5 Tips For Surviving The Next Recession
by Richard Taylor on May 21, 2020
In this video T&T President, Thomas Quinn, offers 5 useful tips to help you navigate the current recession.
Do you have enough money to ride through the 2020 Virus Recession?
Some of these principles may seem basic or straightforward, but that does not mean they're easy.
00:00: Now is the time to ensure that you're best prepared for this next recession. And in this video I will highlight five ways you can get prepared today. Number one is pay down any high interest debt payments such as credit cards, home equity lines. These unnecessary debt burdens will cause further anxiety and stress if the worst was to happen, and you were to lose your job during this pandemic. Number two is ensure that you're globally diversified. The countries that respond best to this pandemic will be the countries that can return to normality quicker than others. If you're unsure if you're, on how your globally diversified, speak to her advisor, get a breakdown of where you're invested today. Number three is reign in your spending. Now, pubs, clubs, bars, restaurants. You can't go on holidays, can't book holidays. So you're probably currently spending less as a result.
01:03: However, we will open up at some point in the near term, but the recession won't be finished. So these frugal measures are great principles to stick to during this time and throughout this period of this Coronavirus pandemic. Number four, review your liquid cash position. How much money have you got saved in your emergency fund today? Is it six months plus living costs? Is it potentially more? But you may want to create a buffer, but at least review this, ensure you've got enough liquid cash available so you don't have to send anything at this time to create an income stream. Number five is review your investments. Stay the course, and try not to pack. Now, these are basic principles. However, I challenge you to review this in your case today. Go through all five. Can you take off all five? We hope you enjoyed this video. If you want further questions, reach out to us on info at TaylorTaylorusa.com. Cheers.
Taylor & Taylor Financial Services USA LLC is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.