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Angela was recently interviewed by Shen Lu from MagnifyMoney.com on “How to prepare yourself for the next recession." In this interview, Angela offers some tips to consider in preparing for the next recession.

To build wealth, you will have to entertain a certain amount of risk, whether it’s in the house you buy, the stocks you purchase, or the career you choose. 

However, you can be proactive and put emergency savings for short-term crises in place, and rely on someone you trust to help you make long-term financial decisions. You can work with a professional to determine your risk tolerance level and make sure that your investments are set up in a way to achieve both growth and protection. The benefits of having a recession-proof financial plan and a trusted advisor who can help manage your investment portfolio may greatly outweigh any risk you incur.  

We don’t know exactly what will happen to our economy in any given month, but we do know that actively managing your portfolio can ensure that you have proper asset allocation for your risk tolerance, goals, and financial situation—namely through diversification and rebalancing.

It sounds fancy, but simply put, diversification means you shouldn’t put all your eggs in one basket. And rebalancing is making sure that your money stays appropriately allocated over time. For example, instead of having the majority of your money tied up in single stocks, you spread out that value between U.S. and international bonds, stocks, and other investment classes. Then, as your investments increase or decrease, regular rebalancing can help establish proper asset allocation to lower the overall risk in your portfolio.