Episode 81 How to Prepare For a Recession
It seems like everywhere we go or every time we turn on the news, everyone keeps talking about a recession – and it’s been causing fear and panic in a lot of people.
Should we all worry or are there things we can do today to prepare?
In this episode, we talk about strategies we can use to prepare for a recession.
A recession can be both a gift and a curse. Listen as I give six tips on how you can not only prepare for the recession but even use it to increase your wealth.
In this episode you will learn:
- What a recession is and why you should care
- How recessions have impacted companies in the past
- 7 tips to be prepared for a recession
- How recessions can be both good and bad
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Dreamers’ Wealth of Wisdom:
- Recessions are a gift and a curse. The economy is not stable, but it’s also an opportunity to build or expand wealth.
- Reduce your spending be proactive by paying off debt so it doesn’t negatively impact your credit score.
- To even things out, invest consistently (either weekly or biweekly) no matter what is going on. Keep investing and do not be afraid when you see your numbers going down because there’s a lot of volatility.
- I don’t spend too much time obsessing over how much money I “lost”. Because you don’t lose until you sell and I’m not planning on selling. So I would much rather continue to dollar cost average so that I can take advantage of the market downturn.
- If you can set aside money just in case, it will do nothing other than help you.
- Review your expenses to encourage cutting in some areas and not spend as much.
- Invest in yourself. Invest time so that you can improve or learn new skills, which will make you more marketable and more competitive as a job candidate or as a business owner.
- Recessions are bound to happen, how you prepared for them and how you react to them is going to determine whether it’s going to have a positive or negative impact on your finances.