A self-made millionaire shares her top 18 ‘recession money rules': It is ‘reasonable to be worried' [CNBC]
Campbell Soup Company (CPB)
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Source: CNBC
With all the concerns about economic growth, it's reasonable to be worried about a potential recession. But the key is to start preparing now so that you're in the best position with your money, in the event that a recession does hit in the next six to 12 months. As a business Ph.D. and fintech entrepreneur who runs a multimillion-dollar company , I urge everyone I meet to remember that a recession can provide opportunities to get your finances in order To boost your chances of surviving an economic downturn, here are my top 18 recession money rules: 1. Build a 12- to 24-month emergency fund. In a stable economy, experts recommend saving for three to six months' worth of living expenses. But Catherine Valega, a CFP and wealth consultant, suggests that workers aim for 12 to 24 months in case they get laid off. “I do tend to be more conservative than many because I have seen three to six months in emergency expenses, and I don't think that's enough,” she told CNBC in May.
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