Save Money In Case There's A Recession?

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[Mrshuster]

My main concern is how to survive all of these financial and political crisis, especially in light of the US political power struggle.

[jstar]

When you pay everything off you have pretty much no bills and money piles up fast, trust me.

[riazahmed]

Your parents sacrifice makes you what you are. Thank you sir Ramsey.

[RaymondcrawRaymondCrawley]

Recessions are an unavoidable part of the economic cycle; all you can do is prepare for them and plan accordingly. I graduated into a slump (2009). My first job after graduating from college was as an aerial acrobat on cruise ships. Today, I work as a VP for a global corporation, own three rental properties, invest in stocks and businesses, run my own company, and have increased my net worth by $500k in the last four years.

[lot]

I always lived like there is a recession around the corner.

[mph]

The wife in the mortgage industry, start looking for another job. Don't get blindsided when layed off tomorrow or in a few months.

[Chiefbadbruuuuuh]

Being debt free is the ultimate recession hedge.

[mominthe]

I live in the area that was ground zero in the 2008 housing crash. The biggest difference now is that large hedge funds are buying up properties to rent. The interest rates are still low and we have pent up demand. The 2008 crash started with no money down and lie about your income loans were made. There was a frantic pace to buy before it gets too high. So people who made $50k a year were buying half million dollar homes. And the loans tended to be interest only with a balloon payment. It feels very different now because of the hedge funds and others owning a huge amount of houses. I just have no clue how this will end up. My husband and I saw 2008-9 coming as we were in the business. We were shaking our heads about the insanity and knew it was going to be bad. Be happy with a paid off house as getting a foreclosure is buying the dead dream of another poor soul.

[gatewaysolo]

Who would want a rental property in today's climate when tenants can stop paying and the cdc can force you to let them live rent free on your property?

[superdutyohv]

Dave says don’t buy a rental until you pay off your primary residence. But the average cost of a primary residence is quickly approaching 350-400K. So many people would spend all their lives missing out on cash flow / building up net worth from rentals if they followed this advice. Times have changed, Dave!

[LoriFoster]

Weird this came up on YouTube, I just had a conversation with a family member that has come into similar amount of money. Invest or payoff the house. I’m happy to say I gave the Ramsey advise!

[Homanstead]

Maybe I missed something here but if i could pay off my house and my car and stilll have 35k why would i NOT do that ?? then youll be able to save like crazy and if there is a crash you are safe

[ivanvargas]

It’s like Dave doesn’t want people to get rich by real estate or want anymore people to jump in on it. How can someone afford to buy a rental with cash when it’s averaging now $300k for a home. If I would of bought when I was going to I could of had a rental in 2019 but now the house has tripled in cost.

[Jim_Curtis]

We're currently in a recession. The second quarter figures will end up showing that, but with negative growth in the first quarter, it seems to only make sense the second quarter will be similar.

[tomdrummy]

Debt free makes life simpler and easier. It also gives you peace of mind……..something many people never experience.

[joshuatree]

Pile up cash, pay off debt, make informed and wise choices, and don’t be afraid to live your life.
Fear holds us down sometimes, despite the best budget, goals, or intentions.
Learn what makes you free.

[Dance]

Real easy to pay cash for rental properties when you're pulling million's in cash a year.

[colincopeland]

If I said it once I've said it a million times. Never regretted paying my house off...

[mikeberardi]

Ok people if you pay off your house and you was paying 1, 500 a month you just gained about 1.000 a month that’s freedom that much more income is life changing for most people if you have the money please pay your house off

[BrandonMinguez]

Their plan could work, and they could make a lot of money that way, but that plan also comes with a lot more risk.