Uncertainty has never felt more imminent. Since Trump began his second term in office, global politics and the economy have undergone a significant shift.
The trade war has already fueled tensions between neighboring countries and even strained relationships with distant allies. Beyond that, it’s also led the stock market to plummet.
As a result, we’re witnessing the economy falter before our very eyes, and the threat of a global recession seems increasingly likely. Now more than ever, it’s crucial to consider strategies to protect your finances.
According to the Wall Street Journal, Goldman Sachs has raised the probability of a US recession within the next 12 months to 45%, up from a previous estimate of 35%. Economists at the bank attribute this adjustment to the Trump administration’s tariffs, which have led to an international boycott of American products, policy uncertainty, and tighter financial conditions.
Jobs and social security are at risk, and it seems the government is determined to see the trade war through to the end, regardless of the consequences.
Have you started building an emergency fund? Have you found ways to diversify your income?
Are you working on paying off high-interest debt before things get worse? How about your budget — what steps are you taking to minimize spending and save more?
I’m eager to hear how you’re planning to weather this storm. Share your recession-proof strategies in the comments below, and you might be featured in an upcoming article. If you’d prefer to remain anonymous, feel free to fill out this Google Form.
