7 Steps To Prepare For The 2023 Recession Bull Oak An emergency fund will also give you peace of mind, easing your recession anxiety. 2. pay off high interest debt. high interest debt is debt with an interest rate above ~6% (credit cards, personal loans, student loans, etc.). in my opinion, you should strive to avoid all types of high interest debt, regardless of the economic climate. Deal with debt.the headline inflation numbers have been decelerating after peaking at around 9% last summer. however, the process has been slow, with the april 2023 reading showing a 4.9% year.
7 Steps To Prepare For The 2023 Recession Bull Oak The u.s. economy has a 64 percent chance of contracting by the end of 2023, here are 9 steps to prepare your money for a recession and the devastating consequences that come along with it. A nice, cushy emergency fund will help you ride out a recession and make the best decisions for you and your family. 5. leave your investments alone. when the stock market is trending down, you might be tempted to sell your mutual funds at a loss and put the money into something safer to weather the storm. On average, stocks have historically delivered their best returns after a recession as the economy enters recovery. one analysis found a hypothetical $100,000 invested across postwar recessions was worth over $7 million decades later. timing the exact bottom is tough, but getting in around bear cycle lows can pay off through the subsequent bull. 6. construct culture. define a structured, company wide approach to these and related topics and implement them as solid corporate priorities. this will not generate sales or leads but will set.
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