government has no cash, then some public sector jobs may have to go, secondly, software is probably still a relatively good area to be in actually.

Remember too, a recession may only technically last a few months, nobody knows whats going to happen. Just live your life and dont splash your money out on a brand new unnecessary jeep.

KyussB

Said you work in software: Work with software in games, it's recession proof - the more people lose their jobs, the more people play games.

Franz Von Peppercorn II

Software recessions follow their own timeline and not the general economy. The year before 2008 Steve Jobs brought in the iPhone and a mobile software boom started (including android later on).

Pinch Flat

Get yourself a permanent and pensionable job in the public sector. No worries about losing your job - despite all that the country went through in 2008/2009 not a single permanent public sector worker lost their job.

_Brian

Matto1 wrote: »

Hi all,

I’ve been trying to follow the impending recession and how best to prepare for it.

I’m currently in my late 20’s. Graduated with a business degree and I’m now working in a software company for the past 8 months.

I’ve roughly 30k savings. Engaged and due to get married next year (in Italy...not my choice haha) and my parents left me a site so I’m currently looking at applying for planning permission as rent is just too crazy (currrently paying 1400 a month for a one bedroom)

Right now I’m happy with my situation...I’m quite sensible with money without being tight or going without but from looking around and also what I’m reading it seems like the good times won’t last.

I’m trying to figure out where or how to best position myself. I completely understand certain things are unavoidable (losing my job etc) but what would be the do’s a donts? I’m half thinking of maybe going for a public sector job for security...even though I’m very happy in the job I’m in.

Is there anything that would be sensible to invest in? Would it be madness to apply for a mortgage with this impending recession?

I’ve tried researching this but to be honest it’s so complex...was following some of the related threads here and there seems to be a lot of informed, intelligent opinions.

What do people think?

I’m curious as to where you are following the impending recession ??

KyussB

Franz Von Peppercorn II wrote: »

Software recessions follow their own timeline and not the general economy. The year before 2008 Steve Jobs brought in the iPhone and a mobile software boom started (including android later on).

True, but the games industry is unique even among software

Poor_old_gill

Pinch Flat wrote: »

Get yourself a permanent and pensionable job in the public sector. No worries about losing your job - despite all that the country went through in 2008/2009 not a single permanent public sector worker lost their job.

Do you work in the public sector?
If not then why not?

brisan

Just wondering how the OP got on.
Looks like he was right about the recession ,although I doubt he knew the cause.
BOE says the worst recession in 300 YEARS
Irish Central bank says the worst recession since the foundation of the state
Fed says worst recession since the Great Depression
ECB says the worst recession since the war
Dan O Brien says it has the potential to make 2008 look like a blip.
Just wondering what current thoughts on the outlook are.
Brexit could make it worse
A vaccine could make it all go away ,although there would undoubtedly be some economic scarring

Geuze

Yes, 2020 will see a very sharp recession.

We are in the middle of it now.

Here are Central Bank forecasts:

GDP = - 9.0%, severe scenario = -13.8%

https://www.centralbank.ie/docs/default-source/publications/quarterly-bulletins/qb-archive/2020/quarterly-bulletin---q3-2020.pdf#page=14


It will be a short recession, maybe six months long, we are in maybe month 5 of it now.

2021 should see 5% growth, so technically we will be out of recession, but of course output and employment will be below previous levels.

If 2021 and 2022 are recovery to previous peaks, then the whole episode will be 33 months.