June 22, 2024

Earn Money

Business Life

How self-made millionaire early retirees prepared for a recession

The coronavirus pandemic has the stock market teetering.

As government shutdowns occur across the globe to prevent the coronavirus from spreading, countries are being forced to choose between the economy and health. Several Wall Street economists have predicted that the US will fall into a recession from the shock of the coronavirus pandemic.

It can be scary news for everyone, especially those who have taken on an alternative lifestyle. Consider early retirees; the FIRE (financial independence, retire early) movement has grown in popularity over the past 20 years among those seeking financial freedom. But many of these early retirees rely on investments, especially in the stock market, to fund their living.

Business Insider spoke to several people who retired before age 40 as self-made millionaires to see how they feel about the current economic turmoil. Will they still be able to fund their lifestyle? Or will they need to return to work?

Turns out, most aren’t very worried for themselves, and it’s because they planned for their early retirement anticipating economic downturns. It all shows the power of a smart savings strategy.

Here’s how they’re handling it — and what they’re doing with their money right now.

Note that this is not investing advice.

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