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Are You Worried About a Recession?

Joe is someone we can all learn from (you know Joseph – the one with the multi-colored coat, he has a musical about him, and a few chapters in the number 1 best-selling book feature him).  In the years of prosperity, he saved for future times of economic downturn – he saved for the cycles in the economy that consistently repeat themselves.  We too have to move from a place of every time we receive a bonus, tax refund (what did you do with yours?), raise, etc. that we increase our lifestyle – we beginning eating out more, upgrading our vehicle, etc.  Instead, let’s transform our thinking so that we are investing/saving at least 10% or more of every dollar that comes into our hands.

Why?  To prepare for the unexpected!  With the reports of an economic recession, becoming a habitual saver (one good habit we can all cultivate) instead of a spender, can very well put us in a position that we don’t even feel the financial valleys.  Saving is especially vital if you are or want to be a homeowner/real estate investor/business owner so setup an automatic savings draft so that you don’t even have to think about if you saved this month or not.

Check out this article for more tips:

15 Money Moves for Tough Times — With a possible recession around the corner, here are some ways to prepare your finances.

Be like Joe!