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Fears continue to rise that a recession is sure to happen if economic issues in the United States continue.
Inflation reached a new 40-year high at 8.6% and Americans are spending potentially hundreds more a month than they did this time in 2021 as a result. If a major decline in spending comes with it, a recession could hit as a result.
CEO’s of major company’s are hinting that they beleive the economy could crash. “Everyone thinks the Fed can handle this,” JPMorgan Chase CEO Jamie Dimon said during a recent investment conference.
“That hurricane is right out there, down the road, coming our way. We just don’t know if it is a minor one, or Superstorm Sandy, or Andrew, or something like that. And you better brace yourself,” Dimon warned.
However, if a recession is sure to hit sooner than expected, there are ways to protect yourself and your financial well-being.
1) See a low market as an opportunity instead of a threat.
2) Try to get rid of your all credit card debt as soon as possible before interest rates skyrocket.
3) Save up as much money as possible.
4) Make plans to create backup emergency savings on top of normal savings.
5) Rethink your monthly budget and spending.
6) Build up skills on your resume.
7) Brainstorm how to make extra cash.
8) Do not try to plan when the market will crash.
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