5 Things You Must Do Before the Next Recession

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As we’ve reported, both Wall Street and many small businesses are bracing for an impact some time in the near future. This could mean tough times for everyday finances.

You’ve been warned. Do what you can now to position yourself to ride out a downturn, rather than being shocked and dismayed once the recession hits. Among other things, money experts recommend that you:

  • Reduce expenses
  • Pay off consumer debt
  • Look for new income streams
  • Shore up emergency savings (and stash them in higher-earning accounts)

In other words, don’t just wait for the inevitable. Plan for it. Use these tactics to position yourself for a downturn.

1. Invest in gold before a market crash

Putting all your money in one place – stocks, bonds, crypto, whatever – is a recipe for losing wealth, not building it. Diversification is key to financial security. Here’s an easy way to start: Buy gold and/or other precious metals from Oxford Gold Group.

Oxford Gold Group allows you to invest in a Gold IRA that adheres to Internal Revenue Service regulations. They also offer gold bars and coins, as well as silver (including silver IRAs), platinum and palladium.

Oxford has a 4.9-star rating (out of five stars) on Trustpilot, where 96% of reviewers call the company “excellent” and 4% call it “great.”

Oxford has an AA rating with the Business Consumer Alliance and an A+ rating with the Better Business Bureau.

If you’ve ever thought of investing in gold, give Oxford Gold a try.

2. Don’t let home repairs drain your savings

Maybe you can’t think about upgrading your home because you’re too busy just trying to keep it from falling apart.

What you need is protection from things like broken appliances, electrical problems and an AC that won’t cool.

Done. With a company called America's First Choice Home Club, you can safeguard against giant repair bills. From home appliances to electrical, plumbing to heating and cooling systems, if it breaks, they fix it.

Their in-house service team is available 24/7 to help ensure a hassle-free repair process if anything goes wrong. You can 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 AFC Home Club for the savings, service and peace of mind it delivers.

3. Shield yourself against costly auto repairs

Remember what we said earlier about how expensive home repairs have become? Car repairs have gone into the stratosphere, too. One shop told Consumer Reports that a decade ago their average repair was $1,600. These days the average bill is $4,000.

Typically, a vehicle manufacturer warranty lasts three years. Yet the average driver will hang on to a car for about a dozen years. If you’re concerned about coming up with thousands of dollars for a repair bill, protect your investment with Endurance.

The company provides extended warranty plans of up to 36 months. These aren’t auto warranties, but they’re auto-warranty adjacent. Choose from among six different plans, to get only the coverage you actually need, for cars up to 20 years old

All their warranties include 24/7 roadside assistance plus rental car benefits while your vehicle is being repaired. For the first year, you’ll get the Elite Benefits program for free; this includes complete tire coverage, key fob replacement, a collision discount and a $1,000 payment if your car is determined to be a total loss.

Endurance has a network of more than 350,000 ASE-certified repair shops. More important: Endurance Warranty pays the repair bill upfront. All you need to cover is the deductible.

The company has a 4.4-star rating with Trustpilot. ConsumerAffairs.com calls it “a solid choice” for drivers of any age, and “particularly appealing” for those with older vehicles.

4. Chop your car insurance bill by $610 a 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.

Or is it?

Take a few seconds and 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 the blink of an eye.

Just answer a few questions about yourself and your driving history. Then Provide will show you the best options for your needs and budget.

You could save up to $610 a year on car insurance by using the Provide marketplace. That’s money you could use for traveling, paying down debt or simply having more fun.

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 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.”)

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