Wed Apr 10 2024, by Tyler Gardner

Recession PreparednessFinancial AdviceDebt ManagementInvestingSkills Development

Essential Tips for Preparing for a Global Recession

Hey dad, is it true we're about to enter a global recession? Yup. So what can I do to prepare?

5. Get Your Hands on Cash

Get your hands on as much cash as possible. Because we're about to have a stock market sale like it's Black Friday times a million.

4. Pay Down Your Credit Card Debt

Pay down your credit card debt immediately. The Fed is going to continue to raise interest rates, and those variable rates will destroy you if you don't get them under control.

3. Take Advantage of High-Interest Loans

Take advantage of loaning out your money for higher interest rates right now. Because if we do enter a global recession, the Fed will have no choice but to cut interest rates, and you will have missed out on a long-term opportunity to lock in a good return.

2. Learn an Irreplaceable Skill

Learn one skill that a machine cannot do. Because in the event of a recession, you better believe that companies are going to automate every single thing they can.

1. Start Living on Less

Start learning to live on less. I'm switching from craft beer to Bud Light. Really? We all have to make sacrifices, son.

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