Financial Suggestions For Surviving The Recession
With worry mounting nationally about whether the U.S. is headed into a recession – or already there – a lot of people are wondering what they can do to make themselves more financially secure in the future.
KXLY’s financial expert Darin Hayes from D.A. Davidson & Co. was on Good Morning Northwest Wednesday morning to offer a few suggestions.
“There’s basic rules that you want to follow,” Darin says. “First thing would be to pay off any high interest debt.”
After that, Darin recommends building up an emergency fund of three month’s salary or more.
“That way, if something bad happens, you borrow from yourself, not from a credit card,” he says.
Furthermore, he suggests taking advantage of your company’s 401k program, especially if the company matches whatever you’re putting in, which he refers to as “free money.”
If these basic safeguards are taken, then Darin suggests exploring investment options. Even if it’s as little as $100 you’re using to tiptoe into mutual funds, the slow accumulation of a reserve fund could pay off huge dividends down the road.
While Hayes suggest that the data isn’t completely in yet regarding just how hard our economy is going to get hit, he still cautions that there are troubling signs.
“These are very volatile times,” he admits. “The market’s kind of searching for its bottom, if you will.”