4 Simple Habits to Protect Yourself From Economic Slowdown
Are you worried about the effects of an economic slowdown on your finances? There are some everyday habits that you can implement to help protect yourself. As a wealth management expert, AOG Wealth Management can also help you make the most of your resources and develop strategies to protect and grow your wealth. Here are four everyday habits you can implement right now to help recession-proof your life:
- Live Within Your Means – This simple tactic will mean that you are less likely to go into debt when food or gas prices increase. For instance, if you have a spouse, you can save significant amounts of money if you choose to live off only one spouse’s income. In the event that one spouse gets laid off, your day-to-day spending will also continue as normal. As a result, economic slowdown will not impact your lifestyle that much.
- Create an Emergency Fund – Financial planning professionals suggest using a high-interest Federal Deposit Insurance Corporation-insured account to help during times of market turmoil or health emergencies. It is liquid, giving you easy access to funds.
- Be Honest About Your Tolerance for Risk – Investments need to provide you with a sense of financial security. They are not worth it if fluctuations in value keep you up at night. If you want to make good investment decisions, then you need to accurately determine your risk tolerance. You also need to have the discipline necessary to not sell while the market is down. Investing is a long-term proposition.
- Maintain a High Credit Score – People with excellent credit are more likely to get approved for a mortgage, loan, or credit card when credit markets tighten. You can keep your credit score high by paying your bills on time, keeping your ratio of debt-to-available credit low, and keeping your oldest credit cards open.
These simple habits will help ease the sting of an economic slowdown. It will also help if you hire a skilled financial advisor like AOG Wealth Management. We focus on creating personalized investment solutions that we base on our client’s specific circumstances and financial objectives. We are the experienced name in our industry in Washington DC, Reston, and surrounding areas. Call us at (866) 993-0203 to learn more tips on protecting yourself from economic slowdown. You can also ask for a complimentary consultation.
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The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation.