Be Financial Prepared

  • I saw an interesting article this week. It's from The Wall St. Journal. The article looked at how state governments would fare if/when we have a recession.

     

    "If the next recession hit the U.S. this year, more than a quarter of states would be financially unprepared to weather even a moderate downturn, according to a new report. Fifteen states would struggle in the case of a recession-related tax revenue slump and spike in demand for services, such as Medicaid." source

     

    It caused me to ask a similar question. How would I fare if/when we have a recession. Have I taken steps to be ready for an economic downturn? Or would I face a potentially critical situation?

     

    You might want to ask yourself the same questions. We have some tools to help you do a self-evaluation.

     

    The first tool would be to check your financial net worth. If it's in the negative you have some work to do.

     

    Second, do you have an emergency fund? If not, we'll show you how to build an emergency fund.

     

    You'll also need to consider whether your income is safe. If you're not sure you'll want to read Preparing for a Potential Layoff.

     

    Finally, are you carrying too much debt? This post will help you identify if you have a debt problem.

     

    As someone who has just lived through a hurricane I can testify that being prepared beats being unprepared. That's true for hurricanes. And also true for recessions. Both are bound to happen. You just don't know when.

     

    Keep on Stretching those prepared Dollars!
    Gary


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