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In a recent survey conducted by Pew Research Center, Americans were asked “Would you rate economic conditions in this country today… as excellent, good, only fair, or poor?”. Of those surveyed, 55% said that national economic conditions are either excellent or good. A similar percentage of people also said they view their personal financial situation as excellent or good. These positive assessments are the highest they have been in nearly two decades.
Recession Survival Guide
By Scott A. Bishop, MBA, CPA/PFS, CFP®
Over the years, I have written many articles on financial planning. Several of those have been “guides” to help readers through different stages of their life or lifecycle events. Two of those were the Retirement Survival Guide and Layoff Survival Guide.
Over the last year or two, I have had many friends and clients ask about the pending “recession”. Many have been waiting for the next one almost every year since the “Great Recession” of 2008. As no one knows for sure when (not if) the next recession will come, I felt that it was time to start considering writing a “Recession Survival Guide”. As I have written many of the components that I will eventually reference in that guide, I thought I would start out with this article sharing some thoughts, pointers, and guidelines that may help you find good solutions for you and your family.
The bottom line, for any risks in life you need to address, you should have a plan – don’t react. Once a future recession is upon us, many will react on fear which typically ends in a less than optimal solution. As a long-time financial planner, I know that having a plan in advance of any unexpected event will allow you to make optimal decisions to help keep you and your family on track to your longer-term financial goals and objectives. With that in mind, here are some thoughts and linked articles for your consideration to help you “survive” any future recession.
Before you start reacting or even planning, it is good to help understand what risks and issues you must address related to a recession. Don’t just worry about whether the next recession or bear market will destroy your portfolio, have a plan and don’t make bad decisions while riding the stock market rollercoaster.
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