Essential Money Moves As Economy Braces For A Hard Landing
A hard landing now seems inevitable for the economy. Here are the must make moves everyone needs to be making now, if they want to survive what’s coming…
Fed Chairman Powell just finally admitted a soft landing may not be pulled off. Of course, when you turn off the engines, and rip the wings off of any economy, there is going to be a hard landing. It is just a matter of how catastrophic, and who the few survivors will be.
Even JPMorgan has now joined the ranks of big companies conducting new rounds of layoffs, with hundreds losing their jobs.
You can just close your eyes and brace for impact, or you can take some smart evasive maneuvers and avoid the impact.
Seize Control Of Your Retirement Accounts
The powers that be know that when they tank your retirement account balances, that will reign in spending, and do more to slow inflation than raising rates alone.
If you are still hoping the financial bleeding in your employer or broker managed 401k or IRA is going to stop some time soon, you may be deluding yourself. We haven’t even really seen the tip of the iceberg of this downturn yet.
Roll over these accounts to self-directed options, and take control of what you are invested in, your returns, financial security, with all the same tax benefits.
Secure Multiple Streams Of Income
Massive layoffs are hitting every sector, and at the highest levels. Hiring freezes are going to keep those workers out of the job market for quite some time.
Dividends on stocks are also likely to be cut, frozen, or worthless.
Everyone needs income and cash flow. Now is the time to secure multiple streams of income to weather this next phase of the economy.
Even better if you can find those which are best poised to benefit from this shift.
Find A Floor To Preserve Your Wealth
For those that weren’t investing in 2008 it may be hard to imagine stock portfolios being completely vaporized overnight, losing $100k in your 401k by the time you wake up in the morning, banks going bust, and more. It has happened. It seems almost inevitable that it will happen again.
If you don’t want to be wiped out, preserve the wealth and capital you have. Find investments with a floor. So, even if some values fluctuate, you have downside protection, and a solid foundation to build back on.
Seek Out New Opportunities
These are the greatest moments for wealth building. The largest institutions and market manipulators don’t have to be the only winners.
It is times like these when the most famous individual investors made their money, and created multigenerational wealth.
With distress comes even more value-rich opportunities and bargain buying opportunities. Be bold as others fold.
