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Preparing for a Possible Recession: Advice and Guidelines


With inflation at a 40-year high, and the Federal Reserve raising interest rates, many financial experts warn of an economic slowdown. CBS News business analyst Jill Schlesinger joins "CBS Mornings" to discuss how to protect your finances during this uncertain time. Each weekday morning, "CBS Mornings” co-hosts Gayle King, Tony Dokoupil and Nate Burleson bring you the latest breaking news, smart conversation and in-depth feature reporting. "CBS Mornings" airs weekdays at 7 a.m. on CBS and stream it at 8 a.m. ET on the CBS News app. Subscribe to “CBS Mornings” on YouTube: Watch CBS News: Download the CBS News app: Follow "CBS Mornings" on Instagram: Like "CBS Mornings" on Facebook: Follow "CBS Mornings" on Twitter: Subscribe to our newsletter: Try Paramount+ free: For video licensing inquiries, contact: licensing@veritone.com...(read more)


BREAKING: Recession News
LEARN MORE ABOUT: Bank Failures
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
As the world faces economic uncertainty due to the COVID-19 pandemic, experts are warning of a possible recession. In the face of this, it is important to prepare oneself and one's finances to weather the storm. Here are some tips to help you prepare for a possible recession: 1. Build an emergency fund: An emergency fund can help you weather unexpected expenses or job loss during a recession. Aim to have at least six months' worth of living expenses saved up in an easily accessible account. 2. Evaluate your spending: It is crucial to assess your spending habits and cut back on unnecessary expenses. Focus on essentials like housing, food, and healthcare. 3. Lower your debt: Falling into debt during a recession can be disastrous. Work on reducing your debt now by paying off high-interest debt and avoid taking on any new debt. 4. Strengthen your employment situation: In a recession, jobs are scarce, and competition for opportunities increases. Consider upskilling or reskilling in a high-demand field or earning a certification to make yourself more marketable. 5. Diversify your income: Relying solely on one source of income is risky in a recession. Look for ways to supplement your income through freelancing, part-time jobs or passive income streams. 6. Invest wisely: Be cautious when investing during a recession. Avoid high-risk investments and consider investing in low-cost index funds or stable assets like gold. 7. Review your insurance coverage: Health, life, and disability insurance are vital during a recession. Verify your coverage and ensure that you have enough to cover any potential medical or financial emergencies. While these tips can help you prepare for a possible recession, it is important to remember that each financial situation is unique. It's always best to seek advice from a trusted financial advisor who can tailor a strategy to your specific needs. Being proactive and taking steps now to prepare for a potential downturn can help protect you and your finances in the coming months. https://inflationprotection.org/preparing-for-a-possible-recession-advice-and-guidelines/?feed_id=87137&_unique_id=6436ec5375247 #Inflation #Retirement #GoldIRA #Wealth #Investing #2022 #Analysis #CBSMornings #CBSNews #economicslowdown #economy #Finances #inflation #interestrates #JillSchlesinger #protection #recession #tips #video #RecessionNews #2022 #Analysis #CBSMornings #CBSNews #economicslowdown #economy #Finances #inflation #interestrates #JillSchlesinger #protection #recession #tips #video
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