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Recession-Proof Your Life

recession.jpgStruggling stock portfolios, job layoffs and salary freezes, plus rising health care, food and gas prices, have led many U.S. news outlets to use the "R" word—recession. The last U.S. recession ended November 2001, says the National Bureau of Economic Research, which counted 20 recessions—lasting anywhere from six to 43 months—in the 20th century.

To help you ride out this year’s potential recession (however long it lasts), Patrick Egan, director, asset management and product development for Thrivent Financial for Lutherans, offers some tips.

  1. Stay the course. Many people will see the recession mainly in their investment portfolio. Remember, the long-term investor has time to ride out short-term volatility cycles. "I would always advise talking to your financial representative," Egan says. "He or she can determine a logical course of action. Most of the time, it’s ‘Hang in there.’" A diversified portfolio also can make the road less bumpy when investing for the long term.
  2. Be efficient. For example, to save some funds at the pump, consider carpooling, consolidating outings, using public transportation and traveling a little less often.
  3. Sit tight. Don’t sell your home in a down market unless you must. If you have to sell, don’t expect to get what your neighbor got a few years ago. Spend money on small things that will enhance your home’s curb appeal.
  4. Work the angles. You may want to consider applying more money to that credit card debt now, since during a recession, variable interest rates typically go down. In a way, you’re getting a reprieve, so take advantage before rates rise again.
  5. Be prepared. Run a mock budget to determine if you could live on less if one income-earner lost his or her job. Then determine where you could cut expenses to live leaner and save more now. Do you really need that $3 latte every morning?

 

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Thrivent Financial for Lutherans, Appleton, WI 54919-0001, is authorized to conduct business in all 50 states and the District of Columbia. NAIC # 2938-56014. Products issued by Thrivent Financial for Lutherans are available to applicants who meet membership, insurability, U.S. citizenship and residency requirements. Not all products described are available in all states. Thrivent Financial representatives are licensed insurance agents. Insurance and retirement products, where available, are individual contracts, (not group coverage), and issued by Thrivent Financial for Lutherans. Investment products are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, a wholly owned subsidiary of Thrivent Financial for Lutherans. Member FINRA. Member SIPC. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc.

Bank products and trust services are offered through Thrivent Financial Bank, 2000 E. Milestone Dr., Appleton, WI 54919-0006 (Member FDIC, Equal Housing Lender), a wholly owned subsidiary of Thrivent Financial for Lutherans. Insurance, investment products, securities, trust, and investment management services and accounts are not deposits, are not FDIC insured, are not insured by any federal government agency, and are not guaranteed by Thrivent Financial Bank. Variable insurance contracts, investment products, trust, and investment management accounts may go down in value.
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This document was last updated on Tuesday, April 15, 2008 at 4:55 AM