Common sense answers to questions on personal finance by Joe Plemon
Q. I keep hearing all this hype about a recession. What is a recession and what do I need to do to protect myself against one?
A: Most economists agree that a recession is defined as a time when the Gross Domestic Product has decreased for two consecutive quarters. A simplistic explanation is that when people are buying less, business profits decrease which causes some businesses to lay people off. Therefore a recession could mean that you lose your job.
I recommend three things you need to be doing, whether a recession is imminent or not. […]
