Investing / Preparing for Recession?
May 01, 2022
Preparing for Recession?
Saw the recent Q1 GDP data that said the US economy contracted by 1.4%. What should we do to prepare for it? I'm 47 with still many years of work ahead.
Replies (8)
May 02, 2022
@GretaFWP, if you have a long-term mindset, think about staying invested and continue to invest. I wouldn't do anything differently, assuming you are comfortable with your investments. It is only natural to go through these cycles and stay invested.
May 02, 2022
@GretaFWP, I am no money expert! But with high inflation I'm getting a budget app to watch my expenses so I can make a real plan versus some ideas in my head I might not follow through with. I need to watch my food and car expenses and do a better job of managing all my loans too.
May 05, 2022
@GretaFWP, 1. Save more towards your rainy day or emergency fund 2. Pay off debt 3. Stay invested, don't pull your money out because of fear 4. Keep investing, markets always bounce back 5. Visualize your goals for the next 5-10 years
May 26, 2022
@Remi162, That last point is super helpful and motivating. Thanks!
May 06, 2022
@GretaFWP, cut back spending, don't let lifestyle creep creep into your life and put your savings into an I Bonds.
May 07, 2022
@GretaFWP, a little cliche but keep working, earning, learning and investing in yourself!
May 10, 2022
@GretaFWP, come up with your investment plan if you haven't already and let it guide your asset allocation and investing strategy. If you are already invested don't do a thing, stay the course as they say.
May 26, 2022
@XavierWD4, So much easier said than done - especially this week! I invested a decent amount into QQQ about a month ago and the market has really put me through the test. Here's hoping for a quick turnaround for all of us.