Right now, the big names are weighing in on what we can expect for 2023 and it doesn’t sound good. Tuesday, Goldman Sachs’ CEO, David Solomon, spoke with CNBC. He warns investing and making business decisions will become more difficult as possibilities of an economic downturn increase.JP Morgan Chase CEO, Jamie Dimon, gave a similar warning just days earlier. Dimon says high inflation and interest rates, and the war in Ukraine could threaten the U.S. economy.
Adding to both Solomon and Dimon’s warning, Bloomberg economic forecast models show a 100 percent probability of a recession happening within the next 12 months.
Whether these predictions are accurate or not, panicking, or avoiding the chance of a recession won’t help you get through it. Here’s some advice from both bank CEOs.
JP Morgan Chase CEO says investors need to be more cautious of unforeseen challenges. Goldman Sachs CEO also stressed caution. His advice to business owners is if you’re running a risk-based business, it’s time to think more cautiously about your risk box.
So, how should you prepare for this worst-case scenario?
According to Forbes, the five ways to prepare is first prepare for the chance that you might lose your job. Spruce up your resume and reach out to your network. You should also learn a new skill. Next look for ways to cut costs. Go through bank statements now may be the time to get rid of your least used or unnecessary subscriptions. You could also never go wrong with diversifying your income. This means pick up a side hustle like Uber or DoorDash. Maybe you could utilize that new skill you picked up. Last, don’t panic about your investments. Experts say think twice about selling them off.
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