At 57 and being in the construction/contracting business my whole life I have lived through several downturns. 2008 was bad, I had a couple friends go bankrupt. Number one thing is to get rid of as much debt as possible. Fortunately, I am 100% debt-free and not overly concerned about the economy slipping, it always does. I still work par…
At 57 and being in the construction/contracting business my whole life I have lived through several downturns. 2008 was bad, I had a couple friends go bankrupt. Number one thing is to get rid of as much debt as possible. Fortunately, I am 100% debt-free and not overly concerned about the economy slipping, it always does. I still work part time and have saved and invested for the imminent rainy day.
The older I get I realized time is more important to me than money. We live fairly simple lives below our means but still do anything we want, which isn’t that exciting to lots of people. We’ll all get through this, we always do and life will go on. Cheers!
Edit: The biggest lessons I have learned are:
T
1. Have a skill that is always in demand. I have 4 state licenses for various trades that will ALWAYS be in need 2. No or very easily manageable debt, I can’t say this enough. 3. Live below your means, stop buying stuff on credit if you can’t afford it. 4. Have a good partner with same mindset. My wife and I have been together for 37 yrs and we still like each other.
Wow, this is spot on! I’m 58 and feel pretty much the same way and concur with the lessons. I’ll just add: I’ll respond to a recession like I responded to the pandemic, by taking joy in the simple things that are close at hand. Living simply allows you to ride out these ups and downs.
At 57 and being in the construction/contracting business my whole life I have lived through several downturns. 2008 was bad, I had a couple friends go bankrupt. Number one thing is to get rid of as much debt as possible. Fortunately, I am 100% debt-free and not overly concerned about the economy slipping, it always does. I still work part time and have saved and invested for the imminent rainy day.
The older I get I realized time is more important to me than money. We live fairly simple lives below our means but still do anything we want, which isn’t that exciting to lots of people. We’ll all get through this, we always do and life will go on. Cheers!
Edit: The biggest lessons I have learned are:
T
1. Have a skill that is always in demand. I have 4 state licenses for various trades that will ALWAYS be in need 2. No or very easily manageable debt, I can’t say this enough. 3. Live below your means, stop buying stuff on credit if you can’t afford it. 4. Have a good partner with same mindset. My wife and I have been together for 37 yrs and we still like each other.
Wow, this is spot on! I’m 58 and feel pretty much the same way and concur with the lessons. I’ll just add: I’ll respond to a recession like I responded to the pandemic, by taking joy in the simple things that are close at hand. Living simply allows you to ride out these ups and downs.
very true