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 Behaviors That Sabotage Investment Success
The Crypto Frontier: Exploring Future Possibilities with Linda P Jones
Understanding the Difference Between Good Debt & Bad Debt
Dealing with Difficult Co-workers & How to be the Person Everyone Enjoys at Work
Establishing a Financial Foundation to Growth Your Wealth
The Most Common Mistakes to Avoid When Buying a Home
Finding Your Why w/7-figure Amazon FBA Seller Bashar J Katou
Top Challenges Facing Retirees with New York Times Best Selling Author Lynnette Khalfani-Cox
How a Non-Linear Career Path Makes You a More Valuable Job Candidate and Employee
Three Strategies to Reduce Your 2022 Taxes
4 Strategies to Protect Your Job in an Uncertain Enviroment
Finances for New Car Purchases: What to Consider if You Want to Buy a New Car
Real Estate Market Update: What to Consider When Purchasing Real Estate in 2023
Content Creation that Gets You Noticed & Gives You New Opportunities w/Katelyn Richards
What to Expect & How to Invest in 2023
Spotting the Warning Signs of Financial Bubbles
Why Couples Separate Over Money & How to Improve Communication About Finances
The New Recruiting Scam Plaguing Job Seekers
Warren Buffett’s Top 10 Tips to Get Rich
The Future of Hiring & How to Land Competitive Job Roles w/Matty Gregg
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