How (and When) to Save During an Economic Downturn
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If you can purchase companies at affordable, recession-level prices, you can easily get rich, says Entrepreneur Network partner Phil Town. Town talks about recession-proofing your savings by looking for bargain prices.
Even investing maestro Warren Buffett says to treat the market's fluctuations as friends and to profit with the market follies, rather than participate in them. Of course, that's easier said than done ... but it can be done.
401ks work great when your employer matches your contributions. But don't be fooled: even with their diversified features, if the market tanks, your 401k will also suffer, as well.
According to Town, a recession is a great time to start saving. Even if you're investing less in the beginning, any time you can save money during this economic period, you are making a smart decision.
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