Caught this stat in my draft folder and it hit me harder re-reading it now than it did in November!
From a survey by real estate investing startup, Concreit:
“Over half of millennials feel “more prepared” for next recession having lived through 2008″
Over half! Not bad!
It would be interesting to see how these same people are feeling NOW as we’re currently in the thick of things (want to re-poll them, Concreit? :)), but regardless it’s a promising thing to see…
Had me asking whether I myself feel more prepared than back then too, which I can thankfully answer a hearty YES too since I’ve been obsessed with this stuff for the past 12 years now! There’d be a big problem if I *didn’t* feel prepared at this point! haha… (though not hard to beat where we were in 2008 considering we had just bought a house with no money down or no real budget or savings ;) Thanks for saving me, blog community!! And for giving me a much more fulfilling job too!!)
Hopefully y’all are finding yourself just as prepared too? Even though it’s still a bit unnerving out there?
Here’s another clip that was refreshing to see from the survey:
“Nearly 50% of millennials (ages 32-38) are actively cutting back on spending and building an emergency fund to prepare for a recession. Only 20% report that they aren’t doing anything now.”
YES! Awesome!! A great way of feeling more confident in times of uncertainty! Those 20%’ers are in for it!
And then lastly here were the top 3 *regrets* millennials listed from the ’08 days:
- Overall lack of financial knowledge/preparedness
- Not taking advantage of investing opportunities
- Not building enough of an emergency fund
Overall knowledge — Pretty important, no doubt, but the base of everything people already know! You literally just have to SPEND LESS THAN YOU EARN! Not that complicated, but hard as $hit to actually implement. You really have to want it bad enough to carry through… From there it’s the details.
Taking advantage of investing opportunities — Want to know the best time to invest since 2008? 2020 :) You’ll never be able predict rock bottom, but with the major discounts already the opportunities sure are looking pretty! And there’s plenty of other options galore too if the stock market isn’t your thing… Like real estate investing which a lot of people make their wealth from!
Emergency Fund – Important in all times, however a lot more important during true emergencies… Like right now for some people with this pandemic! Though the silver lining? For once you don’t have to feel *guilty* for using it! Lol… It’s literally a state of emergency! :) (Too soon?)
Moral of the story: the more you do now, the better off you’ll be later – recessions or no recessions.
I hope so bad you were one of the 50% preppin’ and saving!!
Never too late to start if not!
UPDATE: Ran a quick Twitter poll to see where our audience here lies, and the results were pretty similar! Even more so if you take out the “I was just a kid back then” responses ;)
PS: Some of the things we were blogging about back in 2008… pretty eerie how things are circling around!
- My c/c rate is lower than my mortgage!
- The Dow plunges 777.68 points – largest EVER. (hah – so cute!)
- Another foreclosure on our street…
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!