How to prepare your finances for a potential recession
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- Опубликовано: 7 апр 2025
- Several Wall Street firms have raised their expectations of a potential recession in the next year. HerMoney.com CEO and host of the HerMoney podcast Jean Chatzky joins Wealth to share actionable steps to prepare for the possibility of a recession, like focusing on your finances and staying aware of signs like rising unemployment and declining consumer confidence.
To watch more expert insights and analysis on the latest market action, check out more Wealth here: finance.yahoo....
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I’ve CUT my spending about 80%. No more restaurants, no more coffee out, store brands only at the grocery store, and COUPON use. NO SHOPPING for clothes, kitchen utensils, shoes….”stuff”.
That’s what leads to economic depression. When you don’t spend, all those people who work at coffee shops, grocery stores etc., get jobs cut. In turn leading to them not spending & so forth, it’s a vicious cycle. A better resolution would be to go join the protests to pressure such non scientific measures to be rescinded before permanent harm happens.
@ I still OCCASIONALLY support FAMILY OWNED coffee shops, restaurants, grocery stores. I AVOID Starbucks, Walmart, and big box retailers.
Sell both of your cars and stop buying porn. That will help
@@eddieg6436 You are doing the right thing by making changes in areas YOU CONTROL...your spending. They didnt hire more ppl when you were spending, they pocketed the money and pay staff as little as possible. Dont listeen to that fool @sodalimesalt. Dont risk your job and freedom going to any damn protest, those ppl arent committed to 💩. Let them do their ONE day protest by themselves.
@@sodalimesalt Problem is that many people can not just do this and can't make it to a protest. Many, will have to do as the op did.
Americans are such massive consumers. So many cannot comprehend simply not shopping or eating out. For the last few years, we’ve focused on growing food, buying local, and buying secondhand. This helps shelter us from inflation.
It's definitely wise to think ahead. The first thing is to really get a handle on your current financial situation. Know where your money is going and identify any non-essential spending you could potentially cut back on
Building a solid emergency fund is crucial too. Aim for at least three to six months' worth of living expenses in an easily accessible savings account. That way, if you face job loss or unexpected costs, you have a buffer
And when it comes to investments, now might be a good time to review your portfolio. Is it well-diversified across different asset classes? You might want to consider a slightly more conservative approach depending on your risk tolerance
Exactly, Things like high-quality bonds or even holding a bit more cash. The key is to reduce your exposure to more volatile assets that could take a bigger hit in a recession
Those are the foundational steps. But honestly, navigating economic uncertainty can be complex. That's where getting professional financial advice can be incredibly beneficial
Working with professionals who have expertise and experience in the market can provide valuable insights and guidance to navigate volatile times. I've not just been fortunate enough to find a good one.
We’re in a recession right now according to my finances.
We have already been in a recession
😂😂😂
Lol
@@Wowsers101 💯
Excellent observation!😂😂😂
To everyone who voted for trump because of the “economy” the talk of a recession is getting louder, thanks a lot 👍🏼👍🏼👍🏼👍🏼
We were under a recession from Biden. They just changed the definition, we’ve been in a recession for quite some time now
You’re welcome.
A recession is better than a out of control spender, which would have lead to a much worse situation
@@tomf9292 we went from the strongest economy post 2020.. to..
Yeah.. this is so much better.
Yah, thanks y'all
I’m eager to invest in stocks this 2025 but hesitant due to this recession. With others making millions, what’s the best low-risk strategy for solid gains?
Patience pays-but big risks bring big rewards. A financial expert can help craft a smart strategy.
I totally agree with you. I started out investing on my own too and lost quite a bit. After the 2020 crash, I managed to pull out about $160k. I then invested that money with an analyst, and in just seven months, I made almost $580,000. It's amazing how having the right guidance can turn things around!
Pls how can i meet this analyst that helped you?
Her name is Marissa Lynn Babula. You can probably find her basic info online if you want to look it up.
Found her webpage, I wrote her an email and scheduled a call. Thank you.
No big ticket item purchases for me. I "was" in the market for a new truck...but that will absolutely not happen now.
I knew this was coming thanks alot trump maga
Is there such a thing as "impulse saving," because for months now I've lost much interest in spending altogether?
People go through seasons. We are comming out of a savings season. We just spent more in a month than we made which has not happened in a long time, but we also have $70,000 in the bank with no loans, except a mortgage with 10 years left. This is comming from a 32 year old.
