Wiser Wealth Wednesday: The 30 Biggest Money Mistakes People Make in an Economic Downturn

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Sometimes the right decisions aren’t always the most obvious, especially when coping with the stress of a recession or financial crisis, writes Justin Metz for The Wall Street Journal.

Many of us haven’t faced an economic downturn in a long time and need help navigating it.

Avoiding common pitfalls in the way we save, invest, and spend our money will make it easier to successfully come out the other side of an economic downturn and be ready for the eventual recovery.

A team of financial advisors, researchers, academics, and other experts have prepared a list of the 30 biggest mistakes people make in hard times and how to avoid them.


Click Here for your FREE copy of the 30 Biggest Money Mistakes People Make in an Economic Downturn!

Some common wisdom includes:

Tap into your emergency fund when you need it. It’s there because of disciplined savings during good times.

Don’t give up on dreams of starting a small business. In a downturn, credit and equipment are cheaper.

Taking money from your retirement savings is the last thing you should do since you’re robbing your future self.

Avoiding this list of 30 ‘don’ts’ will reduce your economic troubles and improve your bottom line in your eventual recovery.

Read more tips about money mistakes during an economic downturn here.

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Need financial planning advice? Learn more about Fred Hubler’s no conflict of interest, retainer-based financial advice model here or read more about Fred’s Phoenixville business on MONTCO Today here.

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