Last night I had a conversation with a close friend of mine. We started talking about the economy. Full disclosure I am a full time trader i stare at charts for a living.
I've been warning him for over 2 years now that the plandemic and all the bullshit they implemented was going to cause a massive recession into a depression the likes of which we've never seen. That the credit crunch was gonna be unbelievable and that buying at home at all time highs during the plandemic was retarded and that he should stop pouring money into his 401k at his work.
He continued to pour money into those wortheless funds at work, he bought a house in 2021 which he got into a bidding war with and he even bought a new truck.
He is now complaining and blaming others about all the shit that's happening to him. He's going through a rough marriage, his work (new build developers) are now talking about massive slow downs and putting projects on suspension because the cost benefit analysis is weak etc etc.
He's mad at wall street for his problems. Just blindly pointing the finger at anyone but the mirror.
He's also giving me attitude lately because he finds it absurd that I can make money on a declining economy.
This is normie mentality 101. THIS is the core of the problem. Now I wouldn't even bother talking about the DS with him cause there is no point.
7 years ago when we got back on to the housing ladder, we could have gone for a more expensive, larger property etc. but for once I stuck to my guns.
I told my wife that when the economy takes a huge dump I don't want to be left with 10% equity and a huge debt hanging over us because we would end up homeless.
Instead we have around 50% Equity and I've been stacking rather than paying off the debt - because if the fiat currency devalues, then so does the debt (hey, it works for the government so why not me?)
You should eliminate your debt to get rid of interest. Your interest will compound on top of inflation. Get rid of your debt asap if you can.
Man your friends gonna get real mad when his property value gets cut in half and hes paying that giant mortgage.
The majority of normies are toast.
Toasteeeey
Seriously underwater.
I can't get rid of it completely at present, it's still 250k.
That depends on what happens to the financial system, doesn't it.
I'm hedging against a complete failure. If we lose fiat currency I will be better off with PM's in hand, than a lack of debt against a failed currency.
Same here, what good is having paid down the debt if the system collapses and you didn't get around to building up reserves of not just PMs but long-term food, arms and ammo and such as well? If you wait until the stores are picked clean to start prepping then what did you save (and many of us have only had the last year or so to prep we didn't start a decade ago so there was a lot of catching up to do.)