In a recent poll of economists, the World Economic Forum found that nearly two-thirds of the respondents believe there will be a recession in 2023.
Uh oh.
If the thought of a recession makes you nervous, a little preparation will go a long way toward easing your anxiety.
Simple steps like reducing expenses, paying off debts, looking for supplementary income sources, beefing up your emergency fund, and finding safe havens for your investments are simple ways to be ready for any kind of financial uncertainty.
Use these savvy financial tactics, and you won’t dread an economic slowdown – you’ll be prepared for it.
1. Invest in gold before a market crash
There’s a reason we say “as good as gold.” Gold has quite literally been the standard for wealth measurement for thousands of years. This precious metal is more than just a pretty bauble, though: It’s crucial to modern electronics manufacturing. Gold is also a physical commodity, as opposed to paper “wealth” that can be endlessly printed and is also subject to banking and governmental regulations.
Stock market volatility makes people nervous. Gold makes them feel safe. Get yourself a measure of this security with help from the folks at Goldco.
Gold isn’t just a hedge against current market downturns. Use it to plan future needs as well: Goldco offers the option of a gold IRA (and tax-advantaged retirement accounts) that will follow Internal Revenue Service rules to the letter.
Should you want to divest, Goldco’s buy-back program guarantees the highest price. What’s more likely is that you’ll hold on to your precious metals for the long haul — especially since Goldco offers $10,000 or more in free silver to all clients with qualified accounts. Plus, shipping is always free.
Goldco has been around for more than a decade and has an A+ rating with the Better Business Bureau, an AAA rating from the Business Consumers Alliance and 5-star ratings with Trustpilot, Trustlink, Google Reviews and ConsumerAffairs.com. You’ll even receive up to $10,000 in free silver on qualified purchases.
Protect and secure your wealth. Request your free investors guide now.
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2. Don’t let home repairs drain your savings
Having homeowners insurance is essential – but it also isn’t enough. Your house is full of systems and appliances that can (and will!) break down, and that isn’t covered by homeowners insurance. Finding a reputable repair company on short notice can be challenging, and the costs can be terrifying – especially if two or three things break down in the same year.
Don’t struggle to pay for repairs. Protect yourself against them, with help from America’s First Choice Home Club. The company offers coverage for your appliances and heating/cooling, plumbing and electrical systems.
When something goes wrong due to normal wear and tear, you just call America’s First Choice Home Club, day or night. The company has a wide network of reputable repair folks who will fix what’s wrong.
Plus, their in-house service team is available 24/7 to help and ensure a hassle-free repair process if anything goes wrong. You can even choose your own technician, or they can send you one from their nationwide network if you don’t have someone in mind.
All over America, homeowners are choosing America’s First Choice Home Club for the savings, service and peace of mind that it delivers.
Stop worrying about household breakdowns.
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3. Protect yourself from unexpected expenses
NerdWallet’s personal loans marketplace is the ultimate tool to make your life easier. Only takes a few minutes to apply — without affecting your credit score — and if approved by a lender, you’ll have money in your account in no time.
Whether you’re consolidating high-interest debt, financing your next home renovation project, or covering unexpected expenses, NerdWallet‘s platform makes finding the right loan quick and easy.
They’ve rated and reviewed loans from more than 35 financial institutions, with loan amounts ranging from $2,000 to $50,000 and APRs as low as 5.40%.
The marketplace also offers a range of helpful resources and tools, so you’ll feel confident and informed throughout the process. It’s never been this easy to find and compare personal loans.
Try out the NerdWallet loan marketplace right now. You’ll be glad you did!
4. Chop your car insurance bill by up to $610/year
If you’re like most Americans, you’re probably paying too much for car insurance. But shopping around for a better deal can be a hassle.
That’s why you should check out Provide Insurance, the largest online marketplace for insurance in the U.S. Provide Insurance lets you compare quotes from more than 175 different carriers in minutes.
All you have to do is answer a few questions about yourself and your driving history. Then Provide Insurance will show you the best options for your needs and budget.
You could save up to $610 a year on car insurance by using Provide Insurance. That’s money you could use for other things, like investing, saving or paying off debt.
Don’t let your current insurer charge extra. Try Provide Insurance today!
See How Much You Could Save Today
5. Protect and secure your retirement savings
A study by investment firm Vanguard found that, on average, a hypothetical self-managed $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a professional.
Of course, there are no guarantees a professional will do better than you, but with that much at stake, it would be crazy not to at least check it out. If nothing else, they can help you create a plan, maximize your Social Security, protect your assets and offer you peace of mind by ensuring you’re on the right track.
These days, there are no-cost online services, such as SmartAsset that make it easier than ever to find vetted financial advisers in your area. You fill out a short questionnaire and are instantly matched with up to three local fiduciary financial advisers, all legally bound to work in your best interests.
The process only takes a few minutes, and in many cases you’ll be connected with an expert immediately for a free retirement consultation.
Nothing to lose, lots to potentially gain: Take a minute and check it out right now!
(Please carefully review the methodologies employed in the Vanguard white paper, “Putting a Value on your Value: Quantifying Vanguard Advisor’s Alpha.”)
6. Get debt-free now
Consumer debt is rising. The average American household has over $9,000 in credit card debt alone. If you’re reading this and it sounds all too familiar, we may have a solution to your problem.
National Debt Relief is a debt settlement company that negotiates with your creditors on your behalf. Suppose you’re behind on payments and have $7,500 or more in credit card, personal loans, medical bills or other debts. In that case, an agent may be able to consolidate your debt into one lower monthly payment almost immediately.
National Debt Relief has an A+ rating with the Better Business Bureau. They do charge a fee, but only once your debts are settled. Users report being debt free in just 24 to 48 months. See if you qualify here.