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By:Savardekar
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If you're tired of reading about recession warnings everywhere you look, you're no doubt in good company.
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The media has been obsessed with recession news for months on end. And, while those warnings may be genuine, they can be depressing.
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The economy is doing well right now, and unemployment is at an all-time low. However, aggressive interest rate hikes by the Federal Reserve could cause a significant drop in consumer spending.
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If this occurs, it has the potential to trigger a full-fledged recession and raise the national unemployment rate. As a result, your best bet is to plan for a recession, even if one does not occur.
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1. Give your emergency fund a boost: Recessions and unemployment are frequently linked. That is why it is a good idea to increase your emergency cash reserves.
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2. Shed some high-interest debt : If you can pay off some or all of your debt, you'll be in a better position to survive a recession.
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3. Pick up a side hustle: The gig economy is thriving today. As a result, you may find it relatively easy to find work to do in addition to your main job.
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4. Go out of your way to impress your boss: Being well-liked and respected at work does not guarantee you will be spared a layoff if your company is forced to downsize its workforce.