4 steps to protecting wealth in a recession

With 52 percent of economists warning of an impending recession in the next 12 months, there are four steps Americans can take to protect their personal wealth, according to a Sept. 23 report from CNBC. 

Four steps to protecting your finances in a recession:

1. Eliminate unnecessary expenses, including cutting back on non-essential spending and reviewing subscription payments. Cutting back on unnecessary spending can allow for room to create an emergency fund. 

2. Establish an emergency fund so that you can be prepared to weather uncertainties. Keep these funds in an account that can be accessed quickly, like a high-yield savings account. 

3. Pay down balances with high interest rates, including credit cards. 

4. Revisit your investments by looking at your 401(k) and portfolio investments to ensure you aren't taking on more risk than you realize.

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