I must say that the most useless piece of advice being repeated ad nauseam by the talking financial heads on TV is "You should put aside 6 to 9 months of living expenses in case you are laid off in the current recession".
What is the percentage of people currently living paycheck to paycheck? I seem to remember it is ( frighteningly ), A LOT.
To many people, this advice is quite useless. And even if people who are in the hole NOW started to put aside some money in case the pink slip arrives, how long would it take to get to 9 months of expenses?
I'm guessing at least a couple of years and maybe longer.
So if the nasty recession can just put itself on hold for two years, people can ready themselves for its consequences RIGHT NOW.
When you are in a recession, telling people how to prepare for a recession is stupid.
