Worried about a recession Protect yourself but dont panic

If the threat of a recession gives you pause when it comes to your personal finances, remember now is a time to prepare, not panic.Worries about the economy increased this week when a fairly reliable recession warning emerged from the bond market. But without a crystal ball, it remains unclear when a recession might hit. Still, financial experts say people should consider taking certain steps that are beneficial in any economy but would aid households greatly in a downturn.DON’T PANICThe longstanding advice remains — do not panic and stay the course on your financial plan.It is sage advice, said Dan Keady, chief financial planning strategist at TIAA, but it also goes against the grain for many people. “It’s hard just to do nothing,” he said. “The best investment strategy is a long-term one. If you buy and sell your investments frequently, you’ll more likely than not buy and sell based on emotion — panic or excitement.”If you simply cannot sit still, use this pressure as an impetus to check your plan. Are your goals the same? Are your investments allocated where you want them? It makes sense to periodically rebalance your portfolio to ensure your investments have not become too heavily weighted in one segment or another, particularly after a long stock market run-up like the one in recent years.Say, for example, you started with 60% of your nest egg in stocks and 40% in bonds. The stock portion could have easily jumped to 70% thanks to strong gains in technology sector. Whatever the portion of your portfolio is in stocks, remember that it can lose 10% or 20% of its value regularly as recessions come and go. That’s the price investors have paid historically for the stronger long-term returns of stocks versus bonds.While it may be difficult, fight the urge to readjust your portfolio solely based on market conditions. People who sold during the last recession, for example, likely suffered a loss and then either missed out on major stock market gains in subsequent years or had to pay the price to jump back in.If you originally designed your portfolio to match your long-term investment goals and risk tolerance, stay true to it, Keady said. If you don’t think you can be objective, ask a professional for help.Try not to get too tied up in the ups and downs of the stock market too. Even those without money in the market — about half of all U.S. households — might be tempted to see the market’s move as a sign of the times even though it can have little impact on their direct financial wealth.And remember a recession is a natural part of a market cycle, said Lauren Anastasio, a certified financial planner at SoFi.“The advice is don’t panic,” Anastasio said. “But that doesn’t meant there aren’t steps to be prepared for whatever is going to come.”SAVE UPOne of the smartest moves anyone can make is to build up an emergency fund. These are a great idea at any time to help weather unexpected expenses, but can become critical in a downturn.A recession typically comes with job losses, and an emergency fund can be a lifeline for many families. Even those with good job security should take heed as everyone can feel an income pinch during a recession, as companies might eliminate bonuses, reduce overtime or slow pay increases, Anastasio noted.Americans, by and large, don’t have enough set aside in savings to handle financial hurdles.Experts recommend having enough set aside to cover anywhere from three months to nine months of basic expenses. But nearly four in 10 Americans say they are not confident they would be able to pay an emergency expense of $1,000, according to a recent survey by The Associated Press-NORC Center for Public Affairs Research.So, set aside whatever money you can and keep it in an account you can readily access. Even in this low interest rate environment, there are some savings accounts earning near or above 2%.PAY OFF DEBTIt is important to pay off any high-interest debts, such as credit card balances.Americans dramatically reduced their debts after the last recession, but those debt levels creeped back up. This can be costly as the average interest rate on a credit card is 17.82%, according to Bankrate. It hit a record at 17.86% last month.Paying down those debts will not only reduce the amount paid over time, it also frees up available credit that may be needed in a pinch ahead. That is important as banks tend to tighten lending during recessionary periods, so it could be harder to get a loan or line of credit.MAKE GOOD CHOICESIt should go without saying, but be judicious about big financial decisions.Consider holding off on any big purchases like a car or home remodeling if it is a stretch, Anastasio suggested. If you are going to need cash in the next few years — say for the birth of a child, a sabbatical or a return to school — make sure you have that available and not tied up in something that may lose value.“I definitely think that it has been long enough (since the last recession) that here are plenty of people who have gotten comfortable with the period of growth and expansion and have forgotten some of the lessons we have learned in the past decade,” she said.Sarah Skidmore Sell, The Associated Press read more

Sandvik introduces smarter compact exploration core drills

first_imgSandvik DE130i and DE140i, the company’s latest compact core exploration drills, feature more automation, increased productivity and easier operation thanks to computer systems that control all drilling. Not only do DE130i and DE140i enable better productivity and safer operation through automation advancements, the two new developments of the established fully-hydraulic core drills DE130 and DE140 also offer the possibility of extensive data logging for better management of crucial information down the hole and reporting.The control system, based on the proven Sandvik SICA platform, executes all operating commands in AUTO mode automatically from a built-in touchscreen featured on a height-adjustable control panel. The user-friendly graphical interface features a menu with 11 pre-programmed operating modes. Individual user profiles also enable the operator to save settings at a particular site for quick startup. Appropriate parameters can also be selected for less-experienced drill crews.Two joysticks featured on the control panel enable the operator to take over and run semi-automatically or entirely manually, if needed.“With Sandvik DE130i and DE140i, operators set safe machine limits, initiate the drilling operation, put the drill in AUTO mode and then watch it drill a complete ‘run,’” said George Tophinke, Global Exploration Equipment Manager at Sandvik Mining. “During the entire operation, the control system will automatically compensate for sudden changes in conditions to optimize drilling within the pre-set parameter range. This is an important advantage, since it allows the operator to focus on other tasks while waiting. If drilling in unattended mode, the control system is designed to shut down at the end of the three-meter cycle and if the pre-set parameters are exceeded.”The use of CAN-bus technology provides major advantages with regard to communication between the different main parts of the system and handles all communication between the drill rig and the control panel. All operations carried out by the control system are registered and can be copied to a USB or directly transmitted to an external computer. Together with the presentation system, this provides the geologist or drilling engineer a good base for making multi-variable analyses of the drilling sequences and of the influence from varying rock conditions in the drill hole.A great deal of importance has been placed on increasing the system’s reliability and facilitating fault tracing with built-in monitoring and safety features. Components with proven performance have been adapted for the new automated control system on the new drills.DE130i key features: •Depth capacity of 815 m (2,674 ft) N size•Feed force of 4.7 t (10,350 lbf)•Pull force of 6.3 t (13,820 lbf)•Maximum torque of 800 Nm (619 lbf ft)•N-head rotation unit with hollow spindle ID 77 mm (3 in)•1,700 mm (5 ft 7 in) feed stroke•Up to 1,200 m (3,937 ft) wireline hoist capacity DE140i key features: •Depth capacity of 1,220 m (4,003 ft) N size•Feed and pull force of 9.4 t (20,730 lbf)•Maximum torque of 937 Nm (691 lbf ft)•H-head rotation unit with hollow spindle ID 103 mm (4 in)•1,710 mm (5 ft 7 in) feed stroke•Up to 1,200 m (3,937 ft) wireline hoist capacitylast_img read more