Money Talks News: How to prepare for the next recession

Money Talks News: How to prepare for the next recession

It's been nearly seven years since the Great Recession. Although no one knows when the next downturn will arrive, everybody knows sooner or later it will.

If you were around during the Great Recession, you probably remember it well. High unemployment, falling house prices and a scary stock market.

Our economy has slowly been growing ever since, but sooner or later it's going to take another dive.

Single best thing you can do: Beef up your bank account. How many months can you live off of your savings? Six months is necessary, but a year would be better.

How about your resume? Is it up to date? Reaching out and doing some networking can't hurt.

Another great idea: Get a side job. Find something that you enjoy that might bring in a little extra money. Extra money is not just good for security, but it also helps you buy things like stocks and real estate when prices are low.

Speaking of stocks, have you adjusted your 401K lately? During the last downturn, too many people had too much in the market.

Then there's debt. Keeping your debt low and credit score high will make you more secure and more able to pounce when opportunity knocks.

Bottom line? We typically get dips every five or six years. It's been seven years since the last one. That doesn't mean we are on the verge of a recession, but being prepared never hurts anyone.

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