3 Key Lessons Learned From the Great Recession

It’s tough to describe what living through a recession is like when you’ve never done it before.

While it’s essential to stay informed, it’s equally important to know when to step away and focus on what you can control (this advice is primarily for me).

Living Through a Recession is Difficult

Suppose the current situation with COVID-19 turns into a more prolonged recession.

In that case, we will all know someone who loses a job, files for bankruptcy forecloses on a home, or severs a relationship due to financial reasons.

Stick to Your Long-Term Plan

If you were going to time the market, which I don’t recommend, the time to pull your money out is when the market is at all-time highs, not when the market falls by 35%.

If you haven’t pulled your money out now, it’s time to hold on for dear life unless you need the money to survive.

So how can you help others? Maybe purchase a local grocery store gift card for a family in need. Or spend money at local restaurants that choose to remain open.

Help Others in Need

We look for organizations that take the dollar we offer and amplify it. We will continue to search for opportunities to give back to a community that has been so good to us.

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