Worried about a recession? Don't panic, say financial advisors, but do be prepared investinyou (In partnership with acorns.)
If you don't feel your job is secure, then make sure your resume is up to date, added Lassus.
"If you're great and your job is in good shape that is fabulous but it still pays to think about those things and plan ahead," she said."Look at your entire financial situation in the context of your goals and be able to see how you are tracking those goals, how you are doing in achieving those goals and learn what it takes to get there," he added.
"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.While the rule of thumb is to have three to six months of cash savings set aside perhaps bump that up to six to 12 months if you can, Boneparth suggested.
"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," he said."Are there ways you can cut back just in case you need to?" she said.
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