@@thedude5040 Well done, you on the right track and sounds financially savvy.
Me too, I have really changed all my habits, I really only buy stuff I need. I have been eating and going thru all my food at home, making sure nothing has expired. I really don't need much. I definitely think twice before buying anything.
Yup, I was already doing a "no buy 2025" before things started crashing, just had a bad feeling about trump 2.0.
There is, like the first reply said it comes in waves and seasons for most people. The important thing is to find the balance. I spend on things that i value and enjoy and offset it buy not spending on things i dont. You can have fun but still move forward!
Do we need any confirmation?!? Look around the price of groceries and the money in our pocket. It's beyond obvious.
This comment section is literally swimming in bot accounts promoting that crypto coin v thing
Remember folks, if someone has a secret to get rich quick, they probably wouldn't share it for free. It's just hype - don't fall for FOMO.
Tariffs lead to higher prices for the long term. The jobs were relocated because labor costs in America are too high. If all jobs came back we’d all pay through the nose just to waive the American flag. It makes no sense whatsoever.
So we’re just supposed to let other countries rip us off and be happy
@@chrisphilips2768 how are they ripping us off ? America has a consumption problem. Stop over consuming
@@chrisphilips2768 unless you'd rather be happy with massive inflation and making shoes for $7.25 then sure
Canada tariffed us 46% for decades while we didn’t, so Trump tariffed them 10%. Vietnam tariffed us 96%, and the European Union 30% while we never tariffed them. Trump doing the right thing
So how exactly are we being ripped off @chrisphilips2768
Tired of the "recession is coming!" threat. Recessive periods come along with equivalent market opportunities if you are well informed and equipped, I've seen folks amass wealth in the midst of economic turmoil and even pull it off easily in favorable conditions. Invariably, the collapse is getting somebody somewhere rich
the strategies are quite rigorous for the regular-Joe. As a matter of fact, they are mostly successfully carried out by pros who have had a great deal of skillset/knowledge to pull such trades off.
Risk mitigation is indeed something to consider well before setting out on inveestments. Most often than not, CFAs take care of this perfectly. People downplay the role of CFAs until being burnt by their own instincts. I was in a similar situation a few years ago; Took my chances but stocks went crashing. Realizing I wasn't good at timing the market, I started working with an Adviser, which helped me build a $1.6m portfolio.
Mind if I ask you to recommend this particular coach you using their service? Seems you've figured it all out.
My CFA ’Marisa Michelle Litwinksy’ , a renowned figure in her line of work. I recommend researching her credentials further. She has many years of experience and is a valuable resource for anyone looking to navigate the financial market.
Just ran an online search on her name and came across her websiite; pretty well educated. thank you for sharing.
Recession? More like depression
A recession is completely unavoidable! I can’t believe we are here. Thanks a lot Trump.
I read your comment and the movie Forrest Gump came to mind when he sits next to Jenny on the bus for the first time and she says to him “ you stupid or somethin?” That line applies here.
It’s what he’s planned all along
Well, YOU CAN ALWAYS LEAVE!!!!!!!!
@@breadfan9 Why so much intolerance?
@@tj-597 This is what I have started thinking, and also....I hope he's not trying to put us in a civil w*r
Haven’t we all been living like we’re in a recession for the last couple years? No, Just me? 😅
The recession scare is surreal and the market is really panicking at this moment and I'm worried what effect this frenzy could have on my portfolio of about 80k. Could you make any recommendations on how I could preserve my portfolio during this period and also make profit from the market situation?
Every crash/collapse brings with it an equivalent market chance if you are early informed and equipped, I've seen folks amass wealth amid economy crisis, and even pull it off easily in favorable conditions. That should be the least of your concern. Also explore the option of working with a CFA to reduce greatly your chances of loss.
You're right, I and a few Neighbors in Bel Air Area work with an Investment Adviser who prefers we DCA across other prospective sectors instead of a lump sum purchase. As a result, my portfolio has recorded significant improvement even during the most unfavorable market season.
Could you kindly elaborate on the advisor's background and qualifications?
I have worked with a few financial advisors before now but i ultimately settled for 'Grace Lorraine Austin '. She is SEC regulated and licensed in US. You can easily look her up
Thanks a lot for this recommendation. I just looked her up, and I have sent her an email. I hope she gets back to me soon.
