Episode 114 Recession-Proof Your Finances With These Four Tips
Are you prepared to weather a financial storm? “Not preparing is preparing to fail,” especially in times of crisis. With ongoing debates about whether we’re in a recession as we experience high inflation rates, it’s time to take action and recession-proof your finances.
In this episode, we’ll dive into the definition of a recession and share essential tips to help you not only survive financially, but benefit from it in the long term. Learn how to reassess your expenses, increase your savings and income, invest in assets that appreciate in value over time, and diversify your investments. Plus, we’ll discuss how to leverage tax advantages to save money.
Tune in now for an insightful outlook that’ll leave you feeling hopeful for your financial future. With the right mindset and actions, you can thrive, even in the midst of a recession.
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- What is a recession [0:26]
- #1 Reassess your expenses and increase your saving [1:17, 2:27]
- #2 Invest in things that appreciate in value over time [3:17]
- #3 Diversify your investments [6:49]
- #4 Leverage tax advantages [8:06]
- “I talk about interest-based spending. I try to maximize my joy with the expenses that I make.” – Anne-Lyse Wealth
- “Don’t invest money that you think you might need this year, three years from now, or even five years from now. When you are dealing with a recession, you want to really think long term.” – Anne-Lyse Wealth
- “In the long run, the stock market and real estate assets increase in value over time. The sooner you start investing, the better you will position yourself to build long-term wealth.” – Anne-Lyse Wealth
- “Taxes are our biggest expense.” – Anne-Lyse Wealth
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Other Episodes You Might Like:
- How to Make the Best of a Recession
- How to Prepare For a Recession
- Building a Multi-Million Dollar Recession Proof Real Estate Portfolio Leveraging OPM with Attiyah Blair
- Improve Your Finances this Q4 and Beyond with These Five Things