Three Tips for a Recession
Today I have three tips to help you survive a recession.
To face a recession, use the 3P Method: Prepare. Be Patient. Don’t Panic
We prepare by living out Biblical financial principles.
In Genesis, God revealed the meaning of Pharaoh’s dreams to Joseph. Seven years of plenty would be followed by seven years of famine. They had to gather and store grain as a reserve against the coming years of an economic downturn.
Now likewise, our preparation is to work hard, gather and build our financial reserves.
Work so you’re irreplaceable. Serve others, read widely, attend seminars and take classes to update your skills. Work as unto the Lord.
Create additional income by selling excess “stuff” or taking on extra jobs.
It’ll help you pay down debt, fund an emergency account and save the equivalent of 3-6 months of your monthly income.
Diversify investments and determine what you can risk.
Second, be patient.
Recovery takes time. So don’t despair. The Apostle Paul said:
Rejoice in hope, be patient in tribulation, be constant in prayer. (Romans 12:12)
And finally, don’t panic!
Emotions can’t be trusted – but God can. He’s sovereign and in control. David said:
The Lord is my strength and my shield; in him my heart trusts, and I am helped; (Psalm 28: 7)
We can experience the peace of God regardless of economic conditions. Just remember the 3 P’s. Prepare. Be Patient. Don’t Panic.
And if you need to pay off your overwhelming credit card debt before a recession comes, I highly recommend Christian Credit counselors. For more information, call the Crown Helpline at 800-722-1976 or online at crown.org/ccc