What should you do before the economy collapses?

Whether a recession is near, or a bit further away, here's what you can do to prepare. Update your resume. The labor market has been hot for job seekers, but that will change if a recession hits. ... Reduce expenses. ... Bulk up your emergency fund. ... Pay down debt. ... Stay invested.

cnbc.com - What you can do to prepare your finances for a recession - CNBC

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Whether a recession is near, or a bit further away, here's what you can do to prepare.

1. Update your resume

The labor market has been hot for job seekers, but that will change if a recession hits. "People have to prepare for less overall job security," Deer said. "With employment being at all-time highs, naturally employment will decrease." So it's smart to update your resume now so you are ready if there are layoffs. Also, if you have considered going back to school to get an advanced degree or improving your work skills, now may be the time to do it, said CFP Diahann Lassus, managing principal at Peapack Private Wealth Management in New Providence, New Jersey. "It improves your opportunities for employment in the future regardless of the type of economy," she said.

2. Reduce expenses

Start to look at where you can cut back on spending, Lassus suggested. Think about where you want your budget to be for a worse-case scenario and a best-case scenario, she said. "You have to think about the 'what ifs,'" Lassus said. "What if my income goes down? What if my car breaks down? What if my rent goes up?" "Start looking at all of those interesting things you spend money on and try to find ways to reduce those expenses," she added.

3. Bulk up your emergency fund

Most financial advisors recommend having enough savings to cover three to six months of living expenses. That could be worth revisiting depending on your specific circumstances. For instance, in this environment it can make sense to have more than six months, especially if you think you could have an issue with your job down the road, Lassus said. However, it's important not to get overwhelmed in thinking about reaching that target. "Whatever they can put aside is going to help," said Lassus, a member of the CNBC Financial Advisor Council.

4. Pay down debt

If you are carrying any high-interest-rate debt, start focusing on paying it down, Deer recommends. Not only will it help you be prepared if you lose your job, but rates are also expected to move higher in response to rate hikes by the Federal Reserve. The national average credit card rate rose above 17% for the first time in more than two years due to the Fed's most recent increase, according to CreditCards.com. The central bank expects to continue to raise rates for the rest of the year.

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5. Stay invested

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What are the 3 rules you live by?

There are three simple rules in life: If you do not GO AFTER what you want, you'll never have it. If you do not ASK, the answer will always be NO. If you do not break out of your COMFORT ZONE you'll always be stuck in the same place.

careylohrenz.com - Three Simple Rules in Life - Carey Lohrenz

Three Simple Rules in Life

By Carey Lohrenz

As the famous sage Yoda once said, “Try not. DO or DO not. There is no ‘try’.” Sometimes even the best leaders can get trapped, spending too much time talking, too much time planning, too much time ‘what-if’ing.

Not enough leadership.

And not enough time following through on promises.

Not enough accountability.

Not enough time DO-ing.

Fear of failure doesn’t have to hold you back. Be intentional when taking those first steps.

Establish your priorities. Focus on what matters.

Then commit to taking action.

There are three simple rules in life:

If you do not GO AFTER what you want, you’ll never have it. If you do not ASK, the answer will always be NO. If you do not break out of your COMFORT ZONE you’ll always be stuck in the same place.

Be Fearless.

Carey Lohrenz is the author of the Wall Street Journal Best Seller “Fearless Leadership: High-Performance Lessons from the Flight Deck.”, a motivational speaker and leadership expert. Carey has flown missions worldwide as a combat-mission-ready United States Navy F-14 Tomcat pilot. Her extensive experience operating in one of the world’s most challenging environments, an aircraft carrier, and her unique position as one of the first female combat pilots make her the perfect opening or closing inspirational keynote speaker for your corporate meeting or conference. Carey graduated from the University of Wisconsin where she was a varsity rower, also training at the Pre-Olympic level. After graduation, she attended the Navy’s Aviation Officer Candidate School before starting flight training and her naval career. She is the mother of four kids, and is currently working on her Master’s in Business Administration in Strategic Leadership.

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