We’re in a ‘Richsession.’ What’s That Mean for You?

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Fears of a massive recession appear to be fading. But it turns out we’re in a “richcession,” not a recession.

On one hand, the unemployment rate is super low and there aren’t enough workers to fill jobs in the service industry. On the other hand, waves of layoffs have wiped out nearly half a million jobs so far this year – mostly white-collar jobs.

“A ‘richcession’ may better describe the current climate since the job losses to date have disproportionately affected white-collar workers,” says CNBC.

What’s that mean for you? It means you better get your financial ducks in a row. Hope for the best and prepare for the worst, we always say. Here are some steps you could be taking right now to protect your money. They may not all work for you, but some will. So be sure and check them all out.

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. Those investments typically do well when the stock market decides to tumble.

But be careful who you deal with. Not all gold dealers are on the up-and-up, and some of them are only too happy to sell you gold and silver at vastly inflated prices.

Oxford Gold Group, on the other hand, 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.” It also has an AA rating with the Business Consumer Alliance and an A+ rating with the Better Business Bureau.

They’ll allow you to invest in a gold IRA that adheres to IRS regulations. They also offer gold bars and coins, as well as silver (including silver IRAs), platinum and palladium.

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

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2. Grow your money with professional help

To properly manage your money, work with a professional – it’s totally worth it. If you’re not doing this, you could be missing out on some serious financial gains.

A Vanguard study found that, on average, a hypothetical $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 financial adviser. That’s twice as much!

If you’ve got at least $100,000 in investments, check out a free service called SmartAsset. You fill out a short questionnaire and instantly get matched with up to three vetted financial advisers in your area, all legally bound to work in your best interests.

Even if you don’t want help picking investments, an adviser can help lower your tax burden, create a comprehensive financial plan for you, maximize your Social Security, and serve as a second pair of eyes to make sure you’re on the right track.

Using SmartAsset only takes a few minutes, and in many cases you’ll be offered a free consultation.

Please carefully review the methodologies employed in the Vanguard white paper, “Putting a value on your value: Quantifying Vanguard Advisor’s Alpha.”

Get Started Today

3. Save up to $610 on car insurance

If you’re like most Americans, you’re probably paying too much for car insurance. But shopping around for a better deal is such a hassle.

Well, it used to be.

Now you can just 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 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 Insurance. That’s money you could use for other things, like investing, saving or paying off debt.

Don’t let your current insurer overcharge you. Try Provide Insurance today and see how much you can save on car insurance.

Get a Quick, Free Quote Today

4. Don’t let home repairs drain your savings

To protect your savings in shaky financial times, 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 1st 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.

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5. Shield yourself against costly auto repairs

The cost of car repairs is skyrocketing. 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. 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.

Stop Worrying About Expensive Auto Repairs

6. Protect your pets for less

Your pet is more than just an animal, they are a member of your family.

Unfortunately, accidents and illnesses can happen, leaving you with hefty vet bills. That’s where Lemonade comes in. With customizable plans and affordable premiums, you can ensure your pet gets the care they need without breaking the bank.

Lemonade Pet insurance is not your average pet insurance. They use technology to make the process seamless and efficient, with around half of claims settled instantly. Plus, unclaimed premiums are donated to charity, including animal rights organizations. You can feel good about protecting your pet while also contributing to a good cause.

Visit Lemonade's website today to get a personalized quote for your furry friend and take the first step in securing their health and well-being.

Avoid Expensive Vet Bills

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