I have lived thru a handful of recessions and only one of these pieces of advice seems right, raising cash. Recessions are buying opportunities. Paying down debt would consume cash reserves. If you borrowed wisely, like a low interest mortgage, there is nothing good about paying extra against the principal. If you have bad debt, you should not need the incentive of a coming recession to retire bad debt, like credit cards or car loans.

What is all the austerity talking all the time. Why do we need to cut expenses, why can't we live comfortably if we can afford it. You can cut your expenses, but I am still going to spend what I want on what I want, when I want it.

TEK