Great and informative post indeed! I have been thinking about this as well as I agree that we on track to see this happen in the next couple of years. One thing I have had on mind to consider as well is the thought of also paying down debt as it could help improve cash flows in both the short and long term to better prepare and being able to handle the downturn. Thanks for sharing!
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Yes, this is my thought too. Don't take on any new debt and get rid of any you have.
I've actually been sharing this information in livestreams for months now, and a number of people have responded with the thought that they should build up debt now! They had thought that it would get so bad the government would have to write down/off debts. I had to break it to them that that only works for rich corporations! What happens to everyone else is that you have no flexibility to take advantage of any "once in a lifetime" opportunities.