Why to prepare your finances for recession despite strong GDP report

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The stock is trading at dirt cheap levels around $14. This industry is stronger 'than ever' as the Fed raises rates. [Click here to see this #1 stock.]( Sponsored  ---------------------------------------------------------------  The U.S. economy grew in the third quarter, reversing a negative trend from the first half of the year — but weakness looms under the surface and households shouldn’t be lulled into a false sense of financial security, economists and financial advisors said. Gross domestic product — a sum of all the goods and services produced in the U.S. — grew by 0.6% from July through September, the Bureau of Economic Analysis estimated Thursday. That figure amounts to 2.6% growth on an annualized basis. Why it may be ‘a chilly winter’ That GDP expansion marks a rebound from a deceleration in both Q1 and Q2. Two consecutive quarters of negative growth meets the common definition of a recession — though the National Bureau of Economic Research, generally considered the arbiter of downturns, hasn’t officially declared one. Nonetheless, many economists don’t expect the recent growth to persist. The headline growth in Q3 was driven by non-domestic factors, like an increase in exports overseas, Leer said. But the U.S. can’t depend on strong global demand to continue, due partly to a strong dollar, which makes U.S. products more costly to buy, as well as economic challenges in Europe, an ongoing slowdown in China, and high food and energy prices globally, Leer added. And consumer spending, which accounts for two-thirds of the U.S. economy, “slowed to its weakest pace since the first quarter when spending first hit a wall in response to soaring inflation,” Diane Swonk, chief economist at KPMG, wrote in a tweet. Consumer prices this year have risen at about the fastest pace in four decades, pressuring household finances. The Federal Reserve has also been raising borrowing costs aggressively to reduce inflation. Higher interest rates have already pushed mortgage demand to the lowest level since 1997.  What consumers can do to prepare for a recession What this boils down to: Don’t be lulled into a false sense of security, financial advisors cautioned. While a downturn isn’t inevitable, households can take financial steps to prepare in case one comes and triggers layoffs and more market volatility along the way. 1. Shore up your cash reserves The general rule of thumb is to have three to six months’ worth of expenses handy. Sun advises clients to have six months, plus an extra three months for each child in a household. Consumers should consider adjusting their emergency-fund needs based on overall stability, Roth said. For example, someone working at a start-up company generally has a less dependable job income stream than a tenured university professor and may therefore need more cash access, he said. 2. Reduce your debt burden Paying down credit-card debt and other high-interest loans — and making sure households aren’t racking up more — is also of primary importance, experts said. Something that lends further urgency to this advice: Variable rates are likely to increase more due to the Federal Reserve’s anticipated interest-rate hikes. Households might also try to reduce their debt burden by downsizing to one car instead of two to cut monthly auto payments, for example, Sun said. 3. Stay the course on investments Investors should also stick to their investment strategy — and not panic in the face of big stock and bond losses, Roth said. The information provided is impersonal and does not provide individualized advice or recommendations for any specific reader or individual portfolio. The opinions are from 3rd parties, claims have not been independently verified by us, and we have not been compensated in any way to review the companies or symbols mentioned. [Read the original article here.](  ---------------------------------------------------------------  Get the income strategy that boasts an incredible 95% win rate The stock market is baffling analysts this year. After all, we experienced the worst start to a year since 1939. And over $3 trillion in retirement savings have been wiped out. But then, last week officially marked the longest winning streak in the markets since November... and the smart money came marching in. All of these mixed signals can be confusing, and if you're at or near retirement age, it's anxiety-inducing. But trading expert, Jay Soloff just revealed the secret to his income strategy that boasts an incredible 95% win rate. 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