How to Prepare for Your First Recession
Haley Tolitsky from Cooke Capital joins Mer Brown to discuss how to prepare for a recession.
Key Takeaways
- Increase your emergency fund from the standard 3-6 months to 1-2 years of living expenses if you have variable income, dependents, or upcoming major expenses
- Audit your budget against the last few months of transactions and cut spending on purchases or experiences that don't align with your values, since inflation has changed what you actually spend
- Update your resume every couple of years with recent accomplishments, leadership roles, and new skills, and actively build your professional network on LinkedIn and at in-person events to stay job-ready
- Pay down variable-rate debt (especially credit cards) immediately since rising interest rates from the Fed will increase your monthly interest costs
- Stop consuming daily financial news designed to create fear and anxiety; instead, focus energy on controllable actions like adjusting your savings rate, maintaining investments during downturns, and managing your budget
How to Prepare for Your First Recession: In this video Certified Financial Planner Haley Ellis joins Mer Brown to discuss how to prepare for a recession. Watch more Haley Ellis videos on finStream at this link:https://www.finstream.tv/featured/haley-ellis/
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