COLUMBIA, SC (WIS) –With everything that’s happening, are we in a recession?
We only really know if we are or have been in a recession with hindsight. That being said, there are a lot of warning signs right now that we didn’t see last year.
Whether it’s the big market crash, rising inflation, or rising interest rates, there are many concerns.
However, we still have a very strong job market and job losses are usually a big indicator of a recession as well.
If we are in a recession, how long could this last?
Some of the worst recessions have lasted longer than two years. However, most only last six to 12 months. That means if we’re in a recession now, we might already be halfway through it.
What can we do to prepare?
Consolidate your base. This is how you ensure that your job has a really good, strong foundation. Pay off debt, build short-term savings, and continue to contribute to your investment accounts.
Once we know we’re in a recession, stocks usually do very well over the next 12 months.
The last thing is to avoid big tickets or risky investments at this point.
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