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:
S1 EP73: Protecting Your Wealth & Leaving a Legacy with Natalie Gold
S1 EP72: Finding Happiness in Your Career with Ahyiana Angel
S1 EP71: IT Security: Protecting Your Identity and Finances With Dominic Vogel
S1 EP70: Back to the Office: What’s New and What We've Learned with Sergio Patterson
S1 EP69: Prop 19 Explained: Property Tax Changes in 2021 With Nina Decker
S1 EP68: Introversion and Narcissism in the Workplace with Chelsey Brooke Cole
S1 EP67: How Social Media and Transparency Can Grow Your Start-Up with Erica Rankin
S1 EP66: Inclusive Communication between Families about Financial Planning with Vanessa Martinez
S1 EP65: Making it in Hollywood & Finding Success with Darcy Donavan
S1 EP64: Branding With AI & Entrepreneurship for Indian Women with Chahat Aggarwal
S1 EP63: Strategizing for Employment with John Marty
S1 EP62: Exploring Motives Behind Entrepreneurship with Kevin Miller
EPS 61 - What You Need to Know About Cryptocurrency with Linda P Jones
S1 EP60: Building & Growing a Brand on LinkedIn with Michaela Alexis
S1 EP59: Conformity and Women in the Workplace with Jasmine Escalera
S1 EP58: Real Estate Update: Relocation and Property Picking with Nate Johnson
S1 EP57: Building Resilience In The Workplace with Rachel Druckenmiller
S1 EP56: Student Career Education and Tiktok Marketing w/Justin Nguyen
S1 EP55: The Power of Connection
S1 EP54: Turning An Idea Into A Success with Felix Lee
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