Team photo
Centuria Financial Group

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David P. McCabe,

WMCP®, ChFC®, CLU®

Financial Planner, Prudential Advisors

david.mccabe@prudential.com

 

Jason M. Bowers,

RICP®, CDFA®

Financial Planner, Prudential Advisors

jason.bowers@prudential.com

 

Nathaniel D. High, RICP®

Financial Planner, Prudential Advisors

nathaniel.high@prudential.com

 

Nicholas Over

Financial Planner, Prudential Advisors

nicholas.over@prudential.com

 

Melissa L. Lang

Client Relations Manager, Prudential Advisors

melissa.lang@prudential.com

 

Centuria Financial Group

2333 Baltimore Blvd Suite B

Finksburg, MD 21048

 

Phone:  443-952-7232

November/December 2022

Navigating a Recession

Navigating a Recession

Rising inflation and slow economic growth that lasts for several months are earmarks of a recession. Don’t panic. Instead, consult your financial professional for guidance, and consider these ideas to help get you started on creating a recession-proof financial strategy.


Shore Up Your Emergency Fund
Your goal should be to save at least three-to-six months’ worth of living expenses in a liquid account that you can easily access. Having money in an emergency fund can help prevent you from having to charge unanticipated expenses to a high-interest credit card or sell investments to cover living expenses when values are down.


Pay Off Debt
Being in debt means that a portion of your paycheck is not yours to spend or save. That money goes to pay for things you’ve previously purchased with credit. Eliminating debt gives you freedom to live within your budget, and hopefully, save more for your future.


Reduce Expenses
Review your budget to see where you can adjust. Cutting back on discretionary spending can help improve your financial outlook. Think about giving up premium television channels, unnecessary online apps and some costly leisure activities, at least temporarily. You might be surprised at how little you miss those extras.


Boost Your Income
Doing contract work in your field of expertise can bring in extra cash. Ask contacts if they know of businesses that are looking for freelancers. If you’ve ever thought about turning an enjoyable hobby into a business, now may be a good time to investigate that option. Side jobs, such as house painting or dog sitting, can also bring in additional income. Keep in mind that other tax rules apply if you’re self-employed, so talk to your tax advisor first.


Stay Invested
When the economy is in turmoil, your first inclination may be to get out of the securities markets. But selling investments when prices are down only locks in your losses and prevents you from reaping the benefits when values start to rise.


A bear market presents a unique buying opportunity, so consider using any extra cash to add investments to your portfolio at bargain prices.

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Life insurance is issued by The Prudential Insurance Company of America, Newark, NJ, and its affiliates. Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Prudential Advisors is a brand name of The Prudential Insurance Company of America and its subsidiaries. Melissa L. Lang is employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
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