More Tips for Recession Protection

A recession is coming…

We know it’s coming because it’s a normal part of the economic cycle. We just don’t know when. That’s why it’s important to prepare while you can. Don’t procrastinate or assume that you’ll just be okay. Those who wait often panic and make impulsive decisions. God is the Rock on which your financial strength must stand. Jesus said it this way, “Therefore everyone who hears these words of mine and puts them into practice is like a wise man who built his house on the rock. The rain came down, the streams rose, and the winds blew and beat against that house; yet it did not fall, because it had its foundation on the rock. But everyone who hears these words of mine and does not put them into practice is like a foolish man who built his house on sand. The rain came down, the streams rose, and the winds blew and beat against that house, and it fell with a great crash.” (Matthew 7:24-27)

So get your financial house in order before a storm comes. Pay down credit card debt and refuse to assume any more that you can’t pay off every month. Reduce all possible expenses. Drop any unnecessary spending and adjust your lifestyle so you can lower your overhead. This will enable you to build emergency savings and prevent borrowing. Avoid home equity loans, except when absolutely necessary. Same goes for borrowing against your 401(k) or 403(b). Run from risky investments and choose to be optimistic. For, “God is our refuge and strength, an ever-present help in trouble.” (Psalm 46:1)

If you’ve been blessed with My MoneyLife, I invite you to discover the Crown Stewardship Podcasts. They focus on helping you find freedom in your finances and career. You can subscribe on Spotify and iTunes, or listen at Crown.org.