Could You Survive Another Recession?

FINANCE

2 PLAYS

Mark Lichtenstein

5 Min Quiz

Image: Shutterstock

About This Quiz

While there are many advantages to a free market society, such as higher living standards, more choice, greater opportunity, and just more fun, one of the downsides is that the economy can all too often overheat and go from an upswing to a disaster in a short period of time. This cycle is called "boom and bust," and no capitalist society has yet achieved the balance necessary to avoid it, though the Nordic model has certainly learned to alleviate the extremes and cushion its poorer citizens. While good regulation can take the edge off and shorten the downturn while lessening its impact on the ordinary man, America is sadly often encumbered with short-sighted or weak regulators who prefer to juice the economy as hard as they can when things are good. This is usually to please their rich donors or create an illusion that they're really great at governing, while then running around panicking when it predictably implodes on them.

That means even if things are going well today, another recession is inevitable. It might not be tomorrow, but it's going to come, and you better be ready. Think of the tale from Aesop's Fables of the ant and the grasshopper. The ant spends the summer collecting food and preparing for winter. When the cold season comes, he is well-fed and warm. The grasshopper messes around all summer, spending sunny days at leisure; come winter, he's in serious trouble. Let's find out if you're more ant or grasshopper, and that will tell us whether the next bust will wipe you out, or see you emerge stronger than ever!

What is the nature of your employment?

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Are you training to move up the chain?

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Can you do a job in an unrelated field?

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Do you network outside of your employer?

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What is your skill development regimen?

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Do you have a dream job you are working towards?

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Do you own your home?

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How much debt do you have right now?

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How do you save money?

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How much do you sock away in saving each month?

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How diverse are your savings?

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Do you invest in cryptocurrencies?

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Do you hold any investment assets like jewelry?

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Assuming you have one, do you own your car?

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As a percentage of income, how much do you spend on your housing?

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How often do you make home improvements?

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Does your home improvements increase the value of your assets, including your home?

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How much do you spend every month on transportation?

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Can you work from home?

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Do you have a fallback position if you lose your home?

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Would you be willing to work a lowly job in the service industry to make ends meet?

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Would you be qualified to work a low-level job in the service industry, if you actually wanted to do it?

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If things were really looking bad, would you decide to move before things got so bad you couldn't afford to?

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Do you have someone you're in touch with right now to help you move to another job if yours looks in danger?

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How many real LinkedIn connections do you have (not randoms you don't know)?

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Do you have a lot of dependents?

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Do you have a way to monetize your home or car or other assets?

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Do you keep a finger on the pulse of the economy?

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Do you take an active role in your investments?

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How long do you think you have until the next recession?

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