Today’s economy has rebounded solidly from the Great Recession of 2008-2009, although growth has returned at a slower pace than historical averages. That being said, the economy remains at risk for another downturn which could come sooner rather later. Many people suffered through this past recession due to the loss of a job, negative investment returns and too much debt. Like any disaster, if you prepare today it is highly likely your financial assets will be protected during the next recession. These steps will not only give you peace of mind but will put you on the road to building wealth.
- Save, Save, Save – TODAY!
- Asset Diversification
- Income Sources
- Reduce or Eliminate Debt
- Organize Your Records
Having a system to handle monthly budgeting, investments and debt servicing can greatly reduce stress in times of crisis. Also, organize all of your physical records, from insurance policies, legal documents and tax records. Store these in a home safe for easy access.
These are all simple steps but they take initiative and continuous discipline. The next recession is not if, its when. So start preparing today to reduce your risk of loss during economic crisis and at the same time build wealth and hopefully sleep better at night.
