How to Prepare for a Recession
Recessions are an economic reality. They're also difficult to predict with any precision; they typically start before anyone even knows they're happening and end before economists have enough data to know they're done. Moreover, they're also usually pretty short. Since the end of the Great Depression, there have been 13 recessions in the U.S., and 9 of those were less than one year in duration.
But the individual impacts of a recession can be much bigger and longer lasting, causing permanent financial damage to those who aren't prepared to ride out the short-term implications and quickly get back on their feet. Millions of Americans still haven't recovered from the Great Recession (2008-2009). Many never will.
Following a plan can help you minimize the harm -- and perhaps even profit -- from the next recession. Image source: Getty Images.
Quelle Fool.com
