Sun May 05 2024, by Tyler Gardner
How to Prepare for an Upcoming Global Recession
Hey Dad, is it true we're about to enter a global recession?
Yup.
So what can I do to prepare?
5. Accumulate Cash
Get your hands on as much cash as possible because we're about to see a stock market sale that only comes around once in a generation.
4. Pay Down Credit Card Debt
Pay down your credit card debt immediately. Rising variable rates will eat you alive. If this is hard for you, look into a 0% balance transfer option.
3. Understand Healthcare Costs
Before anyone lays a hand on you in a hospital, make sure you get the cash rate first. Even healthcare providers are just looking out for themselves right now.
2. Consider Egg-Laying Chickens
Get your hands on two egg-laying chickens. Chickens? Yes, son. With a national egg shortage and prices of eggs up over 50% since July, you could do far worse things with your money.
1. Make Yourself Indispensable at Work
Make yourself indispensable at work. But I'm a 39-year-old lifeguard. Then go save five lives today, son. Just make sure you don't do it until your boss is watching.
Taking these steps can help you navigate the challenges of a recession. Stay proactive and prepared!
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