recession Archives - Critical Financial

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The Shrinking U.S. Economy And You

Posted by Joe Wallace on Jul 30th, 2020 · 0 Comment

If you are interested in investing, you might be wondering what the July 30, 2020 headlines about the U.S. economy shrinking a whopping 33% (more accurately, 32.9% according to the Associated Press) between April and June really means. I love how conspiracy theory that line above sounds; there is no conspiracy, just a combination of economic factors that have brewed up a nasty economic storm...
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How to Recession-Proof Your Finances

Posted by Flanice Lewis on Sep 20th, 2019 · 0 Comment

If you think you can’t recession-proof your finances, then think again. The signs are all there of a looming economic downturn, but you can protect yourself. The key is to start now. What is Your Starting Point? First, you need to review your financial situation. Review all of your accounts, even those you thought you closed but didn’t. Write down your payments, their due dates, and their...
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Here are some simple guidelines that will help you build wealth:

1) Do the math. Get a budget and calculate your net worth

2) Get an emergency fund. Save at least 6 months worth of expenses

3) Limit costs. Spend no more than 30% of your income on housing

4) Max your retirement. Maximize contributions to your tax-deferred retirement accounts

5) Pay yourself first. Set aside money for yourself before you take care of your other bills

6) Set goals. Goal let you get ahead faster

7) Avoid high interest debt. Avoid credit cards, title loans and other usurious loans

8) Diversify. Diversity your assets.

The Shrinking U.S. Economy And You

How to Recession-Proof Your Finances

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Critical Financials’ Basic Personal Finance Rules

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