There are daily debates about whether or not the U.S. is or is not in a recession. Honestly, I don't even know what recession means. If everyone I know is broke, and everything is expensive, does it matter what we call it?
Practically speaking, recession means jobs are harder to find, the stock market and home sales go down, and it’s tough for people to make enough to offset inflation.
You want to be able to stay employed in case the job market starts to suck. Henry recommends working overtime hours at your main gig if you can. If you can't, consider taking on extra work. Recessions aren’t a good time to gamble your stability.
Think of it as being able to buy something this year for much less than you would have bought it last year. Once we start coming out of the recession, those things you are buying on sale are going to go up and you’ll see your money increase.
Mark Henry, a financial planner in North Carolina
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Rather than worrying about semantics and political narratives, [focus] on how to get through this very difficult economic environment. Depending on your current financial situation, you should either be limiting long-term damage or taking advantage of potential opportunities.
Brian Walsh, financial planner in Grand Rapids, MI