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Best approach to prepare for impending recession and economic doom of the USA (lemmy.dbzer0.com)

submitted 1 day ago by moe93@lemmy.dbzer0.com to c/personalfinance@lemmy.ml

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I don’t have much in terms of investments (401K). I was wondering if there is anything I can do to minimize the impact of the incoming recession on my financial position.

1- What do I do with my 401K? Do I keep it in the same funds or should I look into reinvesting it in different funds? 2- Should I keep an eye out for “the dip” and buy in? What? Market funds? Bond funds? ETF? 3- In terms of stocking up, what’s the best approach? Bottled water obviously, but what else? 4- I am almost done paying off my credit cards. However, I bought a new car last year. Other than looking into refinancing to a lower APR, is there anything else I can do?

Until last year, I never thought much about how to survive the many “once in a lifetime“ shitshows we are seeing and usually rolled with the punches because I mainly didn’t have the financial means to do so.

Now that I am somewhat financially capable –a privilege not many of my fellow countrymen have unfortunately– I want to try and minimize the damage that is incoming.

Any advice/suggestions would be greatly appreciated. Thank you in advance.

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[–] Terrarium@hexbear.net 9 points 1 day ago

That's correct. SEIU is wed to the Democratic Party. The Democratic Party supports most of what Trump does but knows it would be bad optics to outright say so. And they have no functional means of resistance - their constant goal is to get elected by simply not being Republicans so that they don't have to actually implement publicly beneficial policy. And because of this, they guarantee a Republican victory the next time around. So SEIU has a worse than useless political arm, it actually works against itself due to myopia, liberal cooption, and corruption.

But the nice thing about organized labor is that you can struggle within it. You can help make your local better, help tie it to practical action, help get socialists into positions of power within it. It will sometimes be a fight but this is also infinitely more impact than you would ever have via electoral politics.