How to Prepare for a Recession (DO THIS)
Updated: Jul 28, 2022
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.
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