Episode 99 How to Make the Best of a Recession
When should we start preparing for an economic downturn? At the onset? Or as early as when we see the first sign of economic decline? If you’re like me and you want to be proactive, then this episode is a must-listen!
I’ve spoken to financial experts to outline strategies to have in your arsenal so that you are prepared for the worst case scenario.
It’s a mix of financial cautiousness with investment strategies to make sure you’re protected in case things don’t go as planned, but without missing out on opportunities to actually build wealth.
This episode addresses:
- Four tips to manage your money during a recession
- Reevaluating your expense and emergency fund
- Investment diversification
- Different investment accounts and vehicles to consider
- Index funds vs. actively managed funds
- Investing with discipline
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Dreamers’ Wealth of Wisdom:
- When things are very uncertain, the more money you have saved up in your emergency fund, the more financially secure you are going to be.
- The market is on sale. It’s a great opportunity to consider investing more in good companies with a long-term strategy because you’re buying the stocks at a lower cost basis.
- The pro tip here is that investing is a long-term play.
- Stick to a plan and automate your investments, you’re less likely to constantly check your accounts and see the up and down movements of the markets.
- What’s great about an index fund is that it will not only give you diversification, it will also give you passive management of the fund.
- The key thing here is to remind yourself not to put all your eggs in one basket and make sure that you diversify your investment.
- Challenging economic times means that you can prepare and actually take advantage of these times by increasing your income, your cash reserve, and investing progressively and consistently.
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Other Episodes You Might Like:
- Debt Freedom, Investing, or Both? How to Build Wealth The Lazy Way with Chloé Daniels “Clo Bare The Money Coach”
- Building a Multi-Million Dollar Recession Proof Real Estate Portfolio Leveraging OPM with Attiyah Blair
- How to Prepare For a Recession
- How to Thrive Despite Economic Downturns with Former Wall Street Executives Nadia Busseuil and Nicole Carter “The Wealth Twins”