About this Video

• Video Title: How to prepare your finances for a potential recession
• Channel: Yahoo Finance
• Speakers: Gene Chadsky
• Duration: 00:05:09

Introduction

This Yahoo Finance video discusses preparing for a potential recession. The interview features Gene Chadsky, CEO of HerMoney.com, who offers advice on financial steps individuals can take to mitigate potential economic hardship.

Key Takeaways

• Monitor Economic Indicators: Pay attention to rising unemployment, declining consumer confidence, and slowing consumer spending as potential recession signals. The data may lag, so be proactive.
• Job Security: If your job feels tenuous, update your resume and LinkedIn profile. Don't quit your job unless you have another lined up.
• Budget Control: Track your spending, cut unnecessary expenses (subscriptions, takeout), and maximize savings. Consider high-yield savings accounts for better returns.
• Smart Shopping: Shop around for high-yield savings accounts and CDs to optimize interest rates. (Example: Barclays program for AARP members).
• Avoid Financial Mistakes: Minimize credit card debt due to high interest rates, and avoid emotional portfolio management; maintain consistent contributions to retirement accounts regardless of market fluctuations.