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.

Don’t Panic

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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