Investing in this economy can be a tough decision with uncertainty lingering. However, there are many ways to recession proof your nest egg. You can try to live below your means, cut back on expenses, sell unwanted items, take a second job and etc.
Live below your means
When you live below your means you create a cushion between expenses and income. Living below your means enables to make extra payments on your investments. Your investments can range from a house to 401K. While living below your means it is important to make sure you keep your lifestyle so you continue to stretch your income.
Cut back on expenses
The economy has created opportunities and taken away opportunities. You can take advantage of the economy by calling your local services and negotiating better rates based on the economy. Remember consumers are not the only ones feeling the effects of the economy. Cutting back on expenses frees up cash instantly allowing you to make extra payments on your investments. Cutting back on expenses is a good way to see what expenses you need in your life and what expenses you want in your life.
Sell unwanted items
If you need cash quick, selling unwanted items is an easy way to generate cash. When you generate cash you can use those funds to create a cushion or you can make extra payments on your investments. Selling unwanted items is easier in today’s world with the help of the internet. If you are not comfortable selling unwanted items online you can have a garage sale or you can sell at a flea market.
Take a second job
When taking a second job to secure your nest egg make sure you take job which does not put you at risk to lose your first one. Taking a second to recession proof your nest egg enables you to make payments to secure your investment faster. There are many risks associated with taking a second job such as potential burnout. There are very few things you can get back in life your health is one of them.
Recession proofing your nest egg can be done with proper planning. Despite what your neighbors may be saying do not let their judgment hinder you from making an informed decision. If you have trouble formulating a plan, always seek a professional for advice. Take your time and good luck!