Get ready for the recession or as I like to call it the “Trump Slump”.
We went from “I’ll lower prices on day one” to “there will be some pain” and “a recession is possible” in less than eight weeks. We went from “egg prices will be lower” to “consider raising backyard chickens” in less than six weeks. Prices have gone up instead of down.
This week we went from lower energy prices to a 25% tariff on energy from Canada. If that isn’t an incentive to use less energy and to use more renewable energy I don’t know what is. We will all pay plenty for Trump’s trade war while he and his family enjoy a life of luxury.
Stock prices are plummeting and interest rates remain high.
I have lived through several recessions and am prepared for the next. My household has been mortgage-free since the end of the Great Recession. Being debt-free or having little debt makes it much easier to survive a recession.
Now is the time to pay off those credit cards and car loans. Inflation will continue to eat away savings which is another reason why it makes sense to use the money to pay down debt. It might be a good time to buy a house if the mortgage payment is less than what you are currently paying for rent. If you stay in that house you may have it paid off three recessions from now.
Live as if your paycheck will be the last one you get. Consider starting a business or doing contract work for a little job security. I have been self-employed for 23 years and have not been laid once during that time. If you have a job now is the perfect time to research business ideas.
I have been thinking about raising chickens. I keep talking myself out of it. If you live in St. Paul and want to raise chickens make sure you get a permit. Go to Stpaul.gov and search “keeping of animals”. I would put a link in but they move the pages around often and I end up with dead links on my site.
Also, consider beekeeping. There are many rules about beekeeping in St. Paul. Perhaps a person could use honey and eggs for barter.
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