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How to Make Money Work for You During a Recession

Managing your money during a recession is challenging. Economic uncertainty and job insecurity make it difficult to plan for the future. However, below are steps to make your money work for you during a recession and protect your financial well-being.

Emergency Funds Can Be Life-Saving

Build an emergency fund. A cash reserve that you can tap into in case of unexpected expenses or loss of income is crucial during a recession. Try to save enough money in your emergency fund to cover three to six months of living expenses. It will provide a financial cushion if you face a reduction in income or unexpected expenses.

Low-Risk Investment Options

Focus on low-risk investment options. During a recession, it can become tempting to invest your money in high-risk businesses hoping to get a ten-fold result. However, it’s generally a good idea to prioritize preserving your capital over trying to maximize returns. Consider investing in low-risk options like short-term bond funds or high-yield savings accounts, which can provide a modest return on your money while preserving the principal.

Increasing Your Income

Look for ways to increase your income. A recession can be a good time to focus on boosting your income, whether through a side hustle, negotiating for a raise, or exploring new job opportunities. Consider taking on freelance work or starting a small business to supplement your income. Look for different income streams so that you can’t rely only on one source.

Cutting Unnecessary Expenses

Review your budget and look for areas where you can trim spending. It can help you free up more money to put towards saving and investing. Consider canceling subscriptions or memberships you don’t use, reducing your grocery budget, or negotiating lower rates for bills and expenses.

Diversifying Your Portfolio

It’s normally a good idea to diversify your investments, which can be especially important during a recession. Consider including a mix of stocks, bonds, and cash in your portfolio to help mitigate risk. It can help ensure that you have a diverse range of investments that can perform well in different market conditions.

Seeking Professional Advice

If you need help managing your money during a recession, consider seeking advice from a financial advisor. A financial advisor can help you create a financial plan that considers your goals and risk tolerance and can guide investment strategies that may be appropriate for you.

Take Advantage Of Low-Interest Rates

Take advantage of low-interest rates. If you need to borrow money, a recession can be a good time, as interest rates are often low. Consider refinancing your mortgage or taking out a low-interest personal loan to help you save money on interest payments. Also, try to clear all your credit card debts during the recession.

Final Words

Before investing, stay informed about economic conditions and market trends, and be prepared to adjust your financial strategy as needed. By taking a proactive approach to managing your money, you can protect your financial well-being and position yourself for success in the long term.
Contact Information:
Email: [email protected]
Phone: 3604642979

Bio:
After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely withhelping them pursue the most comfortable financial life possible.Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career.Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community.Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School.Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age.With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion.Aaron can help you and your family to create, preserve and protect your legacy.That’s making a difference.

Disclosure:
Disclosure:Investment advisory services are offered through BWM Advisory, LLC (BWM). BWM is registered as an Investment Advisor located in Scottsdale, Arizona, and only conducts business in states where it is properly licensed, notice filed, or is excluded from notice filing requirements. BWM does not accept or take responsibility for acting on time-sensitive instructions sent by email or other electronic means. Content shared or published through this medium is only intended for an audience in the States the Advisor is licensed in. If you are not the intended recipient, you are hereby notified that any dissemination, distribution, or copy of this transmission is strictly prohibited. If you receive this communication in error, please immediately notify the sender. The information included should not be considered investment advice. There are risks involved with investing which may include market fluctuation and possible loss of principal value. Carefully consider the risks and possible consequences involved prior to making an investment decision.Confidential Notice and Disclosure: Electronic mail sent over the internet is not secure and could be intercepted by a third party. For your protection, avoid sending confidential identifying information, such as account and social security numbers. Further, do not send time-sensitive, action-oriented messages, such as transaction orders, fund transfer instructions, or check stop payments, as it is our policy not to accept such items electronically. All e-mail sent to or from this address will be received or otherwise recorded by the sender’s corporate e-mail system and is subject to archival, monitoring or review by, and/or disclosure to, someone other than the recipient as permitted and required by the Securities and Exchange Commission. Please contact your advisor if there are any changes in your personal/financial situation or investment objectives for the purpose of reviewing/evaluating/revising our previous recommendations and/or services. Additionally, if you change your address or fail to receive account statements from your account custodian, please contact our office at [email protected] or 800-779-4183.

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Aaron Steele

After entering the financial services industry in 1994, it was a desire to guide people towards their financial independence that drove Aaron to start Steele Capital Management in 2013. Armed with an extensive background in financial planning and commercial banking coupled with a sincere passion for helping people, Aaron has the expertise and affinity for serving the unique needs of those in transition. Clients benefit from his objective financial solutions and education aligned solely with helping them pursue the most comfortable financial life possible. Born in Olympia, Washington, Aaron spent much of his childhood in Denver, Colorado. An area outside of Phoenix, Arizona, known as the East Valley, occupies a special place in Aaron’s heart. It is where he graduated from Arizona State University with a Bachelor of Science degree in Business Administration, started a family, and advanced his professional career. Having now returned to his hometown of Olympia, and with the days of coaching his sons football and baseball teams behind him, he now has time to pursue his civic passions. Aaron is proud to serve on the Board of Regents Leadership for Thurston County as the Secretary and Treasurer for the Morningside area. His past affiliations include the West Olympia Rotary and has served on various committees for organizations throughout his community. Aaron and his beautiful wife, Holly, a Registered Nurse, consider their greatest accomplishment having raised Thomas and Tate, their two intelligent and motivated sons. Their oldest son Tate is following in his father’s entrepreneurial footsteps and currently attends the Carson College of Business at Washington State University. Their beloved youngest son, Thomas, is a student at Olympia High School. Focused on helping veterans and their families navigate the maze of long-term care solutions, Aaron specializes in customized strategies to avoid the financial crisis that care related expenses can create. Experience has shown him that many seniors are not prepared for the economic transition that takes place as they reach an advanced age. With support from the American Academy of Benefit Planners – an organization with expertise and resources on the intricacies of government benefits – he helps clients close the gap between the cost of care and their income while protecting their assets from depletion. Aaron can help you and your family to create, preserve and protect your legacy. That’s making a difference.

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