Don't touch your 401k, IRAs, etc if there is a downturn.

Eliminate debt. If you aren’t 10 years or less away from retirement, the biggest danger is job loss at a time when the stock market and housing market are down. I hope this is the right sub/flair combo. I’ve talked before about how building up an emergency fund is super important. But it’s like an earthquake, you know it’s coming but you can’t time it.Also, there isn’t much you can do to prepare. (Assuming you don't lose your job or live off of savings. Put it in a bank.

Improve your education to try and get a better job. Keep 6 months' worth of expenses in an emergency fund.

If any edits need to be made please let me know.NPR posted a story recently about a potential recession coming end of this year/beginning of next. I've been hearing "soon" since 2014. Join our community, read the PF Wiki, and get on top of your finances!Press J to jump to the feed.

Fancy restaurants, luxury goods, and tourism suffer in a shit economy.Further insulating yourself from market swings can be accomplished by staying out of industries that are heavily regulated, or might be. Pay down debts. HOW TO PREPARE FOR A RECESSION. Stay as employable as you can - be a good employee for as much as you can, get diplomas/certifications if they are valuable in your line of work, etc. Get used to eating cheaply at home/cooking more. How to prepare for the next, (potential), recession? The most important thing right now is to take care of you and your … Building Your “IA’s” – Intellectual Assets. Make things that you own last as long as possible. A lawn mower, so you can mow people's lawns for cash. Make sure you cover your Four Walls first—that’s food, utilities, shelter and transportation. I guess the best advice is to try to have as minimal debt as possible Incase you do lose your jobThis isn’t really new news, we have seen the evidence for a while that the market is overvalued and just given the time between last recession and now it’s about time.I went from being a counselor (mostly Medicaid funds) to being at a large nonprofit hospital in the area [starting next month]. Build a good emergency fund. 6 months would be the minimum if you worried about a recession. Consider a side hustle. Don’t rack up anymore debt. Analyze your expenses. I'm finally back in school again, am trying to get myself to be certified and licensed in the medical field.From an investment standpoint, the problem is: the choices that make sense in a recession don't make sense at other times, so if you do prepare but get the timing wrong, you can do worse than if you didn't prepare at all.There have been predictions of a recession coming soon every year for the past at least five, just FYI.That being said, ensure job security, minimalize debt, maximize savings.Look at your investments and make sure you are well diversified in high quality stuff.There are 4 things that will help you through possible recessions:Check that your investments are allocated appropriate to your age.Try to make your job secure, and build a good network outside your job, to help finding another job if your job disappears.Follow the advice on the side bar.

If you can keep your job, you can ride out the storm and wait out the markets.Another one is: don’t buy more house than you can comfortably carry. Don't take those news reports too seriously, these people have predicted 20 of the last 2 recessions, they will be correct eventually, in the meantime there is a lot of money to be made.Make sure you hold a job that is not going to get lobotomized during a recession. Join our community, read the PF Wiki, and get on top of your finances!Press J to jump to the feed. Build up your savings. )It actually might be a good investment opportunity.Have cash. How to prepare for a recession. Put money away. They need food and gas and shelter.

Aside from cooking at home, ceasing all unnecessary shopping, driving an affordable … Do not sell your holdings during the recession.New comments cannot be posted and votes cannot be castLearn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. But you need nurses and you need bandages and you need hospitals no matter how shitty the economy is, so you can do just fine in health care if you are a part of something that people absolutely cannot live without.New comments cannot be posted and votes cannot be castLearn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. A reliable vehicle. Make sure your investment allocations are sufficiently conservative. People tend to take care of their pets, their teeth, their elderly. Invest sensibly in a balanced portfolio and reinvest your dividends! Reduce your expenses. If you took the advice of these articles or news stories you would have missed growth. The doctors, hospitals, and administrators all suffer. Keep your expenses low. By using our Services or clicking I agree, you agree to our use of cookies. The more job secure you are the better.This is what sunk me in 2009. Go more liquid.

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