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 EP32: Turning Underdogs Into Winners w/ CEO & Founder of Wonsulting, Jonathan Javier
S1 EP31: Investing After COVID-19...What You Need to Consider
S1 EP30: Author of Invaluable: Master the 10 Skills You Need to Skyrocket Your Career with Maya Grossman
S1 EP29: Clarity Coach Helping You Find Joy in Your Life and Career with Zee Najarian
S1 EP28: The Five P’s for Finding Your Perfect Job with Jose’ Benitez Cong
S1 EP27: Dealing with Rejection! What to do when You don't Land that Dream Job
S1 EP26: Attorney Michael Waddington on using Sun Tzu’s Art of War in Your Life & the Importance of Gratitude
S1 EP25: Avoiding the Potential Legal Problems Associated with COVID -19
S1 EP24: Women Achieving Success in Corporate America. How to Become a Great Leader With Google Director Alana Karen
S1 EP23: 8 Essential Tips to Retire Successfully
S1 EP22: How COVID-19 has Impacted Real Estate. The Commercial Real Estate Outlook.
S1 EP21: Land Your Dream Job! How do You Set Yourself Apart from the Other Highly Qualified Candidates ?
S1 EP20: Credit Scores !?!? How do Financial Institutions Calculate Your Credit Score? Learn how to Improve Your Credit Score.
S1 EP19: AI Technologist and Behavioral Economist Emmanuel Matthews on the Power of Mentors. How We Create Equity in Corporate America.
S1 EP18: Essential Tips for Buying Life Insurance
S1 EP17: Tips to Stand Out in a Competitive Job Environment
S1 EP16: The Free Retiree Crew Talk Racism & The Legal Issues Surrounding George Floyd’s Death
S1 EP15: The Power of Self-Determination With Amazon Best Selling Author Dr. Candice Weaver
S1 EP14: June Economic Update - Comparing COVID-19 to The Great Recession
S1 EP13: Biggest Mistakes Investors Make During a Bear Market
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