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Financial Preparation: Are You Prepared for Recession?
Manage episode 333831419 series 3327093
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What is financial planning in a nutshell? In the case of a financial emergency, do you have a cash cushion large enough to cater to your everyday expenses?
While experts are quick to point out that downturns are a normal part of the economic cycle, you should still be prepared when one occurs.
Whether a recession is near, or a bit further away, here's what you can do to prepare.
- Update your resume.
- Reduce expenses.
- Bulk up your emergency fund.
- Pay down debt.
- Stay invested.
You remember the Great Recession and how harsh it was for so many. So telling you to “calm down” or that “this too shall pass” doesn’t address the anxiety you’re feeling about your financial well-being. The worst thing people can do is they get nervous and pull money out the market. Instead, look for ways to trim your monthly budget. That can mean removing things like subscriptions, memberships you don't use and streaming services.
The events of early 2020 were completely unexpected. No one could have predicted the COVID-19 pandemic or the global decline that resulted from the economic activity as countries struggled to control the spread of the virus. Do something today, that will impact your tomorrow. This episode will provide you will steps that will help to secure a positive future for years to come.
Books Associated with this Episode
Jump-Start Your Cash Cushion: Planning for Retirement
Lush Credit Secrets : Inside Secrets to Creating Financial Wealth
Credit Is Life Planner
Credit Resources Associated with this Episode
Save Money and Build Credit
Build Business Credit while Shopping
Boost Your Credit 45+ Points Today
Tradeline Store
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