Head of New Product Strategy at Wealthfront, CFP
We talked to three financial advisors about how to take prepare yourself financially for this recession — besides saving money.
"It may feel counterintuitive to invest now, but with the stock market decline, stocks are now on sale and investing today is less expensive than it was in January," says Chris Hutchins.
As much as there are a lot of people saying the markets down and you should buy, it's also important to make sure you have enough cash on hand to cover your short term needs – things like an emergency fund that, maybe, covers six months of living expenses. If you have bills or major expenses coming up in the next few years, those are also important things to keep in cash.