10 Things To Do Before the Next Recession
The next recession is on the horizon. That statement is true now, it was true a year ago, and it will still be true in 10 years.
By having a plan in place, you can soften the blow of a recession, or even profit from it.
Preparing for a recession doesn’t mean stocking up on canned goods and preparing for the apocalypse.
Increase Your Cash Reserves
Sure you can cut things like vacations, or a new car. But you will need some cash to stay afloat even after tightening your belt.
Pay Off High Interest Debt
While increasing your emergency fund, you should also be equally diligent in paying down debt.
Take Out Additional Lines of Credit
Generally during an economic downturn, lending requirements tighten significantly.
Live Within Your Means
This is good advice whether you’re preparing for the next recession or not, but is especially important in the face of economic uncertainty.
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