As we’ve reported, Wall Street and many small businesses are bracing for an economic shock sometime in 2023. It can be a tough time for many of us with everyday finances.
you have been warned. Do what you can to weather the downturn instead of being surprised and discouraged when the time comes. Among other things, experts recommend:
- spend down
- pay off consumer debt
- Find new sources of income
- Bolster emergency savings (and keep them in accounts that pay high interest)
In other words, don’t expect the inevitable. Plan for it. Use these strategies to set yourself up for a recession.
1. Invest in gold before the market falls
Keeping all your money in one place (stocks, bonds, cryptocurrencies, you name it) is a recipe for lose Money, not to make it. Diversification is the key to financial security. Here’s an easy way to get started: Buy gold and/or other precious metals from Oxford Gold Group,
Oxford Gold Group Allows you to invest in a Gold IRA account that adheres to Internal Revenue Service (IRS) regulations. They also offer gold bars and coins, as well as silver (including silver IRAs), platinum, and palladium.
Oxford has a 4.9-star rating (out of five stars) on Trustpilot, where 96% of reviewers rate the company as “excellent” and 4% rate it as “great”.
Oxford has an AA rating with the Business Consumer Alliance and an A+ rating with the Better Business Bureau.
If you have ever thought of investing in gold, Try Oxford Gold Today.
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2. Don’t let home repairs destroy your savings
Maybe you can’t think about improving your home because you’re too busy trying to keep it from falling apart.
What you do need is protection against things like broken appliances, electrical problems, and an air conditioner that doesn’t cool.
with a company called America’s First Choice Home Club, you can protect yourself from huge repair bills. From appliances to electrical, plumbing, and heating and cooling systems, if it breaks, they fix it.
Their in-house repair team is available 24/7 to ensure a smooth repair process should something break down. You can choose your own technician or they can send you one from their national network if they don’t have one in mind.
Throughout the United States, homeowners choose AFC Home Club For the savings, service and peace of mind it provides.
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3. Protect yourself from costly car repairs
Remember what we said earlier about how expensive home repairs have become? Auto repair has also gone into the stratosphere. One shop told Consumer Reports that its average repair a decade ago was $1,600. These days, the average bill is $4,000.
Typically, a vehicle manufacturer’s warranty only lasts for three years. However, the average driver will keep their car for about a dozen years. If You’re Worried About Saving Thousands of Dollars for Repair Bills, Protect Your Investment Endurance,
The company offers an extended warranty plan of up to 36 months. These aren’t auto warranties, but they’re the closest they come. Choose from six different plans to get the coverage you really need for cars up to 20 years old.
Your All Guarantee includes 24/7 roadside assistance, as well as car rental benefits while your vehicle is repaired. For the first year, you’ll get the Elite Benefits Program for free; This includes comprehensive tire coverage, key fob replacement, collision waiver, and a $1,000 payout if your car is determined to be a total loss.
Endurance Has a network of over 350,000 ASE certified repair shops. More important: Endurance pays the repair bill in advance. You only need to cover the deductible.
The company has a 4.4-star rating with Trustpilot. ConsumerAffairs.com calls it a “solid choice” for drivers of any age and “especially attractive” for those with older vehicles.
Stop Worrying About Expensive Car Repairs
4. Lower Your Auto Insurance Costs by $610 a Year
If you’re like most Americans, you’re probably paying too much for auto insurance. But finding the best deal can be a hassle.
Or maybe not?
take a few seconds and see provide insurance, the largest insurance market in the United States. Provide Insurance allows you to compare quotes from over 175 different companies in minutes.
Simply answer a few questions about yourself and your driving record. Then Provide will show you the best options for your needs and budget.
can save up to $610 per year In auto insurance using the provided marketplace. You can use that money to travel, pay off debt, or just have more fun.
See how much you can save today
5. Safeguard and Protect Your Retirement Savings
A study by investment firm Vanguard found that, on average, a hypothetical self-managed investment of $500,000 would grow to $1.7 million over 25 years if you managed it yourself, but if you worked with a professional If we do, it will exceed $3.4 million.
Of course, there’s no guarantee that a professional will do it better than you, but with so much at stake, you’d be crazy not to check it out. At the very least, they can help you create a plan, maximize your Social Security, protect your assets, and provide peace of mind by making sure you’re on the right track.
now there are free online services This makes it easier than ever to find approved financial advisors in your area. You complete a short questionnaire and are immediately assigned to three local fiduciary financial advisors, all legally required to act in your best interests.
The process only takes a few minutes, and in many cases, you’ll be connected with an expert right away for a free retirement consultation.
Nothing to lose, potentially a lot to gain: Take a minute and watch it now!
(Please carefully review the methodology employed in Vanguard’s white paper, “Putting a Value on Your Value: Quantifying Vanguard Advisors’ Alpha”.)
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Our readers report that they saved an average of $941 with our simple and straightforward advice.
