Have you ever been to a Broadway show? It’s amazing- whether you’re drawn to the storyline, the music, the costumes- but of course the cast is pivotal. And for any major theatrical production, not only are there the performers you see on stage, but there are also countless understudies. The backup cast members who learn all the lines, and know exactly what to do in case one of the performers gets sick or can’t perform. They’re preparing for the worst. We think of prepping for a recession in a similar way. We don’t know exactly when it’s going to happen. In fact, we hope that we don’t experience one anytime soon! But when it does, you’re going to be able to weather that storm much better if you take the proper precautions ahead of time. And with more talk of a recession on the horizon, we figured now was a great time to discuss what you should be doing. We’re going to get granular on this one and give specific steps that you should take in order to be prepared whether we enter recession territory later this year, or if it takes an entire decade! Either way, you’re going to be ready.
Additional links:
- Full blog post on preparing for a recession.
- Our mention of the inverting yield curve.
- We touched on diversifying your streams of income: check out this entire episode to the power of house hacking and how you can start implementing it in your life with Craig Curelop.
- And if you want to minimize the stress that accompanies a rental property, then you’ll want to prioritize effectively screening and managing tenants.
- Check out the Flipp App which aggregates all of the circular flyers in your area so that you know what’s on sale.
- Bare bones budget – And it can be a really great idea to figure out how little it would take to live on, if the proverbial ish hits the fan.
- If you’re not sure what your risk tolerance might be, then check out this quiz over at Vanguard to help get you started.
- Credit Card Tool – Looking for the right credit card for you? Then check out our new credit card tool that’ll help you to easily filter through all the cards based on your preferred airline, whether or not they have an annual fee, or simply by the cash back offer! Just toggle the sliders and you’ll know which card to consider.
During this episode we enjoyed an Altbairisch Dunkel by Ayinger! And please help us to spread the word by letting friends and family know about How to Money! Hit the share button, subscribe if you’re not already a regular listener, and give us a quick review in Apple Podcasts or wherever you get your podcasts. Help us to change the conversation around personal finance and get more people doing smart things with their money!
Best friends out!
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