....if the stock market crash turns into a severe recession? I'm going to indulge my "broken record" habits and remind my "vast" (ha ha) audience of Dave Ramsey's steps to financial freedom. The further you've gone on this, the better you can ride out the crisis, and if you're not very far, it's time to get cracking!
For those too lazy to use the link:
1. $1000 emergency fund in your checking account.
2. Use debt "snowball" to pay off your non-mortgage debt.
3. 3-6 months' expenses in savings.
4. Invest 15% of household income into pre-and-post-tax retirement funds.
5. College money for children.
6. Pay off home early
7. Build wealth and give.
I personally switched #5 and #6 to simplify my finances, but overall, this is a great plan for riding out the ups and downs of the economy. Notice also that if you've got a 15% cushion in the family budget (the retirement funds savings in #4), you're going to do a lot better with an income compromised by recession.
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