It seems like the free market is set to bless us with yet another "once in a lifetime" economic crisis, and the working class will get the short end of the stick yet again. What are some tips or advice to not get hit too hard by this? I've heard having all your debt paid off helps but aside from that what are some practical things we can do that aren't just buying 3 years of canned beans and fucking off to a cabin in the woods? Any advice for what the low income and working class can do would be greatly appreciated

  • Quimby [any, any]
    ·
    4 years ago

    If you have money, then I have some suggestions to protect your assets. But if you don't already have money, your options are going to be very limited. Which, like... yeah, that's the fundamental problem leftism is trying to solve.

    The best thing I can think of for someone with minimal options and minimal savings is to try and take out a conservative, manageable personal loan right now while interest rates are low and banks are throwing money around, then sock that money away as emergency cash (in a bank, not literally cash). But that still requires you to have enough money to make payments on the loan, confidence that you will be able to make at least the minimum payment in the future or restructure the loan in the future, and be able to qualify for a loan (and a bank account) in the first place. The system really really screws people.

    A similar last resort option, if you can do and are truly convinced a crash is close, would be to try and get a no fee credit card with a 0% introductory interest rate. That can ensure that you'll be able to pay your bills for a bit if you lose your job during the 0% interest period, for example, though you will have to pay it all back in the end or declare bankruptcy (which... also an option, but again, ironically an option more accessible to rich people.) And charges accumulated during the zero interest period will start to accrue interest if they aren't paid off before the end of the introductory period. But I do know someone who was zero-dollars-in-the-bank poor and managed to get through an especially rough patch by playing around with credit card debt and interest rates. (It can be dangerous though--you definitely have to be good at math, good at personal discipline, and know what you're doing.)