As we’ve reported, both Wall Street and many small businesses are bracing for an impact some time in 2022. This could mean tough times for everyday finances.
You’ve been warned. Do what you can now to position yourself to ride out a downturn, rather than being shocked and dismayed once the recession hits. Among other things, money experts recommend that you:
- Reduce expenses
- Pay off consumer debt
- Look for new income streams
- Shore up emergency savings (and stash them in higher-earning accounts)
In other words, don’t just wait for the inevitable. Plan for it. Use these tactics to position yourself for a downturn.
1. Cancel your car insurance
The sad fact is, you could be losing up to $440 a year on car insurance. While you may think that all the prices out there are about the same, they’re not. A website called The Zebra will tell you if you’re overpaying, in less time than it takes to toast an English muffin.
The Zebra is one of the largest online marketplaces for insurance in the United States. Take a few minutes to answer some questions about yourself and your driving record, and The Zebra will compare the top options from more than 200 insurance providers, getting you the best deal possible.
In just a few minutes, you could save up to $440 a year. It’s free to check online. No credit card, no phone calls, no hassle.
Are you losing up to $440 a year? To find out, enter your ZIP code here.
2. Invest in gold before a market crash
There’s a reason we say “as good as gold.” Gold has quite literally been the standard for wealth measurement for thousands of years. This precious metal is more than just a pretty bauble, though: It’s crucial to modern electronics manufacturing. Gold is also a physical commodity, as opposed to paper “wealth” that can be endlessly printed and is also subject to banking and governmental regulations.
Stock market volatility makes people nervous. Gold makes them feel safe. Get yourself a measure of this security with help from the folks at Goldco, the only precious metals company that Fox News host Sean Hannity recommends.
Gold isn’t just a hedge against current market downturns. Use it to plan future needs as well: Goldco offers the option of a gold IRA (and tax-advantaged retirement accounts) that will follow Internal Revenue Service rules to the letter.
Should you want to divest, Goldco’s buy-back program guarantees the highest price. What’s more likely is that you’ll hold on to your precious metals for …….