How to prepare for the recession

How to prepare for the recession

In today's article, I'm going to go over how we all can start preparing for the recession. Now in my previous article, I covered how the united states are currently in a recession. This is now starting to affect the rest of the global market. For example, we can look at other global markets more specifically the Euro market is getting hit hard by the news from the U.S. However other countries like China are also being affected for example the mortgage crisis that is happening in China. Many are wondering if this recession is going to be worse than 2008 and that isn't something I can accurately predict however you can read more about what I think about it in one of the previous articles I wrote. But with that being said let's get into how we can start preparing for the recession.       

Increasing Income streams

A no-brainer increasing your income stream is one of the best ways you can prepare for the recession. Always having more money come into your pocket from working is easy and simple and is something everyone knows how to do. or you can work extra hours or try to figure ways to get a raise or just simply ask for one as well. There are all kinds of ways you can start increasing your income. Or if none of those options work for you then this would be the best time to look for a new job as the job market right is still strong due to the great resignation. Some will even give you a bonus just for getting hired!  

Saving money

Now besides increasing your income stream saving money is one of the easiest ways to start preparing for the recession. Americans have a bad habit of spending more money than they have. The American public also has issues paying back debt more specifically consumer debt i.e. Credit cards and personals loan. So what I would recommend you do is start paying off any debt you have that has a high-interest rate. That's so you don't get fucked over by the rates and if it's consumer debt then by the credit companies which messes up your credit score, Just saving money in a bank account isn't enough and honestly isn't the smartest thing to do. This leads us to the next topic of discussion. 

Increasing Passive income

One of the best ways to prepare for any financial disaster is to have passive income flowing into your net worth. Now how you start getting passive income is easy because that's what my blog is all about. So start reading my numerous articles on passive income I cover everything from cryptocurrency, phone apps that make you passive income, and entrepreneurship advice/help. One of the best ways to start making passive income if you have the money and capital is by starting a business. Even just starting a sole proprietorship is a good way to start starting a business and in some cases, you don't need any money or capital. But the easiest way to make passive income if you got money is to just invest it. It doesn't matter if it's a cryptocurrency, stocks, or even real estate. 

My Final Words

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