5 Ways to Prepare for a Recession
No one can predict the future, but you can brace yourself for hard times
Recession. Kind of a scary word and one that has entered the conversation. Along with economists and financial gurus, you’re probably wondering what will happen. Are we headed toward another recession, à la 2008-style?
No one knows for sure. But soaring gas prices and high inflation have led to a gloomy consumer outlook. Rents and home prices continue to increase, while the Fed has raised interest rates. And a series of high-profile tech layoffs have made many people nervous about job security.
It feels like a storm is brewing.
I was a young professional in 2008. I worked for a company that sold software to banks… and the banking industry was hit hard. My company had to lay off a third of its workforce. Those of us that were left behind saw other cuts, just to stay in business. It was a tumultuous time.
While Treasury Secretary Janet Yellen says a recession “isn’t inevitable” it’s enough to make people nervous. 70% of economists believe that a will likely hit at some point in 2023 — which means you have some time to prepare.
Here are five ways to situate your finances and your career before a recession hits. And if it never comes, no harm…
