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KPBS Midday Edition

How Can You Prepare For A Recession?

Credit cards are displayed in Haverhill, Mass., June 15, 2017.
Associated Press
Credit cards are displayed in Haverhill, Mass., June 15, 2017.
Financial planner Paul Lim answers questions about how people can protect their wallets in an economic downturn.

While the weather forecast looks great, the economic forecast doesn't. From tariffs and trade wars to a soft housing market, indicators are leaning toward a recession. And with inflated housing costs, Californians could be hit hard.

RELATED: 34% Of Economists In Survey Expect A US Recession In 2021

So, is there anything we can do to prepare our wallets and investments? Paul Lim is a financial planner and adviser with the San Diego Financial Literacy Center. He says, yes there is.

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"It can be as simple as having an emergency fund in the bank or owning the right insurance policies," Lim said.

RELATED: How To Invest And Plan For Retirement

Lim advises clients to always stay prepared for an economic downturn and joined Midday Edition to give tips.