Fast forward to today where the drumbeat of recession is getting louder. Will you be prepared if a recession hits in the next year or two? Here's what to do:
- Get out of debt (house, car, credit cards, loans, student debt...everything).
- Keep your living expenses as low as possible (utilities, insurance costs, clothing, etc).
- Have multiple streams of income.
- Have a range of job skills.
- Have an emergency fund, the bigger, the better.
- Have a good sized stockpile of food and supplies (good for all kinds of emergencies from natural disasters to long-term unemployment).
- Keep your investment portfolio well balanced.
- Practice living as cheaply as possible (try a no-spend week or better yet, a no-spend month).
- Learn to do more for yourself (grow a garden, make your own coffee in the morning, etc).