How to recession-proof your life. InvestInYou (In partnership with acorns.)
The conventional rule of thumb of many financial experts is to have three to six months of living expenses in your emergency fund.
However, if there is an economic downturn and you are unemployed, you may be out of work for a year or more. After the Great Recession, the average length of unemployment nationally was 29 weeks, and for workers between the ages of 55 to 64, it was one year. Yet, the reality is that 40% of Americans would struggle to come up with $400 for an unexpected expense,
If you don't have an emergency fund, start one. However, what you really need to do is put your savings strategy on overdrive."You want to make sure you have the cash you need so you don't have to sell things at the worst possible time," like after your stocks, mutual funds or 401 have already lost a lot of value, said Lassus, a member of theIf necessary, consider tapping into savings you may normally steer clear of in order to get more cash in hand.
"Nobody wants to reduce their savings to retirement or their kids' college savings, but sometimes redirecting those savings towards greater amounts of cash or liquidity can do wonders for helping you navigate volatile markets, as well as recessions," said certified financial plannerYou can also put funds into a high-yield online bank savings account, and consider opening a
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