How to combat your recession fears and protect yourself

How to combat your recession fears and protect yourself
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Recession protection is important if you believe recession is coming. There are many things one can do to create a firewall between national or even global economic downturn and personal disaster. Marketwatch has some advice:

Evaluate your portfolio against your own risk tolerance to make sure stock market volatility won’t keep you up at night. Financial experts have been predicting another recession for years, and about three-quarters of Americans (74%) think they’d be personally impacted if one occurred in 2020, according to a recent NerdWallet survey . Their most common concern is an increased cost of living (63%), but many are afraid of not being able to pay for necessities, plummeting investment value and potential job loss. Considering the upcoming election, recent interest rate changes and a possible recession, consumers may have concerns about how their individual finances could be affected this year. Here are some common fears that accompany a recession, and what you can do to protect your wallet if they come true. Fear of needing to tap savings or go into debt for necessities Close to a third of Americans who think they’d be personally impacted by a 2020 recession (31%) think they would need to tap into emergency savings to pay for necessities. More than 1 in 5 (22%) think they’d need to go into/increase credit card debt for their necessities. How to combat it: The fear of not being able to pay for necessities is likely tied to the fear of an increased cost of living, so cutting your ongoing monthly spending is a good place to start. Not all expenses can be reduced quickly, but it’s worth looking at your budget for necessities with price flexibility, like car […]

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