Networth and Chill with Your Rich BFF

Are We ACTUALLY In a Recession? Navigating Periods of Economic Downturn

14 snips
Apr 2, 2025
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ADVICE

Hold Investments During Downturns

  • Do not pull your investments during market downturns to avoid locking in losses.
  • Stay the course; market recoveries can quickly make up initial losses.
ADVICE

Boost Emergency Savings

  • Increase your savings to cover six to nine months of expenses in FDIC-insured high-yield accounts.
  • Spread cash across multiple banks if exceeding FDIC insurance limits to reduce risk.
ADVICE

Manage High-Interest Debt

  • Pay down high-interest debt over 7% and avoid taking on new high-interest debt.
  • Spend within your means and consider nonprofit credit counseling if struggling with debt.
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