Is a Recession Coming?
Are you wondering if a recession is coming?
Well of course a recession is coming! We just don’t know when, or if we’ll be here to experience it. But to those who plan ahead, you can be prepared.
The recession of 2008 was painful. People lost jobs and couldn’t pay for their cars and homes. Real estate values plunged, some people lost homes in foreclosures, others declared bankruptcy. Many suffered great loss in their retirement accounts.
Recessions are economic corrections. The economy declines for at least six months accompanied by a drop in real gross domestic product, personal income, employment rates, manufacturing and retail sales.
The good news is that recessions stir some people into action. Priorities are adjusted, money’s managed better, and savings rates rise. God becomes the focus of our trust – along with gratitude for every blessing.
And, opportunities abound. The prepared can purchase depressed real estate or businesses. Some even start businesses as they see needs arise during tough times.
Recessions are a time to exercise what we believe. In Romans, Paul wrote:
Rejoice in hope, be patient in tribulation, be constant in prayer. Contribute to the needs of the saints and seek to show hospitality. (Romans 12:12-13)
Now there’s a lot of hype about a coming recession, but the Bible says that no man knows the future – so here’s my advice – Don’t fear because God’s with us. His financial principles will prepare us so that we can flourish and even help others along the way.
For encouragement in your financial journey, I want you to go to Crown.org. Our library of resources and online courses allow you to learn wherever you are. And, a donation of any amount grants you immediate access. Check out Crown.org.