10 Things That You Need To Do Before the Next Recession
The last recession in 2008 was a particularly hard-hitting one, especially for the Millennial generation who were entering the workforce and faced the prospect of waiting months or even years with finding a job.
But fortunately, there are some simple and concrete steps you can take to prepare for the next recession, whenever it arrives. By having a plan in place, you can soften the blow of a recession or even profit from it.
The people who fared the worst in the last recession were those that were over-leveraged on their houses, in debt, and had more bills to pay than the income coming in.
Increase Your Cash Reserve
One thing to note is that your emergency fund should not be invested in Bitcoin or the next hot tech stock. You want to access this money immediately if necessary and rely on it to stay relatively stable in value.
Pay Off High-Interest Debt
While it's never a good idea to rack up thousands of dollars in credit card debt, if you do have high-interest debt, now is the time to pay it down before a recession aggressively.
Take Out Additional Lines of Credit
If you are taking out low-interest debt responsibly or want to have a line of credit in place as a backup plan to an emergency fund, it is much easier to do so now than after the next recession begins.
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