We are ‘on the edge of a recession,’ this prominent economist says. 15 pros on how to prepare — including the key ‘lifeboat’ you need now

“Reassess your financial plan (and if you don’t have one, make one),” says Joseph A. Fernandez, CFP, president and CEO at Invenio Wealth Partners, LLC.

“The most important thing we tell clients who are worried about a possible recession is to reassess their financial plan (and if they don’t have one, make one).  Folks need to think like the CFO of their own balance sheet.  Shore up cash reserves as much as possible — perhaps extending their emergency fund to nine to twelve months, deferring major discretionary expenditures and assess spending on things that are not necessarily a priority (separate the ‘needs’ from the ‘wants’).  While we do not control the timing or depth of recessions, we can put ourselves in control of our finances, which will help to reduce the anxiety these periods can cause.”

https://www.marketwatch.com/picks/we-are-on-the-edge-of-a-recession-this-prominent-economist-says-15-pros-on-how-to-prepare-including-the-key-lifeboat-you-need-now-47e99a76?mod=marketwatch-picks