What I wish I did differently during the last Recession #personalfinance #investing #recession
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The last recession was an incredibly challenging time for many people, and looking back, there are certainly things that I wish I had done differently. As someone who loves personal finance and investing, I thought that I was well-prepared for the economic downturn, but I quickly realized that I was not as ready as I thought I was. In this article, I’ll share some of my biggest takeaways from the last recession, and what I would do differently if I were faced with a similar situation again.
1. I wish I had saved more
One of the biggest lessons that I learned during the last recession was the importance of having an emergency fund. While I had some savings set aside, it wasn’t enough to cover all of my expenses if I lost my job or had unexpected expenses. Looking back, I wish I had made a more conscious effort to save more money, especially during the years leading up to the recession. If I had had a bigger emergency fund, I would have felt more secure and less stressed during the tough economic times.
2. I wish I had diversified my investments
Another lesson that I learned during the last recession was the importance of diversification. At the time, I had most of my investments in the stock market, which meant that when the market crashed, my portfolio took a big hit. Looking back, I wish I had diversified my investments more, by investing in other asset classes like bonds and real estate. By spreading my investment portfolio across different asset classes, I would have been better prepared for the downturn and less vulnerable to market volatility.
3. I wish I had taken advantage of investment opportunities
Despite the challenges that the recession presented, there were still many investment opportunities available at the time. Looking back, I wish I had been more proactive in seeking out these opportunities and taking advantage of them. For example, I could have invested in high-quality companies that were trading at low prices, or purchased real estate properties that were undervalued. By taking advantage of these opportunities, I could have set myself up for long-term financial success, even in the midst of a recession.
In conclusion, the last recession was a challenging time for many people, and there are certainly things that I wish I had done differently. I wish I had saved more, diversified my investments, and taken advantage of investment opportunities. While I can’t go back in time and change the past, I can use these lessons to prepare for any potential economic downturns in the future. By prioritizing savings, diversifying my investments, and remaining open to opportunities, I can ensure that I am well-prepared for any economic challenges that may come my way.
Graduated in 2009 …. Try 2004
Yep I’ve been investing in the S&P 500 since 2018 and $100 a week I know how with all the interest added in almost $25,000 in there and I’m gonna keep adding in every single week
Dude, I remember the oil crisis in the 70s
I was in the military at the time, so I didn't even know about the recession. I was more concerned about having to do another 5 am run 5 days in a row
I mean not really a lot of us were in middle/high school and a lot of us remember because our entire families lost everything and that burned into our memories causing so much mental trauma
I was 8 hahaha glad found your channel earlier
That is why I want a recession now. To get cheap stocks. We are in a bear market but not a recession.
Thank you for these tips.
About Nr. 2, i am completely new in the finance world, do you have tips for me regarding financial literacy? Where to start, ect.?
I was still in high school. But I remembered it and when Covid hit, I made big money
I just wish I bought bitcoin when it came out.
Completely agree with all of your advice. I graduated in 2007
I will be 37 years this April 2023 and I just made two million dollars finally from StockTrading! Now I’m diversifying to real estate.
I love how useful your videos are! They don't go unappreciated!
I always hear talk about investing in the S&P 500, is the VOO S&P 500 ETF on robinhood the same thing?
Yup
Like you, I graduated in 2009. The job market was rough. I would change how I applied to jobs. I wrote a friendly/professional email with my cover letter and resume attached. Didn't have much luck. A year later I returned to the job hunt and changed my strategy. The body of the email was my cover letter and my resume was attached. I got 3+ job offers in 2010 (the market was still bad).
O yeah, I think I'm also supposed to brag that I'm the first to comment hahaha.
Keep up the great content!