People have been hypothesizing about the probabilities of another recession occurring in the coming months and years. Like the weather, a recession can be difficult to predict with certainty. Some cite ongoing trade wars, inverted yield curves, and sluggish world economic growth as early bell weathers. On the other hand, we have continued to see surprisingly strong jobs numbers in recent months. So, what should we expect?
Without a crystal ball there is no way to answer that question with certainty. However, as my years in scouting taught me, it’s always best to “be prepared”. Forbes recently published an article listing seven things you should do to prepare yourself for a recession. They detail:
- Make Sure Your Loved Ones Are Taken Care Of
- Top Up Your Emergency Fund
- Find Easy Ways To Cut Your Overhead Costs
- Supplement Your Income
- Pay Down High Interest Debt
- Keep Investing
- Boost Your Credit Score
The article offers some valuable advice during any economy. While we don’t know what the economy will have in store, we can take steps on our own to protect our own financial well being.