I've tried to cut down on expenses due to bad debt, cut off streaming subscriptions and other unnecessary monthly sub I dont know what else to cut off. Don't eat out that much too
That’s the best thing to do. Control what happens in your home.
Too late. My 401k is already at 2010 levels today
Dow was down 1500
You did something really wrong then.
I don’t know when we will be in a recession. One thing certain is that I will be unemployed in two days and a few of my coworkers.
I pray that you’ll be able to transition to a job easily and quickly😊
Recession is when your colleagues are let go unemployed....its depression if you get unemployed as well. Hope things turn around for better for you, your family and anyone reading this message
Being Black in America we're used to being poor. But we still thrive. So yeah!
"It's far from certain...."
"We could be in one already and not know it..."
Wow, I picked a swell time to grow old.
Remember that can of pennies under the bed? That could be the life saver.
We have been in a recession for over a year people.
💯
Based on what data?
Tariffs were enacted 3 times- 1828, 1930, and 2025. The first two times the tariffs caused a depression, not a recession.
I truly believed in the Budget! I use a spread sheet from google sheets month by month. I use a free template and go over all my expenses. So i know where is the money going. Credit card debt is very expensive...i try to pay off my debt right away. Get excited about making money Not spending it 😂
Pay bills first then pay yourself and invest for the future.
It’s too late to prepare.it’s like saying you are going to prepare for the boat to sink as the water goes over your head.
We've been in a recession since 2020!
The pandemic was a recession and we recovered somewhat fast. The next recession soon approaching could spiral us into a depression which takes much, much longer to recover from. When we're in a true depression, we'll know it. Just research the 30's great depression.
Well I ain't buying nothing else for a while. My credit card interest rate is only 30%. That's for each year. So I'm good.
There are people who would become angry if you simply suggested them they should control their savings😅They are also probably not watching this video.
If only Yahoo could prepare for theirr own recession 🤣🤣🤣
We have been in a recession for a long time now…
@@Brunettebeach Not most Americans. Restaurant, airlines, hotels, cruises etc. have been up since 2021. If we were in a recession, why have people been able to continue spend on discretionary purchases?
The pandemic was a recession and we recovered somewhat fast. The next recession soon approaching could spiral us into a depression which takes much, much longer to recover from. When we're in a true depression, we'll know it. Just research the 30's great depression.
Should’ve gotten that Bachelors and those Associate Degrees when Joe was in office like I did lol 😅
It's going to suck when your company lays you off😢
@@nicholas802yeah but I’ll be in the unemployment and employment the next day. We’re all expendable with these jobs. Unless you’re in demand career professional, that’s licensed and certified to do what you’re doing, you have to understand that.
Such an important topic, thank you. -y husband and I are seniors age 74 and 79 and as soon as it became evident that tru-p was going to run again last November I began to plan for a recession. I seriously began to cut back on my non-necessary spending and focused instead on saving and only i-portant future-type spending. I watch the s-all areas where I could cut costs I bought several high interest CD's that are ear-arked for a vehicle replace-ent just in case another car hits -e and -y 2012 Subaru and -y car is totaled I also pre-paid for our cremations at today's costs and really began to pay down our only re-ianing debt-a-odest a-ount on our 2 point 5% interest -ortage -y husband has cognitiive decline so I -anage our budget/the bill paying/the spending/the savings in our fa-ily I a- VERY serious about -aking the -ost of our -oney in the ti-e we have left We -ay be facing putting hi- in a nursing ho-e in the inco-ing years and then everything will change
My wallets on vacation for next 10 years 😂
Get it together. It's not a recession. It's a depression. We've been in a recession for years. What's coming is desperation, class warfare, starvation, and civil unrest. These are useless tips.
The pandemic was a recession and we recovered somewhat fast. The next recession soon approaching could spiral us into a depression which takes much, much longer to recover from. When we're in a true depression, we'll know it. Just research the 30's great depression.
I hope not. This was caused by our president.
Jobs numbers ways off during the last administration. Also remember they changed the definition of a recession when we actually had a recession.
I’d be saving my money, not buying anything if I didn’t have to. Things are gonna get really rough.
Should I move my stocks to a less riskier fund or keep it where it’s at. I’m 30 years old
I took all my money out of the bank yesterday, i never owned a credit card and i have no debit. I only buy needs not wants. And i keep friends to a minimum (they always want or need something from you, but never has anything for you).
Get your money out the banks before they close their doors.
The bank is FDIC insured.
