Experts fear recession, what you can do to prepare | WLUK W/ Prof. Preston Cherry
(WLUK) — Stocks rose on Wall Street Friday, as the trend of unpredictability in the market continues.But there’s even more uncertainty when it comes to other financial matters.
Northeast Wisconsin Market First Business Bank President Rick Hearden says there are a number of factors that could lead to a recession.
….He’s not the only one with fears of a potential recession.
Head of the financial planning program for UW Green Bay Dr. Preston Cherry says we could be heading in that direction.
“Tighten up a little bit, prepare ourselves,” said Cherry.
He says that with no definitive direction of where the market could go, it’s hard to predict when a recession could hit.
But that doesn’t mean you shouldn’t take steps to prepare.
“We can build emergency funds a little bit, so have cash on the ready for adjustment periods,” said Cherry. “Also pay down debt, cause those are high interest rate areas so pay down debt a little bit.”
He says if you have a way to invest some cash, to do so and stay invested, instead of reacting emotionally if the market goes down.