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Financial experts reveal how Americans can prepare for the possibility of a recession

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Financial experts reveal how Americans can prepare for the possibility of a recession

Financial experts are revealing how Americans can prepare for the possibility of a recession with concerns about the economy.

Federal Reserve Chair Jerome Powell on Friday indicated that interest rate cuts could come soon, telling Kansas City Fed’s symposium in Jackson Hole, Wyo., “The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook and the balance of risks.” 

Chris Markowski, of Markowski Investments, told Fox News Digital that Americans should not buy into the hype or “fear” of recessions. Instead, they should look at it as a “housecleaning” opportunity where they can make necessary cutbacks and come out stronger than before. 

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“I think many Americans right now feel that they’re in a recession already,” Markowski said. “Their buying power has been, in essence — it’s gone away, based upon inflation and money and what it can buy them, what they’re paying for groceries or what they’re paying for cars and what they’re paying for the bare necessities of life.” 

US PRODUCER PRICES RISE LESS THAN EXPECTED IN JULY 

 In this photo illustration, one and five dollar bills seen on display.  (Photo Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Imagehoto Illustration by Igor Golovniov/SOPA Images/LightRocket via Getty Images) / Getty Images)

Markowski advised investors not to panic when it comes to their portfolios and avoid attempting to time the market. When Americans hit slow times, they can cut back on what they do not need and come out stronger due to their new efficiencies. 

David Peters, from Peters Tax Preparation & Consulting PC, said Americans must look at their spending to prepare for a potential recession, must not stop saving for retirement, and try not to take out large loans. 

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“Where is your money going?” he asked. “Are there places where you need to tighten your belt? You should take a look at your budget and figure out how to still make room in it for savings — even in the midst of rising costs. Make sure that you have an emergency account that is funded (three months of expenses is ideal).” 

“As I have told many clients, the most important thing is to have perspective,” Peters added. “We have been through economic ups and downs in the past (and a pandemic most recently). We just need to cut spending where we can and continue to save. These hard times will pass too.” 

Al Lord, of Lexerd Capital Management, encouraged Americans “looking to buy a home or continue renting” to “prioritize maintaining stable employment and ensure that housing costs stay below 30% of their monthly income.” 

“It’s important to review expenses, create a realistic budget, and have a contingency plan in place in case job security becomes uncertain,” he said. 

Andrew Van Alstyne, from Fiduciary Financial Advisors, told Fox News Digital that ideally Americans would want to increase their liquidity amid the uncertainty. 

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“That means ensuring you’re able to cover anywhere from six to 12 months of expenses without changing your lifestyle,” Van Alstyne said. “The first source of funds should be in an emergency fund sitting savings account (usually three to six months of expenses). The next source of funds would be in a brokerage account (non-retirement investment account) and would draw down on cash, then investments that are easily traded (liquid). Do not take loans or cash-out retirement accounts unless it’s RMDs or a previously established withdrawal strategy in retirement. Lastly, cut back (not necessarily eliminate) unnecessary expenses until the economy balances out and we know what best next steps are.” 

Self-made multi-millionaire John Cerasani, who built his company during a recession, told Fox News Digital that “there are opportunities for entrepreneurs to emerge in recession-proof industries.” 

“Focusing on services related to higher education institutions is an example of an industry that typically thrives during a recession,” he explained.  

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Guild Investment Management’s Tony Danaher advised Americans to “hold off on high-ticket purchases, lock down and extend employment contracts (or make yourself invaluable) and save.”  

“Consider less market and economic sensitive investments,” Danaher added. “If needed, put off retiring if worried about income.” 

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Finance

Departing inspector general targets Council Office of Financial Analysis

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Departing inspector general targets Council Office of Financial Analysis

The $537,000-a-year office created in 2014 to advise the City Council on financial issues and avoid a repeat of the parking meter fiasco has failed to deliver on that mission, the city’s chief watchdog said Tuesday.

Days before concluding her four-year term, Inspector General Deborah Witzburg said a shortage of both adequate staff and financial information closely held by the mayor’s office prevents the Council’s Office of Financial Analysis from helping the Council be the the “co-equal branch of government” it aspires to be.

In a budget rebellion not seen since “Council Wars” in the 1980s, a majority of alderpersons led by conservative and moderate Democrats rejected Mayor Brandon Johnson’s corporate head tax and approved an alternative budget, including several revenue-generating items the mayor’s office adamantly opposed.

But Witzburg said the renegades would have been in an even better position to challenge Johnson if only their financial analysis office had been “equipped and positioned to do what it’s supposed to do” — provide the Council with “objective, independent financial analysis.”

“We are entering new territory where the City Council is asserting new, independent authority over the budget process. It can’t do that in a meaningful way without its own access to financial analysis,” Witzburg told the Chicago Sun-Times.

