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While the economy may appear stable, preparing for a downturn can bolster financial resilience, Ronald said.
Doing so now might just reveal cash you didnt know you could put toward savings or investments.
He added that financial preparedness helps you avoid panic and build resilience.
This might involve cutting back on non-essential expenses or postponing major purchases.
This can help shield you from job loss or unforeseen costs that often increase during economic downturns.
Having different sources of income can be very useful if the main source stops giving money, he said.
Shirshikov agreed, saying, Relying on a single source of income can be risky in a volatile economy.
Consider developing side hustles, freelancing or investing in income-generating assets.
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