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Avraham "AY"  Rappaport, CLTC

President, Financial Professional


Yaniv "Jay" Natanov

President, Financial Planner


Eli Rappaport

Vice President, Financial Planner


Shlomo Rosenstein

Financial Professional


Ozzie Marizan

Financial Planner


Joseph Greer

Employee Benefits Administrator


Dylan Pinsky

Client Relations Manager


Premier Financial

6395 Dobbin Road, Suite 102

Columbia, MD 21045


Phone:  240-309-6001




November/December 2022

Navigating a Recession

Business challenge. A businessman navigating through a maze. Top view

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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