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Recession-Safe Your Economy: Tips for Preparing




While consumer feelings have remained strong for most of the year despite some political winds, recent stock markets and stock markets have assumed fresh concerns that a recession may be in the United States

Shares fell across the board Tuesday with all three of the major American averages falling 3 percent, which corresponds to a 799 point for the Dow Jones Industrial Average. Bond yields also weakened, with a 10-year benchmark return of 2.91 percent, indicating that the economy could slow down.

JPMorgan Chase has recently found that the US economy has a greater than 50-50 chance of tipping into a recession over the next two years, with the odds climbed to over 80 percent over the next three years.

Whether you think a recession is threatening or not, many economic experts warn that you should always "recieve proof" your finances just in case.

Has more income streams

Scott Henderson, accredited financial adviser and founder of simplifications, says in terms of income, the biggest risk you can take has a source.

"Having more income sources will help you stay recession-proof," says Henderson to FOX Business.

His other tips, as he says is one of the most effective long-term and stress-free strategies to invest your money is dollar-cost . [1[ads1]9659005] Reasonable Expenditure and Investment

"Be careful about spending when the economy is good. Increase your savings by simplifying your life and building a reserve fund, he adds. Dollars cost value comes in as investors hold the course. Stable investment allows more assets to be purchased when prices are low and less when prices rise.

Save and pay down debts

Mark Hamrick, senior economist at Bankrate.com, says it's little like "illnesses".

"Someone arrives, makes their presence known and resolved quite quickly. Others, like the great recession after the financial crisis a decade ago, are near-death experiences that require a longer period of convalescence and healing. We do not know how serious the next is. "

With that said, two of the most important things people can do to prepare for an economic slowdown, to build savings and pay off debt.

"Savings are needed to help eradicate the economic storm, including prospects of disturbing and costly unemployment." Paying down, or rather paying debt, helps us reduce future financial obligations, "he said. 19659005] Always Network

And for those currently working, his advice is always to maintain a network of professional contacts for when time is going to search for a job. By keeping your network active, you will be in a better position to reaching out to your contacts – whether or when – a recession hits and you become victims of terminations.



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