7 ways to recession-proof your finances, according to CFPs - Business Insider

building an adequate emergency fund"Having enough cash to brace for a slowdown will mean less likelihood of drawing down retirement accounts and spending on credit cards," explains Greg Wells, CFP and senior vice president at EP Wealth.

Lalley explained to me that, according to lending standards, your mortgage or rent payment should be less than 28% of your monthly gross income, and your total recurring debt payments should be less than 36%. Shaun Melby, CFP at Melby Wealth Management, agrees, explaining that if you wait until a recession hits, you might not be able to get approved for low-cost credit.

"While this will run contrary to what your gut tells you, a recession is the perfect time to invest in stocks," he explains. "A $100,000 investment in the S&P 500 during January 2009 would have been worth roughly $284,000 as of the end of December 2018." It's also important to check in with your investments once in a while to make sure they're properly allocated.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Half of Trump counties in 2016 election were mid-recession: report - Business InsiderAlmost half of the counties Trump won in the 2016 election were in the middle of a recession that shrunk their economies
Source: BusinessInsider - 🏆 729. / 51 Read more »

These are the best photos Business Insider took in 2019 - Business InsiderThe year in pictures: From iconic IPOs to the backstage of Carnegie Hall, these are the best photos from Business Insider in 2019
Source: BusinessInsider - 🏆 729. / 51 Read more »

Google is offering advice on FedNow - Business Insider Intelligence - Business InsiderGoogle's suggestions for the Fed could be effective, but they could also accelerate the threat big tech firms are posing to US payments and commerce:
Source: BusinessInsider - 🏆 729. / 51 Read more »

How One Fruitcake Shop Became A Multi-Million Dollar BusinessThis fruitcake recipe launched a multi-million dollar business See how on Business Insider Today: FUCK YEAH LETS DO SOME SHOTS
Source: BusinessInsider - 🏆 729. / 51 Read more »

The 5 things socially intelligent people do, according to a career coach - Business InsiderAdopt the mindset of a student and learn from the perspectives, thoughts, and feelings of the people around you.
Source: BusinessInsider - 🏆 729. / 51 Read more »

These are the most 'overhyped' startup trends according to founders - Business InsiderStartup founders and employees are fed up with the hype over cryptocurrency, machine learning, and virtual reality, according to a new survey.
Source: BusinessInsider - 🏆 729. / 51 Read more »