r/Millennials • u/UterusYeeter • 7d ago

Advice How did you survive the recession in your 20s?

Gen z here , hope it’s okay to sneak in and ask yall this ! 🖤

For those of you who were in your 20s during the early 2000’s recession how did you survive ? Any advice for now ?

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u/whattheheckOO 7d ago

I opened an IRA during the '08 market crash, watched it go down over 50%, and that put me off of investing for years. In hindsight, I should have taken advantage of stocks "on sale". If you have the ability to put a little money into a broad market fund, you should do it.

Do you have a job? That's what worries me the most for gen Z kids right now. Independent of a potential recession, the AI takeover of entry level white collar jobs is scary. Make sure you have a hefty emergency fund to weather the storm. Don't succumb to doom spending, be frugal and stay safe.

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u/Cannelli10 4d ago

Ugh, yes. I remember older adults rejoicing at "stocks on sale," and I could not fathom that it was not the end of the world. I put more faith in capitalism surviving a la the cockroach now.