Money Talks News: How to prepare for the next recession

Money Talks News: How to prepare for the next recession
(Source: RNN)

Money Talks News - 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's been slowly growing ever since. But sooner or later, it's going to take another dive.

That's just the way our economy works. The question isn't if we're going to have another recession. It's when. And the other question is: Are you going to be ready?

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

How about your resume? Make sure it's up to date and try reaching out and doing some networking.

Or try getting a side gig. Find something you enjoy that might bring in a little extra money. The gig economy makes it easy, and some extra cash could certainly come in handy someday.

Extra money's not good just for security. It also helps you buy things like stocks and real estate when prices are low. This is how wealth is created: Buying in valleys and selling at peaks.

A good thing to check on is your 401k. Have you adjusted it lately? During the last downturn, too many people, especially those nearing retirement, had too much in the market. Check to see if you do too.

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

We typically get dips every five or six years but It has been nearly 10 since the last one. That doesn't mean we're on the verge of a recession, but being prepared never hurt anyone. More tips and advice are waiting for you at the Money Talks News website. Just do a search for "Recession."

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