Recession financial survival guide

Are you taking the right steps to protect your finances? Financial expert and founder of nonpoliticalnews.com, Vera Gibbons, has tips on how to stay financially healthy in an uncertain economy.
2:10 | 03/25/20

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Transcript for Recession financial survival guide
It's time to get real about a possible recession. First things first what is it it's defined by two quarters or six months of slowing growth so the economy basic comes to a standstill more or less for now I think it certainly feels like we're in a recession and people are preparing. Paris fashion theory Gibbons lending her own she cents on how to do just that. Talk to meet about an emergency fund. So many people do not have an emergency fund you need to have at least six months worth of living expenses up to twelve months a living expenses set aside in an emergency fund next step. The budget budget budget I would take our real hard look at what's coming in and are what's going out the door and figure out where you can make those cuts and start cutting. Immediately in preparation for. A possible downturn. So which expenses can we start saving on. Your biggest expense is going to be and it's typically your housing expensive so I would take a real her look here housing situation in it releases upper about to be up. You might want to consider finding something else that is less expensive or. Moving into a different have a situation altogether. Maybe even moving back home before you do that Vieira says it's all about balance specifically rebalancing your portfolio the idea is to actually make sure that you have a right mix of stocks bonds and cash. To weather any kind of storm but don't get Krejci. And it's not totally about. Looking at that ten year plan and completely scrapping it right yes a lot of people have a knee jerk reaction and that they have at their emotions gets in the past them and they sell everything. And we need you that you missed the outside the stock market the stock market will come back historically it does and finally maximize your professional value a lot of people assume that just because there at a Holmes says some people I think it's it's time off kind of thing and it's it's really not mean now's the time to prove your. Of serious value tier player they're probably looking at their balance sheet singing. We don't have this business we don't have this business who who do we potentially not need going forward. If you do you think you may lose your job here is says to look for part time work from an online employer since jobs are trending in that direction already guys from good information.

This transcript has been automatically generated and may not be 100% accurate.

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