How to React When a Recession Is ApproachingWhen the market is taking a dip, here is how you can recover.
ByPhil Town•
Opinions expressed by Entrepreneur contributors are their own.
In this video, Entrepreneur Network partner Phil Town asks the question, "Is a recession coming?" A few recent signs, such as trade wars and tariff conflicts, are indicators a major recession could be on the horizon. If and when the markets do take a dip, here are some ways to protect yourself.
- Build up your emergency fund.Put aside a 6-month rainy-day fund.
- Don't sell your stocks just because your investments are at a loss.If you believe in your stocks, don't give up on them so easily.
- Stay rational and don't panic.Try to make the best decision from a logical place.
- Load up on some awesome companies.Now is your chance to create a new watchlist of terrific companies that you think will enrich your current collection of stocks.
- Look for companies that have bounced back.If businesses were able to recover after the 2008 recession, they ought to be resilient enough for the current climate, too.
Click the video to hear more.
Related:Should You Be Worried About a Market Crash in 2020?
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