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Fears thatthe economywill take a turn for the worse are growing more prevalent every day.
Millions of people lost their jobs and their homes, while many businesses went bankrupt.
All of this together had a devastating impact on the global economy.
governmentintervened with a massive bailout of the financial system, preventing a depression.
GOBankingRates asked our experts for the best ways Gen Z can befinancially prepared for a potential recession.
The number one thing to protect in a recession is your income, Weiss said.
The more you have saved, the more of a cushion youll have during a recession.
Even if you only save a small amount extra, every little bit helps when times are tough.
Try picking up part-time work, even if its only a few hours a week.
A cash reserve of at least three months expenses is also super important, said Weiss.
This not only provides peace of mind but can also be a lifesaver if you experience income loss.
Henry agreed with Weiss.
Recession or not, an emergency fund should be your top priority, Henry said.
Anemergency fundalso allows you the comfort of continuing to invest during a recession, explained Weiss.
Buying when the market is down is where the actual money is made in investing.
According to Henry, Most Gen Zers likely have student debt right now.
If you are currently employed, give a shot to overpay on your student loans whenever possible.
But if a recession is looming, you may soon find yourself struggling to make monthly payments.
Paying down debt, especially high-interestcredit card debtis also important, he said.
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