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RE: Wealth Effect and Recessions
Hello @fijimermaid, your last tips are very important.
In times of economic recession, it is best to keep debts away or controlled, reduce expenses and pay only what is strictly necessary, these are the keys to economic survival that should be adopted at least.
I should have added that it's important to have an emergency fund and little to no debt before a recession…because once a recession gets here, it's probably too late.