Many people are facing a situation they haven’t had to deal with in a long time: an economic downturn. So we reached out to financial advisers, researchers, academics and other experts and asked them a simple question: What are some of the biggest mistakes people make in hard times, and how can they avoid them? And ideally, avoiding any of these mistakes will make your economic troubles a little less painful and the eventual recovery a little more robust. This happens when their saver’s mentality—the same one that helped in building an emergency fund—makes the emergency fund seem sacred and unavailable for use. Isn’t this why you had the emergency fund in the first place?

Source: Wall Street Journal September 13, 2020 15:01 UTC