An investing expert who says 'cash is king' right now explains how investors should stockpile so they're ready to jump on new opportunities following the economic downturn
) plus more flexibility when it comes to accessing your money. These online banks can afford to give customers higher rates than traditional banks because they don't have the overhead that brick-and-mortar banks do.the likely recession of 2023
, you'll have the necessary funds to jump on various investment opportunities, said Simmons:"This is the time to grow your cash and to really research and to understand the new opportunities you can invest in when we come out of this economic downturn." , she said."I also think the EV space is going to be a very booming industry and clean energy overall," she added.
When it comes to selecting how you want to invest, start by considering your goals and when you'll need access to the money you're investing. For example, if you're planning on buying a home in the next year and put your money in a 24-month CD,"you will be heavily penalized for touching that money early," she noted."Versus, if you put it into a bank account, you can touch it at any point.
"If you have stocks that you did not offset or sell earlier this year or later last year, I would say at this point, hold onto them if you can. That's what my strategy is: I'm holding unless these particular stocks absolutely implode."She believes that investing in these types of items"can potentially be recession proof.
, which allows you to invest in paintings. You can buy a fraction of a share and then get paid out once that painting sells."
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