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Jan 31, 2023 · And if one does come, navigating the downturn can be tricky. NPR's Arezou Rezvani shares advice from economists and personal finance experts on how to prepare for a potential recession. In ...
Nov 1, 2022 · Summary. If you want to come out of a recession more financially stable than before, here are some options: Reassess your expenses and increase your savings.
Apr 5, 2024 · A nice, cushy emergency fund will help you ride out a recession and make the best decisions for you and your family. 5. Leave your investments alone. When the stock market is trending down, you might be tempted to sell your mutual funds at a loss and put the money into something safer to weather the storm.
Jun 28, 2022 · Stay on top of your debt by paying off any credit cards and high-interest rate products now when income is flowing and economic conditions are generally still favorable. You should also focus on ...
Dec 14, 2022 · To prepare for a recession, do: Reassess your spending, bulk up your savings, pay down debts, and keep your long-term investing goals in mind. Don't: Take on large expenses or panic and sell all your investments as markets founder. If you're retired, work with an advisor to make sure your investments are weighted toward lower risk bonds and cash.
Apr 6, 2024 · Prepare for a recession by diversifying your investments wisely. 5. Create a plan to pay off debt once your essentials are covered. The last thing you want to do is worry about having to pay off debt in a bad economy, especially with the increased rates of unemployment.
May 31, 2022 · Here's what you should do now to prepare your personal finances for a recession: Remain calm. Rebalance your portfolio. Revisit your budget. Max out retirement contributions, if possible. Convert ...
