As the stock market decreases and bad economic news of China increases, some think we are heading into an economic recession. You have two choices: 1) Ignore the signs and spend money as usual. Or 2) Take a good look at your earning and spending patterns and change them. Rick and Brandon give you some tips on how you can prepare for a Recession before it happens. Follow them as they tell the story of an Italian Immigrant family who survived The Great Depression.
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- Adjust your spending patterns by starting with a budget.
- Pay off and control your credit cards.
- Try going cash and carry.
- Refinance your house for and equity loan but only use for emergencies.
- Spend more wisely
Moral: Don’t wait until it starts raining before investing in an umbrella.
