For as long as I can remember, I have been told to prepare for a "rainy day". We stand at the precipice of a fiscal cliff that could create massive loss and on the other side of the coin, massive opportunity for those who hold cash and real assets. As we enter a rough patch analogous with a rainy day, prepare yourself for survival and possibly to thrive.
COVID-19 is the rainy day of our lifetime. Never before have we faced such a looming cloud. The Pandemic lockdown threatens our real estate and equity markets, which are only being propped up by the Federal Reserve's market intervention and money printing. Essentially, our economy is a patient itself being kept alive by Federal stimulus. Bubbles are inflating, and we need to keep our focus on survival over exuberance.
The Great Recession of 2008 was a preview of what we should expect moving forward.
How can we prepare? By stopping our rampant speculation in juiced markets and selling our possessions to pay our debt. Job loss is a real possibility, so saving money is absolutely key. Hoarding cash in our retirement accounts and crystallizing our gains now is absolutely important as others are greedy.
Get your umbrella, I see rain clouds on the horizon.
Image from Pixabay.
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