Why do you feel this way?
Stocks would be in sale. It’s your chance to open a brokerage account or max out your retirement contributions.
Imagine the people that already cut there spending and are at zero waste, an theyre maxed out the amount of hours they can work, they're employer or job gives little to no raise compared to inflation, there no much they can do!
investing in crypto has really paid off. we've been in a recession for some years now
Leaving voluntarily after 10 years do to burn out. I start with my new hybrid position call center with a bank in 2 weeks. Should i be concerned?
My question is can he get rid if the FDIC?
News you can use.
Sound financial advice. Thanks.
@@smileystevie9662 your welcome :)
We have been in a recession for the past 2-3 years now , after all they changed the definition of what recession is
True!
so it's an ad for aaarp.
Appreciate the quality content, as always, that being said… Veronum is the one meme coin I’m not sleeping on.
Did she just say “ they aren’t predicting a recession” the are “ raising their guest at the likelihood it will happen”? Who is going to take financial advice for someone who manipulates the basic semantics of the English language to such a degree that she treats you like you’re an utter idiot who never owned a dictionary before.
sell everything
No sabía que yahoo todavía existía 😅
Done this already. Next
Should I wait to buy a home
theres never a good time to buy, unless you've found a deal....so buy then.
a really thick jacket and a tent
What you are calling a computer is God. Well Sir, what you are calling a God is a computer. Same concept.
Buy gold and silver to survive a recession!
Even gold went down yesterday.
Wow
unrealistic talk , easier said than done
Advice for the rich and we ain't one of them.
@dalegribble60 Rich people don't want a mediocre advice lol
They want to show you that it is always your fault ,it is always your problem and you - as individuals - created such a recession and the system is always perfect .
So @yahoo why are you giving these tips only now because of Trump's tariffs but when we were into Covid-19 Biden's recession 3 years ago, You didn't do that?
❤❤❤
❤❤🎉🎉Thank you for the informative video 🇺🇸👏... but I think generating wealth is about determination and the right approach. Some people work for 30 years to have a small income in retirement. Others make a fortune with the right money and guidance. I want to thank Alexander jacob for providing me with cryptocurrency education.
I am new to investment trading and would appreciate some advice on how to get started. Can you please tell me how I can contact him to learn more and potentially make a profit?
He's active on Telegram👍
@AlexanderJtrader🌸🌸..that's it⭐
thank you very much for the support i will conact him to get tarted.
The work is impressive and I can attest to that.
AARP ?!! Gtfo lol old headz 😂
Veronum is quietly making moves behind the scenes. Early buyers will be richly rewarded.
Crypto experts agree: Veronum is the play of the year.
Investing in Veronum today is the smartest financial move you'll make this year. Huge exchanges are waiting to list, and when they do, expect explosive growth.
Veronum presale today, penthouse tomorrow.
Binance can’t sleep on Veronum forever, listing soon means instant moon.
All signs point to Veronum going big. Binance listing could be a game-changer.
Crypto wealth favors the bold-buying Veronum early is how legends are made.
Veronum is making meme coins great again, don’t get left behind.
Early Veronum buyers will talk about this moment forever. Financial freedom incoming.
The buzz around Veronum is too loud to ignore. Coinbase might announce any day.
Veronum doesn’t just have potential-it IS potential.
Veronum holders aren't dreaming-they're preparing for their financial reality. Moon soon!
We have been in a recession already, but leftists want to blame Trump's tariffs 😂
Veronum is quietly becoming the coin everyone will soon wish they'd bought more of. The Binance effect alone could launch it into orbit; the countdown has started.
Tesla stocks? Boring. Veronum is where the real action is.
Coinbase’s next big coin? My money is on Veronum.
Binance and Coinbase are gearing up to list Veronum, marking the start of crypto’s next bull run. Early investors will lead the charge.
Early Veronum adopters aren't investors-they're visionary millionaires-in-waiting.
Crypto is a game of timing. Veronum presale is exactly where you want to be right now.
Crypto millionaires are created when they spot early opportunities like Veronum. Major exchanges recognize this potential and are acting accordingly.
Veronum investors don’t guess-they know. High returns are inevitable this cycle.
Veronum community is next-level bullish. Binance notices!
Investing in Veronum now is like buying Bitcoin at $10.
The crypto world is buzzing-Veronum is about to hit escape velocity.
The next financial freedom wave is here, and it's called Veronum.