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Chicago Inspector General Deborah Witzburg’s latest report focuses on the Chicago City Council’s Office of Financial Analysis.

Jim Vondruska/Jim Vondruska/For the Sun-Times

But the Council’s financial analysis office, she added, “has never been equipped or positioned to do what it needs to do. It needs better and more independent access to data, and it needs enough staff to do its job. It has a small number of employees and comparatively limited access to data.”

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The inspector general’s farewell audit examined the period from 2015 through 2023. During that time, the financial analysis office budget authorized “either three or four” full-time employees. It now has a staff of five .

Witzburg is recommending a staffing analysis to identify how many people the financial office really needs — and also recommending that the office “get data directly” from other city departments, “ rather than having it go through the mayor’s office.”

The audit further recommends that the office develop “better procedures to meet their reporting requirements” in a timely manner. As it stands now, reports are delivered “sometimes late, sometimes not at all,” the inspector general said.

“We find that those reports have been both not timely and not complete in terms of what they are required to report on and that those reports therefore have provided limited assistance to the City Council in its responsibility to make decisions about the city’s budget,” she said.

The Council Office of Financial Analysis responded to the audit by saying it hopes to add at least three full-time staffers in the short term and has made “some progress” over the last three years in improving their access to data, but not enough.

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The office was created in 2014 to provide Council members with expert advice on fiscal issues.

For nearly two years the reform was stuck in the mud over whether former 46th Ward Ald. Helen Shiller had the independence and policy expertise to lead the office.

Shiller ultimately withdrew her name, but the office was a bust nevertheless. In an attempt to breathe new life into it, sponsors pushed through a series of changes.

Instead of allowing the Budget chair alone to request a financial analysis on a proposal impacting the city budget, any alderperson was allowed to make that request.

The office was further required to produce activity reports quarterly, not just annually.

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Now former-Budget Chair Pat Dowell (3rd) then chose Kenneth Williams Sr., a former analyst for the office, as director and gave him the “autonomy” the ordinance demanded.

Two years ago, a bizarre standoff developed in the office.

Budget Committee Chair Jason Ervin (28th) was empowered to dump Williams after Williams refused to leave to make way for a director of Ervin’s own choosing.

The standoff began when Williams said he was summoned to Ervin’s office and told the newly appointed Budget chair was “going in a different direction, and I’m putting you on administrative leave” with pay.

“He took all my credentials and access away. I would love to come to work. I wasn’t allowed to come to work,” Williams said then.

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Williams collected a paycheck for doing nothing while serving out the final days remainder of a four-year term.

Ervin’s resolution stated the director “may be removed at any time with or without cause by a two-thirds” vote or 34 alderpersons. He chose Janice Oda-Gray, who remains chief administrator.

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Finance

Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

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Reilly Barnes Returns to Little League® as Purchasing/Finance Assistant

Little League® International has announced that Reilly Barnes accepted a new role as Purchasing/Finance Assistant, effective April 6, 2026. Barnes transitions from a temporary Purchasing Assistant to this full-time position to assist in the year-round demands of purchasing for the organization, as well as the region and Little League Baseball and Softball World Series tournaments. 

“We are thrilled to welcome back Reilly to our team as a full-time Purchasing/Finance Assistant. Reilly’s prior experience, time management, and attention to detail make him an invaluable asset to the purchasing team,” said Nancy Grove, Little League Materials Management Director. “We look forward to the positive contributions he will have on our organization.” 

In this role, Barnes will be responsible for processing purchase requisitions, coordinating souvenir products, and tracking order fulfillment. He will also assist with evaluating suppliers, reviewing product quality, and negotiating contracts for effective operations.  

After most recently working as a Logistician Analyst at Precision Air in Charleston, South Carolina, Barnes, a Williamsport native, returns after honing his skills in the fast-paced environment. Prior to his time at Precision Air, Barnes served as a Procurement Specialist at The Medical University of South Carolina, where his expertise and knowledge were instrumental in supporting both education and healthcare needs.  

“I am thrilled to return to Little League in this full-time role,” said Barnes. “Coming back to my hometown and having the opportunity to work for an organization that has played such a special part of my upbringing means a lot. I can’t wait begin this new opportunity.” 

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Barnes graduated from the University of Pittsburgh in 2022 with a B.A. in Supply Chain Management, Finance, and Business Analytics.  

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Finance

Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

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Why this sleepy Swiss town has become a ‘bolt-hole’ for the Gulf elite

As conflict continues to destabilise the Middle East, the Gulf States elite are seeking solace in European alternatives that offer comparable financial benefits with a far lower risk of war on the doorstep. One such destination is the small Swiss town of Zug, which is becoming a “bolt-hole” for Gulf-based wealth, said the Financial Times.

‘Swiss Monaco’

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