Are We in Recession? Understanding Recessions, Causes, Effects and How to Recession-Proof Yourself
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A recession is defined as a decline in a country's GDP for two or more successive quarters. It is caused by factors like fiscal and monetary policy changes, shocks from increasing oil prices or geopolitical events, and the 2008 housing and subprime mortgage bubbles. The effects of a recession include declining home values, higher unemployment, reduced business expansion and stock market performance. While recessions are a normal part of the economic cycle, the current risks of a global recession are estimated at 25% due to interconnected global markets and trade. Individuals can recession-proof themselves by reducing debt, saving an emergency fund, continuing education and staying positive.
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Are We in Recession? Understanding Recessions, Causes, Effects and How to Recession-Proof Yourself
- 1. May 14, 2008 AMERICAN SLOWDOWN OF 2008 - are we in RECESSION ?
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Editor's Notes
- Stock up on emergency funds. Slim down the debts Take risks that let you sleep at night. Stay positive Educate yourself s hore up your balance sheet . When times are tough, it ’ s even more important to cut spending, trim debt, and bolster your emergency fund . During a recession, you want to be especially prepared for unexpected financial setbacks. Gandel also suggests that it ’ s time to shore up your portfolio . If you ’ re really scared, consider putting more money in bonds. Otherwise, just keep a balanced portfolio with some overseas investment. (I haven ’ t covered any of these topics yet at Get Rich Slowly — someday, someday.) Finally, work harder and smarter . “ The best way to blunt a recession ’ s impact on your family is to keep your job