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How To Prepare for a Potential Shift

Friday, August 26, 2022   /   by Nick Waldner

How To Prepare for a Potential Shift

Three tips you need to know to prepare for a potential market decline.

What is a recession? It’s a period of economic decline. The last two years have seen a large amount of economic growth, but now we’re seeing that growth come to an end and start declining instead. While we don’t know yet if we are going into a recession, here are three things you can do to prepare for it:

1. Focus on your budget. What areas of your spending are you able to cut? During the pandemic, we needed services like Hulu, Netflix, and numerous others. Now may be the time to cut those extra expenses out of your budget. Know what you need to spend each month to live a comfortable and reasonable life. 

"Act when other people are fearful."

2. Confirm your job security. Are you in a position where you aren’t worried about where your job is going or if you’re a valued asset to your company? Great! However, if you have some fear about losing your job or the company going under, start thinking about looking for other jobs now.

3. Strike while the iron is hot. If your budget is in line and your job is secure, now is the time to buy a home. Act when other people are fearful, as Warren Buffet would say. Be smart. Make sure your finances and job are in line, and then make your move while everyone else is sitting on the sidelines.

If you have any questions about these tips or real estate in general, reach out with a phone call or email. I’d be happy to help!