Before you start complaining about how much money that is, stop and think about what it would feel like to have to draw down on your accounts while the market is at a low point. Good for you.
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Those grandkids are only going to be young for so long. Which is why the most important thing you can do is to set your retirement accounts up so that you can weather any storm.
Whether you follow the above religiously or come up with a variation on your own plan, remember that your life cannot be put on hold if the market tanks. John E.freemetarun.tk
5 Money Saving Tips to Survive a Recession | My Money Coach
Share to facebook Share to twitter Share to linkedin. Read More. Working your side gig, cutting your spending on nonessentials or asking for more hours at work are all ways to funnel more of your income into savings. If the worst happens and you lose your job in a recession, you may need to take out a personal loan to make your house payment or cover an unexpected medical bill.
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The fact is, if you have bad credit, you will not get that loan. If your score is already good, try to maintain or improve it before things get bad.
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By Esther Trattner Never stop hunting. Become your boss' MVP. When jobs are cut, many factors go into deciding who stays and who goes.
Shake off debt while you can. Get a side hustle.
Don't put too much stock in stocks. Become an economics expert. Do a recession drill. Identify areas for spending less. Then, identify cheaper substitutes for the groceries and household items you purchase regularly. Save, save and save some more! Treat your credit score like gold. Your credit score is your most valuable financial asset. Protect it with your life! Join our mailing list! Please enter your email address above to receive our free newsletter.
Disclaimer The information provided on MoneyWise is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy.