With inflation at a 40-year high, and the Federal Reserve raising interest rates, many financial experts warn of an economic slowdown. CBS News business analyst Jill Schlesinger joins “CBS Mornings” to discuss how to protect your finances during this uncertain time.
Each weekday morning, “CBS Mornings” co-hosts Gayle King, Tony Dokoupil and Nate Burleson bring you the latest breaking news, smart conversation and in-depth feature reporting. “CBS Mornings” airs weekdays at 7 a.m. on CBS and stream it at 8 a.m. ET on the CBS News app.
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BREAKING: Recession News
LEARN MORE ABOUT: Bank Failures
REVEALED: Best Investment During Inflation
HOW TO INVEST IN GOLD: Gold IRA Investing
As the world faces economic uncertainty due to the COVID-19 pandemic, experts are warning of a possible recession. In the face of this, it is important to prepare oneself and one’s finances to weather the storm. Here are some tips to help you prepare for a possible recession:
1. Build an emergency fund: An emergency fund can help you weather unexpected expenses or job loss during a recession. Aim to have at least six months’ worth of living expenses saved up in an easily accessible account.
2. Evaluate your spending: It is crucial to assess your spending habits and cut back on unnecessary expenses. Focus on essentials like housing, food, and healthcare.
3. Lower your debt: Falling into debt during a recession can be disastrous. Work on reducing your debt now by paying off high-interest debt and avoid taking on any new debt.
4. Strengthen your employment situation: In a recession, jobs are scarce, and competition for opportunities increases. Consider upskilling or reskilling in a high-demand field or earning a certification to make yourself more marketable.
5. Diversify your income: Relying solely on one source of income is risky in a recession. Look for ways to supplement your income through freelancing, part-time jobs or passive income streams.
6. Invest wisely: Be cautious when investing during a recession. Avoid high-risk investments and consider investing in low-cost index funds or stable assets like gold.
7. Review your insurance coverage: Health, life, and disability insurance are vital during a recession. Verify your coverage and ensure that you have enough to cover any potential medical or financial emergencies.
While these tips can help you prepare for a possible recession, it is important to remember that each financial situation is unique. It’s always best to seek advice from a trusted financial advisor who can tailor a strategy to your specific needs. Being proactive and taking steps now to prepare for a potential downturn can help protect you and your finances in the coming months.
I’m just going to keep voting democrat
This’s unbelievable,
Miraveststock has the ability to make people happy, I’m so much happy and grateful to be among this profitable company that pays 22$ weekly with a good referral bonus.
Oh, man. Could you possibly be more out of touch with what normal people are going through? Don't buy large items… you mean food? How do you automate a transfer for money you don't have. Thank you, Gayle! You were literally describing my life rn. It's probably the most difficult it's ever been.
Don't trust the ISDA banks. Cash is best but if you want it in a bank do a credit union.
A Recession is when your neighbor loses his job. Depression is when you lose yours. And recovery is when Joe Biden loses his.
BIDEN, commander and Chief RECESSION DENIER
Never underestimate Biden’s ability to F things up!!!
Mr. Biden was never my president. Now he just needs to go to an old age home and stay away from the white house. All he does is cause trouble for the American people! GO NOW JOE!!
Dangerously wrong on most everything.. How do these people get well paid TV gigs is beyond me
I have 5k left to blow each month. That's all stocks lol
The recession can be averted if producers are willing to settle for less profit.
Shame on you Biden voters
Why were they laughing?
In the coming months these people will be worth less than the furniture they are sitting on. The only tip you will need will be the one of your spear. The "bums" will survive. The coddled, not so much. So, anyways there's these big natural disasters coming. So reprioritize things and plan accordingly.
P. S. I could be misinformed but your hard skills will be worth more than money.
What would you suggest to someone who had to spend all their savings (5 digits) on their house and healthcare due to severe Mold Damage and Toxic Mold Injury. I’m disabled on a fixed income. I was always a saver. I bought my house with cash and still had a nice savings. It’s all gone due to mold health care expenses and “remediation and repair costs that failed. How do I start over ? I am now living paycheck to paycheck, for essentials only. This woman doesn’t understand that your life can drastically change due to circumstances you have no control over.
I'm not buying anything because I don't need anyting I have close to a year food and other items bought up.
They will change their behavior and vote better next time.
Don't put ur money in the banks
Impeach Biden. Let's start there.
How about vote Biden out of office.
Gail was the only realistic person. Well that was a joke.
… THE ONE CHINESE BIGGEST GREATEST COOLEST EVER MOON'S STARBASE, IT'S CHINESE …ONE WAY TO COLONIZE CHINESE MARs AND ALL OUR SOLAR SYSTEM, IT'S A RACE… NO ONE NEVER LOSE… AND YOU CAN LOSE, BRO… THAT'S ALL, BRO… YOU CAN LOSE.
Impeach Joe Biden…
Tips to prepare for a possible recession:
1. Have money
2. See number 1
I have no credit card debt, no car payment, no rent. Just a mortgage. my emergency fund is in cash not sitting in the bank. Still I go to the store every day and go into shock over the price of things. This is the worst I have ever seen it. I have lived through every recession since the 1970’s, one every decade and this seems to feel like an early warning of a depression. My advice to the younger ones, If you want to be put on the list of foreclosures next year or two go talk to a mortgage lender right now.
I feel like some people are very out of touch. When you are truly paycheck to paycheck, it's almost impossible to save a big amount of money. You simply don't have it.
Buy #Shibainu
Why do they act like 6 million Americans haven’t died in the last two years
The one thing no one ever says about inflation is that Americans need to stop buying so much crap. Because they need us to stay in debt they just want us to pay more for it.
Trumps fault
SERIOUSLY? America's recession started the day BIDEN and ",The wreck AMERICA CREW" took office.
They have done nothing but ,Seek and Destroy everything thats was working and how well that machine was oiled.
We were doing great and all they wanted to do was FUND,and PRINT erroneous Bills that were nothing but a farce'.
Step 1: Take a deep breath. Thanks for your eternal wisdom.
Let's be real, it's gonna be a flat out depression.
Feels and looks more like a depression
God is In Control…Believe in Jesus….
‘While things are still pretty good…’ these people are crazy. Things are already pretty bad. I have no way to save rn. I am paycheck to paycheck with this inflation already.
We're already in a recession wait for July 28th Q2 announcement. What we are in is a depression.