We cannot know how long, or how severely current market volatility will impact our investment portfolios. Either way, there are a number of sensible steps you can take before, or even during a recession that can add real value to your financial well-being.
In a March 3rd Grand Rapids Business Journal column, Anastasia Wiese, JD, CFP® offered 15 such timeless tips for preserving, protecting, preparing, simplifying and understanding your financial worth.
To preserve your wealth through fair markets and foul, Anastasia advises us to always keep a sharp eye on creeping costs and burdensome debt loads. Protect your wealth against malicious activity by freezing your (and your kids’) lines of credit. Prepare for an unknowable future by maintaining a rainy-day fund, contributing to your retirement plan, and keeping your estate plans in order. Stay on course by advancing your own and your loved ones’ financial literacy, maintaining open lines of communication among family members, and simplifying your financial affairs wherever possible.
To explore all 15 of Anastasia’s tips on how to “recession-proof” your financial interests, you can read her full article here.