Friday, March 1, 2019

Are You Recession-Proof?

Depending on who you listen to there either definitely will or definitely won't be a recession in the not-too-distant future.  Your guess is as good as mine whether a recession will happen but why not make yourself as recession-proof as possible?  To do this, consider...

  • Building up a six to twelve month emergency fund.
  • Stockpiling a bit of cash at home for smaller financial emergencies.
  • Paying off debt (ALL debt--credit cards, student loans, car loans, home loans, etc) as quickly as possible,
  • Developing multiple sources of income.
  • Living below your means.
  • Diversifying your investments.
  • Keeping your credit score high.
  • If you are a two income family, be able to live on one income; if you are a single income family, be able to live on half your income.
  • Expanding your job skills.
  • Downsizing, if you are living beyond your means (get a cheaper car, move to a smaller house, etc).
  • Stockpiling a good amount of food and consumer items (like toilet paper, soap, shampoo, etc).
While the aforementioned items will hold you in good stead during a financial recession, those same preps will help you through almost any other sort of emergency as well.

1 comment:

  1. Very good tips. I'm working hard to succeed at all of them (especially paying off debt), and I'm thankful that I have your blog as a resource.