Take a day or two to analyze and scrutinize your business dealings, investments, and other key components of your portfolio. Identify pieces that carry more risk than you’re willing to take into a recession.
Given the likelihood of a short-term recession on the way, we aren’t suggesting any major lifestyle adjustments. But if the choice is between bullish displays of wealth or bearish retreats into frugality, we highly recommend the latter whenever there are whispers of recession.
That’s the beauty of a recession; it gives you time to stop and think about your current financial situation. Then, please take it as an opportunity to improve your understanding of markets and elevate your financial acumen.