如何在经济衰退中生存 by Avoiding These 钱的错误

Whenever there’s a recession or an economic downturn, many people are understandably worried about their finances and the future security of their income. It may feel as if you need to make drastic changes to your finances. While some changes may be necessary, it’s never a good idea to react in a state of panic. Here are five things you should avoid doing with your money to survive a recession or economic downturn.

1. 做出轻率的决定 你的股票投资

Whether it’s cashing out your stocks or making a big bet with the hopes of capitalizing on the downturn, now is not the time to make an investment decision without careful consideration. 经济是循环运行的. If you had previously invested in stocks with the intention of playing the long game, try to stick it out with the majority of your holdings. If you have never invested in the stock market, now is not the time to gamble your cash savings in an attempt to capitalize on the market swings. Remain calm and be thoughtful with your investments.

2. 兑现了 你的401 (k)

If you are many years away from retirement, do not stress out about the dip in your retirement savings. 经济是循环运行的 — it dips, 它崩溃, 它会反弹回来, 它上升, 以及介于两者之间的一切. 坚持到底 and remain disciplined with keeping 你的401 (k) investments in your account. Pulling out your money will trigger heavy fees, and you may regret the decision later in life.

交替, if you are close to retirement, this may be a time to consult with a financial advisor to get personalized information on the best course of action. 在Patelco, we offer support to our members looking to invest — you can schedule a complimentary meeting with any of our experienced CFS 财务顾问.¹

3. 使 大的购买

对一些人来说, it may be absolutely necessary to take out a loan for a car or other large purchase during this time. But while there are many deals to entice you to make a big purchase, it could be devastating to take on a large monthly payment and later lose your main source of income. Proceed with caution during this time and be mindful with your spending.

4. 耗尽你的积蓄 支付账单或债务

Cash savings is one of the foundational elements of your financial wellness. 事实上，你的 紧急储蓄基金 is the most important factor in your financial wellness — more than any other financial measurement, including your retirement savings and investments. If you are struggling with bill payments or feel crushed by debt, work with your providers to come up with a plan that does not place you in a vulnerable cash position.

5. 避免你 比尔收藏家

如果你拖欠账单, you may feel overwhelmed and stressed to the point where you may avoid calls from 比尔收藏家. However, avoiding the situation will only make things worse. Your service providers want to work with you. Reach out and communicate with them. Together, you and they will be able to create a win-win solution. Patelco can help too — even if we’re not your lender, we’re here to offer advice: set up a confidential one-on-one call to talk with a Certified Financial Specialist.