Passive income is a great insurance against a recession. What better fallback than a pool of investments that turns into a regular profit? Of course, investments are not foolproof. Return on investments can be affected by an overall economic slowdown, or poor judgement.
But a well-balanced portfolio with diversified risks could prove to be a boon during a recession when the security of jobs or income is uncertain. If you’re not sure how to start, you can talk to a financial planner, and also check out our customised financial solutions from CIMB F.I.R.S.T.
With these recession-proof strategies, you can at least lessen the burden any future downturns may have on you or your family’s financial security. If you still need more help, here’s what you can do to get quick cash in the short run.
Let’s hope that with the COVID-19 government stimulus package and financial support will be enough to avoid a full-blown recession. Meanwhile, practice social distancing, stay home whenever you can and strategise your finances.
