Don’t wait for the inevitable – plan for it. Use these tactics to position yourself for a downturn.
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. 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 the long haul — especially since Goldco offers $10,000 or more in free silver to all clients with qualified accounts. Plus, shipping is always free.
Goldco has an A+ rating with the Better Business Bureau, an AAA rating from the Business Consumers Alliance and 5-star ratings with Trustpilot, Trustlink, Google Reviews and ConsumerAffairs.com.
Protect and secure your wealth. Request your free investors guide now.
2. Erase your credit card debt in 24-48 months
Sometimes you get dragged into debt by forces beyond your control. Case in point: the pandemic. A recent study indicated that 72% of Gen Zers burned through their savings, and more than half stopped paying their credit card bills.
Stuff happens. And sometimes your debt just isn’t repayable. But with help from a company like National Debt Relief, you can address the obligation head-on.
The company exists to help people get back on their feet after debt has dragged them down. One possible solution is debt consolidation, which means putting your total debts into a single loan, with a single monthly payment.
If you were only making minimum payments on your maxed-out plastic, it could take 10 years or more to become debt-free. However, with National Debt Relief, you’ll get out of debt within 24-48 months, according to the site.
The company has an A+ rating with the Better Business Bureau. It doesn’t cost a dime to sign up or to cancel with National Debt Relief, and you’ll be charged a settlement fee only if you accept the deal. If they can’t settle your debt, then you owe them zip.
Ready to be debt-free? Get your free, no obligation consultation today.
3. Don’t let home repairs drain your savings
Having homeowners insurance is essential – but it also isn’t enough. Your house is full of systems and appliances that can (and will!) break down, and that isn’t covered by homeowners insurance. Finding a reputable repair company on short notice can be challenging, and the costs can be terrifying – especially if two or three things break down in the same year.
Don’t struggle to pay for repairs. Protect yourself against them, with help from Select Home Warranty. The company offers three levels of coverage for your appliances and heating/cooling, plumbing and electrical systems.
When something goes wrong due to normal wear and tear, you just call Select Home Warranty, day or night. The company has a wide network of reputable repair folks who will fix what’s wrong.
And if they can’t fix it? Select Home Warranty will replace it. All that you pay is a service fee.
You don’t need a home inspection to qualify for a warranty, and there’s no limit to the number of claims you can file. Right now, Select Home Warranty is offering $150 off plans, two months for free and free roof leak coverage.
Don’t let expensive home repairs drain your bank account. Get a free quote in 30 seconds.
4. Shield yourself against costly auto repairs
Remember what we said earlier about how expensive cars have become? Car repairs have gone into the stratosphere, too. One shop told Consumer Reports that a decade ago their average repair was $1,600. These days the average bill is $4,000.
Typically, a vehicle manufacturer warranty lasts three years. Yet the average driver will hang on to a car for about a dozen years. If you’re concerned about coming up with thousands of dollars for a repair bill, protect your investment with Endurance.
The company provides extended warranty plans of up to 36 months. These aren’t auto warranties, but they’re auto-warranty adjacent. Choose from among six different plans, to get only the coverage you actually need, for cars up to 20 years old
All their warranties include 24/7 roadside assistance plus rental car benefits while your vehicle is being repaired. For the first year, you’ll get the Elite Benefits program for free; this includes complete tire coverage, key fob replacement, a collision discount and a $1,000 payment if your car is determined to be a total loss.
Endurance Warranty has a network of more than 350,000 ASE-certified repair shops. More important: Endurance Warranty pays the repair bill upfront. All you need to cover is the deductible.
The company has a 4.4-star rating with Trustpilot. ConsumerAffairs.com calls it “a solid choice” for drivers of any age, and “particularly appealing” for those with older vehicles.
Stop worrying about expensive auto repairs. Get your fast, free quote today.
5. Protect and secure your retirement savings
A study by investment firm Vanguard found that, on average, a $500,000 investment over 25 years would grow to $1.7 million if you manage it yourself, but more than $3.4 million if you work with a professional.
Of course, there are no guarantees a professional will do better than you, but with that much at stake, it would be crazy not to at least check it out. If nothing else, they can help you create a plan, maximize your Social Security, protect your assets and offer you peace of mind by ensuring you’re on the right track.
These days, there are no-cost online services that make it easier than ever to find trustworthy financial advisers in your area. You fill out a short questionnaire and are instantly matched with up to three local fiduciary financial advisers, all legally bound to work in your best interests.
The process only takes a few minutes, and in many cases you’ll be connected with an expert immediately for a free retirement consultation.
Nothing to lose, lots to potentially gain: Take a minute and check it out right now!
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