FINANCIAL FREEDOM COUNTDOWN

HOW TO PREPARE  FOR AN UPCOMING RECESSION

It is hard to fathom a recession when all asset classes are increasing in value. But this is exactly the right time to make a plan to prepare for an upcoming recession.

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The time to dig a well is before you are thirsty.

Cut All Expenses Mercilessly

Challenge yourself to reduce your expenses by at least 30%. Use the reduced expense to add to your emergency fund.

Online savings accounts followed suit and immediate lowered their rates. Don’t leave your money earning no interest.

Beef Up Your Emergency Fund

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Leverage Your Human Capital

The free time you save by not traveling and staying at home can be used to add value at work.

Start Building Additional Income Streams

Ideally, you should already have built additional income streams. But if you have not; then now is as good time as any to get started.

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