My Smart Retirement

The famous Elon Musk has recently predicted a recession and we often hear this worry from clients as well. It’s a big question being discussed with the down markets and high inflation. Are we entering a recession? On today’s episode, we’ll explore what it means if we are at the beginning of a recession and how well we are prepared for this possibility.  The net worth of American households has actually gone up in the past few years. If we are entering a recession, this increase in net worth will act as a bigger cushion for a lot of American families. This is especially true with the historically low debt Americans have. This savings boom has been unprecedented. Businesses are also in a stronger place than they were at the beginning of the pandemic and we are currently seeing higher profit margins. This is important if we are entering a recession, stronger profits lead to fewer layoffs and spending cuts.   All of these factors are putting the American people in a stronger position than they were at the start o