How To Prepare Yourself For A Recession | 2022

Do you know how to prepare yourself for a recession? So, the U.S. economy has shrunk for the second straight quarter. In other words, our GDP (gross domestic product) has declined in the last two quarters. A lot of officials would say that this means we’re in a recession. Actually, that’s the definition of a recession, or it was until the internet started to change the definition in some areas. Many people aren’t prepared for a recession.

The good news is that there are plenty of things in your control to help you avoid a bad situation while in a recession. Less than half of Americans feel financially prepared for another recession. Do you know how to prepare yourself for a recession?

People are afraid that they won’t be able to plan for the future, that they’ll have trouble paying bills or that they’ll lose their jobs. The average emergency savings of an American family is about $7,600. That seems a lot lower than needed. If you wanted to be prepared for a recession, how much money would you have saved? Financial advisors usually recommend saving three to six months of expenses, some other experts recommend even more. A good savings account is one way that you’ll prepare yourself for a recession.

Financial Advisors: How To Prepare Yourself For A Recession

Some current factors are pointing towards a recession. But other aspects, like the job market, are telling another story. The truth is, we won’t know until the National Bureau of Economic Research decide that we are in a recession. They are the group responsible for officially deciding. Some officials of the Federal Reserve think that the Central Bank will increase interest rates which will curb inflation. This means we won’t see a recession any time soon.

You need to have an in-demand skill set. Honestly, no one can predict when a recession will hit. The best thing to do is to focus on the things that you can control. For example, how much you spend and how much you save. Job loss can happen at any time, with or without a recession. You need to have a game plan.

How Can You Handle Volatility In The Stock Market?

Concerns over a recession have mounted and multiplied as investors struggle with inflation, higher interest rates, and the stock market volatility, which is continuous. Some people still have fears stemming from the financial crisis in 2008 and rightfully so. When you make moves with your money, due to emotions, like emotionally selling off assets, you miss any future gains.

Having Multiple Revenue Streams Is The Best Way To Prepare Yourself For A Recession

If you truly want to beat a recession, you need to have multiple streams of revenue coming in. Jobs and investments are one thing, but they won’t be enough to stop you from falling if and when a recession hits. This is why we teach people how to build wealth through real estate. Not only will this assure that you always have a stream of revenue coming in. Whether you decide to flip homes for large profits or to become a landlord, your revenue will continue.

The Tax Deed Genius Course

The Jackie Jackson Tax Deed Genius Course is the top-rated real estate investing course. It was created for both new and seasoned investors who are looking to create a profitable real estate business. There are many real estate investing opportunities across the US in the form of tax deeds, tax liens, and overage surplus recovery. In fact, tax liens, tax deeds and surplus recovery are among the top real estate acquisitions strategies to know and take advantage of. It’s one of the best kept secrets for building wealth through investing in real estate!

About The Jackie Jackson

Jackie Jackson is a Real Estate Coach & Investor, helping investors at all levels create profits and increased cash flow through Tax Deeds & Tax Liens Real Estate Investing. Jackie is the CEO and founder of Tax Deed Genius, the #1 Step by Step National Tax Liens & Tax Deeds, Surplus Overages Training Course for New and Seasoned Real Estate Investors.