Livelihoods are vulnerable during an economic downturn. A recession is beyond your control, but you can take charge of how you respond or prepare for a recession. It's always a good idea to put yourself in the best possible financial position. The best way to combat personal financial decline during a recession is to be proactive.
In order to weather a potential economic downturn, it is essential to save some money in the event that you suddenly lose your job or receive a significant reduction in income. If money is tight right now, look at your budget to see where you can cut back on non-essential expenses like entertainment, trips, or dining out. Staying on top of your finances provides a safety net to fall back on whether your hours have been cut, you've lost your job, your business isn't earning any money, or you've made some poor financial mistakes. Before the next financial downturn hits, make sure to follow these steps to recession-proof your finances.
In this week’s episode, wealth manager, Lee Michael Murphy shares seven strategies you can do to protect your money during a recession. He also shares the importance of taking advantage of the current economic condition by investing.
Tune in to The Free Retiree show!
What you’ll learn in this episode:
The Remote Company Culture Shift: Key Factors that Make or Break It
Unlocking Life’s Wealth: Prioritizing Time Over Money for Lasting Happiness and Fulfillment
Managing Money During Times of War
Unlocking Financial Freedom: A 10-Step Blueprint to Financial Success
How to Find Great Real Estate Deals w/David Lecko
Unmasking the Mindsets Holding You Back from Financial Success
Unlocking Growth: Mastering Peer & Manager Feedback for Personal Development
How to Thrive in High-Interest Times: Short and Long-Term Financial Strategies
7 Tips to Stand Out in a Competitive Job Market
Should You Buy Travel Insurance ?!?
8 Strategies to Combat Inflation w/Lee Murphy
Coping with Grief at Work: Embracing Mindfulness and Resilience w/Carina Hellmich
Debunking 10 Common Misconceptions About Money & Wealth
Career Growth and Opportunities: Knowing When It’s Time for a New Role
Escaping Credit Card Debt
2023 Mid-Year Economic Report Unveils Key Factors for the Second Half
How to Perform a Financial Wellness Check
Crafting the Perfect Resume: Strategies for Effective Job Applications
Retirement Account Blunders Unveiled: Avoiding Costly Mistakes!
Effective Communication Strategies: Engaging Juniors, Peers, and Leadership for Success
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