How to Prepare for a Recession (DO THIS)

Do you ever wonder how to prepare financially for a recession? If so, then this video is for you!

It's official, America is in a bear market with the S&P 500 selling off 21% this year from record highs. Americans are dealing with crippling inflation at 8% and a host of financial challenges; including record gas prices, housing costs, food and baby formula shortages, supply chain delays, and now layoffs hitting the technology sector.

In this video, we cover what's happening in the economy, how likely America is to go into a recession, and 7 ways to financially prepare for a recession.

Timestamps ⏰

0:00 Intro | How to Prepare for a Recession

0:36 What Is Causing a Recession

3:57 Layoffs Are a Clear Indication of a Worsening Economy

7:42 How to Prepare for a Recession

7:54 Create an Emergency Fund

10:06 Spend Less than You Earn and Cut Back on Non-essentials

11:26 Create a Side Hustle

12:23 Invest for the Long-Term

13:56 Figure out your risk tolerance

14:56 Diversify your investments

15:55 Keep Your Credit Score High

17:46 Final Thought: Control What You Can Control

Watch the full episode at: https://youtu.be/1gfRv7wJKGk Have questions? Get in touch:

https://www.davewallace.co/emailthedavewallaceshow

Helpful Resources: - https://www.marketwatch.com/story/wall-street-is-officially-in-a-bear-market-what-strategists-say-investors-should-do-11655412140 - https://www.cnbc.com/2022/06/15/fed-hikes-its-benchmark-interest-rate-by-three-quarters-of-a-point-the-biggest-increase-since-1994.html - https://www.foxbusiness.com/real-estate/housing-industry-insider-warns-market-seeing-signs-real-slowdown - https://www.statista.com/statistics/273418/unadjusted-monthly-inflation-rate-in-the-us/ - https://www.google.com/url?sa=i&url=http%3A%2F%2Fwww.shadowstats.com%2Falternate_data%2Finflation-charts&psig=AOvVaw2wfrvNW_gsl81_GSi7Cidq&ust=1655581971127000&source=images&cd=vfe&ved=0CAkQjRxqFwoTCMjLtM2htfgCFQAAAAAdAAAAABAD - https://www.cbsnews.com/news/tech-companies-layoffs-stock-market-cryptocurrency/ - https://www.cnn.com/2022/06/13/politics/biden-americans-well-positioned-economy/index.html - https://intelligent.schwab.com/article/dollar-cost-averaging#:~:text=Dollar%20cost%20averaging%20is%20the,as%20well%20as%20your%20costs.