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.
If the thought of a recession makes you nervous, a little preparation will go a long way toward easing your anxiety.
Use these savvy financial tactics, and you’ll be prepared for anything the economy can throw at you.
1. Invest in gold before a market crash
Inflation making you nervous? Don’t panic. But do act.
Many people are turning to gold and silver to diversify their portfolios, and even to save for retirement. Oxford Gold Group can help you do both, with products that are tangible and historically hold their value.
That’s a long history, since people have kept gold as the standard of wealth for thousands of years. No government rules control gold, and it’s an essential ingredient in modern electronics.
Silver is also hot right now, and Oxford Gold Group sells that, too. Want to diversify your retirement accounts? Oxford Gold Group can set up a gold (or silver) IRA, done with strict attention to Internal Revenue Service regulations.
Oxford Gold Group has a 4.9-star rating (out of five) on Trustpilot, and an A+ score with the Better Business Bureau. ConsumerAffairs.com calls the company’s precious metal investment services “a legitimate way” for people to diversify their retirement portfolios.
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2. Chop your car insurance bill by up to $610/year
If you’re like most Americans, you probably think you’re paying too much for car insurance. And you’re probably right.
But shopping around for a better deal is huge hassle, right? That’s definitely what the insurance companies want you to think, so you’ll continue staying put and overpaying.
Don’t let them play you. Instead, check out Provide Insurance Marketplace, the largest online marketplace for insurance in the U.S. Provide 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 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’s comparison tool. Wouldn’t you rather use that money for things like investing, saving, paying off debt of just having fun?
Don’t let your current insurer charge extra. Try the Provide Marketplace today!
3. 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 aren’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. They offer coverage for pretty much everything: appliances, 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. At least take a second to see how much it costs.
Get a free quote in 30 seconds
4. Deal with problem debt
Consumer debt is rising. The average American household has over $9,000 in credit card debt alone.
That’s not the place to be when the economy goes south.
If you’re worried about the level of debt you’re carrying, don’t just lie in bed at night staring at the ceiling. Do something. Do it now, before the problem gets worse.
Or, at least talk to somebody.
If you’re behind on payments and have $7,500 or more in credit card, personal loans, medical bills or other debts, National Debt Relief is a company that can help by negotiating with your creditors. In many cases, they 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, and they don’t charge until after they produce results. Users report being debt free in just 24 to 48 months. It doesn’t cost a dime to see if they help. See if you qualify here.
Start your path to debt freedom right now
5. Find money when you need it
NerdWallet's personal loan marketplace is the ultimate tool to make your life easier. When you need cash, it only takes a few minutes to apply — without affecting your credit score — and if approved, 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!
6. Protect and secure your retirement savings
A study by investment firm Vanguard found that, on average, a hypothetical self-managed $500,000 investment would grow to $1.7 million over 25 years 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. A financial professional 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.
But how do you find someone you can trust? These days, it’s simple. For example, a free online service called SmartAsset makes 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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