Recession-Proof Your Finances: 5-Step Plan

Protect Your Money: A Five-Step Plan for Recession-Proofing Your FinancesThis episode explores a five-step plan to safeguard your finances during economic downturns. The steps include creating a budget, building an emergency fund, diversifying investments, developing multiple income streams, and choosing the right financial institution.Budgeting involves tracking income and expenses to identify needs versus wants, enabling you to cut back on non-essentials if income drops. Regularly review and adjust your budget as needed.Building an emergency fund is crucial. Aim to save three to six months worth of living expenses in a high-yield savings account. Diversifying investments across different asset types reduces risk during market volatility.Creating multiple income streams, such as monetizing a hobby or freelancing, lessens reliance on a single job. Lastly, choose a financial institution with low fees, good interest rates, and FDIC/NCUA insurance for deposit protection.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.