7 Tips for Navigating Your Way Through a Recession | Amanpour and Company

With record high inflation rates around the world and skyrocketing gas prices, the risk of a recession is on the minds of many. In a recent article for The Washington Post, financial columnist Michelle Singletary offered seven ways to prepare for a recession. She joins Michel Martin to explain.

Originally aired on July 5, 2022.

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Amanpour and Company features wide-ranging, in-depth conversations with global thought leaders and cultural influencers on the issues and trends impacting the world each day, from politics, business and technology to arts, science and sports. Christiane Amanpour leads the conversation on global and domestic news from London with contributions by prominent journalists Walter Isaacson, Michel Martin, Alicia Menendez and Hari Sreenivasan from the Tisch WNET Studios at Lincoln Center in New York City.

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[UKindness]

The first finance person who sounds like she has a brain that thinks and can see results of the Pandemic! Thank you!

[annmariehicks]

Tips from the video:
1. Don't divest from the stockmarket, wait - the recovery will come.
2. When the recession is over, supersave to guard against the next recession.
3. Keep saving for retirement. Don't slow down.
4. Control/reduce/eliminate credit card debt. Debt consolidation might be a good move (IF the reason you accrued the debt is resolved).
5. Find a way to grow your income - another job, gig job, side hustle... (Careful you don't use that new money to elevate your lifestyle!)
6. Policy-wise - child tax credit should be reinstated. After the recession we need to shore up safety next programs like social security.
7. If you have extra, help a neighbor in need until policy catches up.

[judykinsman]

She is so in touch with what is really happening! Excellent advise!!

[dianafromcalifornia]

She is the voice of logic and she needs to be heard nationwide

[annsanse]

i've been watching some of the documentaries on the poor in america. these people and their children never get a break, and i can't imagine how our current circumstances may be affecting them. america is a so-called wealthy country that just will not take care of its own.

[ziegweid]

Listen to her on NPR. She's awesome!

[stevewise]

Also, the supply chain issues are driving up all consumer goods.

[orffrocks]

An informative, sane, supportive discussion with helpful ideas

[nurseadrianern]

We also as a country have not truly grasped the costs of increased life expectancy. Millenials will have an average of 15 “unwell years”

[nurseadrianern]

$52 Billion welfare check to airline industry & zero accountability to these large corporations who receive corporate welfare paid by taxpayers. Yet people will focus on what individuals receive.

[matthewsaunders]

Best advice. If you can put in more during a recession, do it. Once it recovers you'll be better off

Love her! I listen to whatever she says and have ready her books

[tracyclark]

yes, my son went to community college, and state university, and is doing well, well, well.

[scourge]

There are no individual solutions to societal problems.

[clearfield]

The 8th way to prepare is not mentioned here. If you need something you go and you get it.

[mtn]

The stock market is invaluable. I make my retirement income from it along with many. However, it’s being turned further into a Wild West rather into an ever more secure and reliable economic tool as it should be. Easy-lazy money, greed, politics and snake oil salesmanship are way too prevalent. It is half the force for our civilization that it should be. The main reason is skimming off the top. At its best the market is a forum of investments into human futures. The lack of consciousness and action on global warming by the market is just one example of of weakness in the system. No more fleecing!

[nancychace]

The only thing I question here is dollar cost averaging. I get the basic concept, but if the market tanks, what's the point of trying to catch a falling knife? Definitely good advice to knock down debt. Agree recovery should come - God willin an' the creek don't rise ~

[pgppe]

Michele people who work are deciding between two or three meals a day. People have poor financial habits where they choose wants.

What did people do with all of the money given to them during the pandemic since they were not driving to work, buying clothes for work, gas for their cars, repairs for their cars?

Ask Amazon and FedEx what did people do with the money they received during the pandemic.

[NozUrbina]

People are angry because so much of the money given went through the banks, and didn't get to the people who needed it

[Missy-Missy]

Some people think spend it now because tomorrow isn't guaranteed. However I disagree with this philosophy.