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Ways You Can Prosper During a Recession

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By ANDREA NEEDHAM/for The Herald  —  The free market requires ups and downs so that economic focus flows from declining industries into burgeoning ones. Studies show that the richest individuals experience substantial wealth creation during financial downturns. Learn from their example and see how to thrive during an economic decline with these tips from Highway 58 Herald.

Recalibrate Your Mindset

Reassess your financial strategies and short-term goals. While prosperous times with low-interest rates are optimal for taking advantage of strategic debt, build up your cash reserves when a recession appears on the horizon. Success-minded people are proactive, not reactive. Stick to a financial wellness plan so you don’t make costly impetuous decisions. Study previous market corrections to find out how others in your situation came out on top.

Reformulate Your Budget

You can’t afford to be wasteful when prices are high and opportunities are scarce. Minimize your debt, focusing your attention on high-interest loans first. Credit card debt is usually the number one culprit here, so transfer to a low-balance card or consolidate into a personal loan. Eliminate needless spending and find bulk deals on everyday items. When shopping for supplies, whether home-related or for your pet, look into reviews and ratings before making a purchase. This enables you to make wiser buying decisions that can stretch your dollars further.

Refinance to Refocus Your Dollars 

Refinancing your home can put your money to work where you need it. You can cash out some of your equity for an emergency fund or pay off other debt. When interest rates drop in response to market struggles, you may find it an excellent time to change a ballooning adjustable rate to a lower fixed rate.

Reinvest in Your Home

Wealthy individuals understand the need to double down on protecting their most valuable investments in tight times. Your most significant asset is likely your home. The expense could seriously hamper your wealth-building activities if your dwelling requires considerable repair. Review your options for a home warranty, which can save you thousands of dollars, especially if the property is approaching milestones in its age.

Gain a thorough understanding of the various insurance coverages. For instance, your homeowner’s insurance is designed to protect you in case of theft, damage to the home structure, or injuries on the property. A home warranty handles the cost of repairs to broken appliances and failing home systems. Items like your electrical, plumbing, and HVAC systems may be vulnerable after extreme weather, so find a reputable company by reading reviews online. Investigate their policies to ensure their plans fit within your budget while covering necessities. Keep your contract up-to-date since it is renewable annually, and a lapse in coverage could leave you on the hook for a significant repair.

Recession-Proof Your Earnings

Wealth doesn’t disappear during a recession; it just shifts to less prominent locations. Identify the needs of individuals and businesses during an economic downturn. Stay involved in community events to determine local demands. Then start a small business to position yourself for work in circles where cash continues flowing.

One idea is offering repair services. People look to keep what they have functioning well and are less likely to buy new items. A subscription model where clients keep you on retainer can work well to maintain continual cash flow. More working individuals mean childcare services become even more valuable, so consider a home daycare. Affiliate marketing is another great way to make money online, and launching a blog is one of the best ways to get started. With affiliate marketing, you promote products or services on your blog and earn a commission when someone clicks on your affiliate link and makes a purchase.

You can take advantage of changing circumstances with attention to the market and quick action. By creating a recession-proof income stream with a new job and saving money with ideas like a home warranty, you can come out ahead of the pack.

Highway 58 Herald is headquartered in Oakridge but provides news and information for all communities along the 87-mile scenic corridor through the Oregon Cascades. Call 458-675-9203.

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