Part 5/9:

Taking steps to mitigate financial risks is a proactive approach that could shield individuals from the economic consequences of a downturn. Effective strategies include:

• Debt Management: Reducing debt before circumstances worsen is paramount. Avoid overleveraging and borrowing against insecure financial prospects.

• Investment Diversification: Building a diverse portfolio that includes a mix of assets, such as treasuries, precious metals, and dividend-paying stocks, can mitigate risks during economic downturns.

• Emergency Savings: Maintain a safety net that covers essential expenses and allows for flexibility in dire situations.

• Job Marketability: Continuously enhance your skills and seek opportunities for advancement to secure job stability.