课程: Financial Basics Everyone Should Know

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Recessions and your financial health

Recessions and your financial health

课程: Financial Basics Everyone Should Know

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Recessions and your financial health

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- [Instructor] Recessions are probably the economic event that most people worry about the most. So how is it you prepare for a recession? Well, there's nothing you can do to truly be 100% safe in a recession, but there are some steps you can take to insulate yourself to some degree. Let's talk about them. Number one, you should go through and build or strengthen an emergency fund. You should aim to have at least three to six months worth living expenses in an easily accessible account. And this fund can cover essentials if your income is reduced or lost during a downturn. Number two, you should pay down high-interest debt. Prioritize paying off any credit card debt or high-interest loans you might have. These can become a lot harder to manage if your income decreases, so reducing that debt will lower your monthly obligations and increase your financial flexibility. Number three, create and stick to a budget. You want to track your expenses to identify areas for potential savings or…

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