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The “R” word is sadly becoming more common. It's hard not to hear or read it in the news and your own inbox. I'm talking about recession. I'm not trying to sound like a doomsdayer, but you need to start preparing for a recession.

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Unfortunately, with our current financial system, we have good times (like now) and bad times (the 2000 Dot-Com Crash, the 2008 Great Recession, the next recession).

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This year-2019-might be the last good year, you have to get your financial ducks in a row. My wife and I got serious about preparing for the next recession back in 2015 when I quit my job to accomplish the recession prep secret I'm sharing with you today.

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This is how we achieved our goal of preparing for the next recession and became debt-free.

For me, making extra debt payments whenever possible was priority #1 as soon as I graduated from college in May 2008 with $50,000 in student loans. Thankfully, my job had a relatively high income for where I live, so I had more disposable income to play with.

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Before you make extra debt payments, make sure you set aside enough cash for the future. Then, with any spare income, consider putting it toward your current loans.

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One valuable lesson (let's call it a virtue) is moderation.

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Many of us lack this character trait. Hence, it's why so many of us are overweight, rent self-storage lockers, and have enough clothes to last three lifetimes. Before you get mad, I can lose 10 pounds myself and we make thrift store donations at least twice a year to declutter.

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Our #1 Recession Prep Secret:

How You Can Start Preparing for a Recession