It’s not a matter of “if” there will be another financial recession, it’s at matter of “when” it will happen. And as we recently just set the record for the longest stock market run up since the end of World War 2, it’s a good time to stop and reflect on whether or not you are prepared for the next difficult economy.

If you are lucky, a recession will just cause a drop in your investments, and recover a short while after. However, many people will end up losing their jobs or having their income reduced as their employer is struggling to keep pace with a loss in revenue.

Part of my personal draw to simple living is the financial security it brings. While I work to simplify my life, I’ve also reaped the benefits of consuming less and being more intentional with the way I spend my money.

By saving money and learning how to use my resources effectively through simple living in good economic times, I’ve set my family up for security through bad economic times.

5 Ways To Prepare For The Next Recession