Recession-Proof Your Financial Future

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There are a lot of things happening in the world of finance right now.

Just to name a few:

• Inflation has been higher over the last few months than it's been for several decades, recently reaching its highest mark in 40 years.
• The Federal Reserve just announced today its sixth rate hike of the year, and the fourth consecutive three-quarter percent increase to the federal funds rate.
• Mortgage rates are the highest they have been for 15 years.
• The stock market is currently on track for its worst year since 2008. The S&P 500, the Dow Jones, and the NASDAQ are all down more than 20% for the year.
• Gas prices are set to surge as OPEC has decreased its countries' supply of oil by 2 million barrels per day, which is prompting America to deplete its Strategic Petroleum Reserves, leaving the SPR at its lowest mark of around 400 million barrels, since 1984.
• Unemployment, thankfully, remains at a 50 year low, but this will likely change soon as the economy continues to be tightened under the insistence of the Fed to discourage spending through rate hikes.

KEEP READING BELOW TO SEE WHAT YOU CAN DO TO RECESSION-PROOF YOUR PERSONAL FINANCES

What does all of this mean for you? It means a potentially tumultuous and rocky upcoming year, and a high probability of a recession. But you can protect yourself and your family with just a few simple steps.

How can you protect yourself and recession-proof your own personal finances for what may be coming?

Pay attention to your money - Avoid getting too comfortable and becoming lackadaisical. It is easy to lose focus, get off track, and stop paying attention to what is happening with your money, and in the economy. The management of your money is crucial. Focus on controlling and managing your money for long term growth.

Pay off high interest debt - Try to pay off high interest debt, especially on your credit cards and on depreciating assets like automobiles. Every dime you pay on debt that is on things going down in value, is a dime you are literally taking away from your future.

Build your emergency savings - During a recession it is critical that you have 3 to 6 months of your monthly needs set-aside in case of an emergency, such as a job layoff, auto repairs, or something else. Emergencies will happen. Prepare for them today.

Continue to invest - Not only do you want to be sure to continue to invest, but be sure you are investing enough . When you are investing in the stock market during down times, you are essentially purchasing shares of stock at a discounted price. Increase your investment into the stock market, be sure to diversify your holdings, and don't stop investing.

Increase your skills - The absolute best way to protect yourself from income problems during a downturn in the economy is to insure you have high paying skills that are in demand. Whether this requires some training, trade school, additional college, or simply certifications, get what you need. Arm yourself right now with the skills to protect your financial future.

Keep stacking appreciating assets - If you want a healthy financial future, build appreciating assets. For many of us, that means real estate , but it could mean gold, silver, bonds, private equity, collectibles, businesses, etc.

Be valuable at your job - Up your value in your industry, at your specific job, or broadly throughout your workplace. A job typically will not let go of the people they cannot function without. Become that person.

So now you know:

It is impossible to say whether or not a recession is coming. Some experts are predicting a worldwide recession, and others are suggesting a small blip in the economic forecast. You want to be ready no matter what is on the horizon.

Visit us on our YouTube channel and check out a few of the videos. I provide information and full transparency into my own financial situation, while offering suggestions and help for others. I also offer personal financial and/or real estate?strategy sessions.

Thank you so much for supporting us and reading our Newsletter here on?LinkedIn .

Take care of yourself and take care of other people.

Sincerely,

Eric C. Bowie (Smart Money Bro)

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