What can we do to start preparing for a recession?

Question

And just how badly do you think this is going to affect us, especially the middle class and poor people?

Answer 1

There is a easy answer. You must do whatever you can to survive the downturn so that you are able to advance on the upturn.  You cannot shelter yourself from the power of Market Forces.

Answer 2

It already has, plenty of information on how to save money online this is daily articles.  Live below your means.

Answer 3

Pray pray and pray some more. Then start making a kit to include anything you would need for any other kind of disaster IE: flood, hurricane, tornado etc. Make sure to always have plenty of gas in your car.

Answer 4

Well, I survived the last recession by building a shelter in my basement.  Lots of canned food, rice, and gas stoves to cook on.  Then an arsenal of guns to protect myself from looters and bandits.  Though it turned out all I needed to do was liquidate my portfolio into a money market account until things turned around.  Your broker doesn't want you to know about that option.

Answer 5

If you are perceiving a salary then the adjust have to be psychological because you must be prepared to reduce your costs. It is too hard change habits and conducts and to resign to level of consume specific; but you have to do it.

Someone think the solution is increase the income, but it is really complicated and only can means a loss of time and resources.

If you loss your work then there is not alternative and you must appeal to non-market solutions like to ask help to family,  reduce your savings or be able to accept a non-qualification work.