Actually, In Some Ways This is Not Frightening

Inflation, that is.

Because, I've lived it before. It was the extended event of my early adult life. I graduated in 1969 (No jokes, please. I had 4 years of laughter and applause in high school, every time they announced our class. It took me until junior year to realize why.)

In the first few months after graduation, jobs were so plentiful, that HR people would 'claim' candidates right after they exited the elevators. I had a friend show up for a job as a secretary She was asked whether she could type or take dictation. When she replied, "No", the net question was, "Well, do you think you could do the job anyway?"

Her confident "Of course I can!" was certainly a factor in getting the job, but it was also the fact that the company was desperate to fill the position.

Very soon after, the job market dropped sharply. My first job search had been short and successful, but subsequent ones were lengthy and expensive.

Today's grads have no clue. They, like me, expected to find work. In today's job market, they have one of the best opportunities they may ever have. For marginal candidates (those with weak credentials/lack of training or education/spotty job records, criminal records/substance abuse issues), their best bet may be to grab a job - anything - perform well, and hunker down.

The future will likely NOT be as favorable.

If you have a house, stay there. Refi at a lower rate, if possible. The only exception to that rule is if you live in a large city or near one. But, be careful about relocating to the boonies. Distance work may not continue to be available for that much longer. You wouldn't want to get stuck in an area with few local jobs, AND a mortgage. If you decide to do it anyway, have a backup source of income/skills that could bridge the gap.

If you are planning to sell, do so, before rising interest rates cut out many of your potential buyers. You might want to be careful about buying a home that's at the top of your price range. With an unpredictable economy, having a little wiggle room is a good idea.

As always, prep - food, water, tools, cash money, and ways of bringing in income (Some have skills, like trapping, fishing, or hunting. Or, have some knowledge and the means to make barterable items - alcohol, pot, firewood, dried food.)

Inflation is the enemy of civilization.