The last recession in 2008 was a particularly hard-hitting one, especially for the Millennial generation who were just entering the work force, and faced the prospect of waiting months or even years to find a job.
But fortunately, there are some simple and concrete steps you can take to prepare for the next recession, whenever it arrives. By having a plan in place, you can soften the blow of a recession, or even profit from it.
Most financial advisers recommend having at least 6 months of expenses saved up in an emergency fund. This will allow you to continue paying for the basic necessities such as rent, food, and utilities should you lose your income for a period of time.
While increasing your emergency fund, you should also be equally diligent in paying down debt. Almost all Americans have some form of debt, whether it be a mortgage, car loan, student loans, or credit cards.