What Issues Should I Consider During A Recession Or Market Correction?
Will your cash flow be tight?
If so, consider the following:
Reexamine your budget looking for areas to reduce spending, especially discretionary expenses.
Fund any shortfalls strategically, using the most advantageous source of cash.
You may need to prioritize your obligations, and take advantage of opportunities to extend due dates or alter payment schedules, minimizing fees, penalties, and any negative impact upon your credit.
Reference “What Emergency Relief Options Should I Consider During The Coronavirus Pandemic?” checklist.
Do you need to review or increase your emergency fund?
If so, evaluate the size of your fund and assess the number of months that it can support your living expenses.
Have you experienced a disruption in your employment?
If so, consider the following:
If you were laid off from work through no fault of your own, you may be eligible for unemployment benefits. Reference “What Issues Should I Consider If I Lose My Job?” and
“What Emergency Relief Options Should I Consider During The Coronavirus Pandemic?” checklist for more planning issues.
Were you planning to retire in the near future?
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What Issues Should I Consider During a Recession or Market Correction
Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.
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