How to Prepare for a Potential Economic Recession

Sourced from https://www.thesimpledollar.com/financial-wellness/how-to-prepare-for-a-potential-economic-recession/

Even when our world emerges from the current crisis, it is almost a given that we will be rapidly entering a deep global recession.  Unemployment is already spiking, and many others will find themselves out of work or in a precarious financial situation.  For many of us, our retirement investments have fallen sharply in value already, and even further uncertainty is ahead.

Adding that type of economic uncertainty on top of the health crisis we’re all facing makes for an incredible challenge, one that we’re all facing.  Yet, there are lessons that many of us learned from previous economic downturns that we can apply starting right now that can make a tremendous difference in our financial lives, no matter what might come.

There are three main areas of focus to consider going forward.

First, there’s less job certainty.  Many people are already unemployed, and others will find themselves unemployed in the coming months.  Along with that is the fact that … Read More

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