A deep recession is coming — Here is how you can come out of it thriving.

“Recessions make the most millionaires”

Last week, the Federal Reserve Bank of Atlanta changed their prediction of a 1.3% increase to a 1% contraction for our countries second quarter GDP.

This change is no joke. Our GDP already declined 1.6% in the first quarter. If the Fed is correct and our economy contracts again, we would be in a recession.

Admittedly, this information can be daunting. The fact that our economy may be within the definition of a recession while you are reading this may make you feel uneasy and a little bit scared. Fear not!

With adequate preparation, you can come out of this unfavorable situation thriving. As the good old cliché finance quote goes:

“Recessions create the most millionaires.”

Normally, I hate using quotes like these, especially because they don’t offer anything of value; But the truth is, if you are well prepared to fight a recession, you can come out looking like a genius.

Surviving a recession takes some preparation

Just like a company, you have assets and liabilities (debt). Similarly, you have to take steps if you want to…