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.
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