Just wanted to ask a simple question:
How would you prepare for a depression in Australia ?
I own a house and have paid close to half of it off, although in todays economic climate it seems to be working out, i'm afraid what will happen in the future if we head into a severe depression and i lose my job ( can't find another ) the consequence will be that i won't be able to pay off my mortgage. My property has great potential and is almost paying itself off BUTTT at the end of the day i still have a $ 450k mortgage that would eat me alive if i was out of work for over 10 months.. I've got a chance to sell it and buy a shoebox 1 bedder in sydney outright, i figure i'll have no debt and a shoe box worth peanuts ( if we go through a depression ) but at least i'll have something and not risk losing everything.
I guess my main priority would be to have food, water and shelter whilst we ride out this massive storm ( which i think will unfold ).
Any thoughts not only on my story but thoughts in general ? I'm losing sleep over this ....