How to Prepare for a Recession

With inflation rates hitting a 40-year high, gas prices are rising around the world.

While the discomfort of a recession will be felt by most of us, there are ways to prepare your finances to see yourself through any economic turmoil, and potentially come out on top.

Jackie Boies, of Money Management, says not to worry too much if you are hearing signs that the U.S. is headed towards a recession.

From making preparations for a turbulent job market, to securing your savings, and diversifying your income here are some ways to help you prepare you for recession.

1. Don't fear a bear market One of the key signs that the U.S. could be headed towards a recession a dramatic decline is the stock market.

A bear market is defined as a prolonged drop in investment prices of at least 20 percent.

There have been 26 bear markets in the S&P 500 Index since 1928, whereas there have only been 19 official recessions in that time.

2. Try to clear outstanding debt If you are concerned about your day-to-day finances during a recession.

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