Mitigating Financial Risk: Practical Steps to Guard Against Economic Uncertainty
Worried about what the future of the economy looks like? Me too. We live in a world where both disease and panic can spread faster than ever before. So what do you do when the majority of economic activity comes to a screeching halt? Here are some practical strategies you can implement immediately that (I think) will help mitigate the financial risk related to uncertainty in the current economic environment. *Disclaimer: I am not a financial advisor, these are simply my own opinions which reflect the actions I am personally taking. Please consult with a licensed financial advisor for specific advice related to your situation. Prepare an Emergency Fund Hopefully you already have a dedicated savings account for emergencies, but if not, now is definitely the time to create one and put any extra money you can save into it. Experts recommend having enough to cover at least three months of expenses and ideally twelve. Personally I like Ally Bank’s High Interest Online Savings Account