Get Ready! How to Prepare for a Recession

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2 – Make yourself more valuable. Most millionaires have seven streams of income, while most Americans have one – their job. So what happens if you lose that job in a recession? Having only one stream of income makes you especially vulnerable in the event of a recession. That’s why now is the time to start thinking about ways to build skills and diversify your income. What skills or interests do you have that would allow you to bring in more money? I know this might sound like just another thing to add to your to-do list, but it’s actually really exciting if you can change your mindset about it. That’s exactly what I want you to take away from this video – empowerment! You have the ability to influence your situation, so let’s do that instead of being scared.

3 – Get rid of expensive debt or bad debt. Unfortunately, there are a lot of Americans who are paying upwards of 20% interest on credit card balances. You do not want to be carrying around bad debt or expensive debt in a recession, so now is the time to work on paying it down, restructuring it, or both! I have an entire video where I share credit card payment strategies, so I’ll link that one for you here. Paying down bad debts now is a smart move because it gets you out of the interest payment game, reduces your monthly expenses, and takes away the risk of holding debt.

4 – Flock to inflation-proof, recession-resistant assets. Buying hard assets is the #1 to protect your wealth in the event of a recession, no contest. I believe that rental properties are the best way to invest, especially if you’re in strong rental markets.

5 – Learn how to win in any market cycle. How can you benefit from economic uncertainty? Well, that’s a big question to ask. But it’s very possible to profit during a recession, instead of fail. The trick is to always be looking for ways to benefit from what’s going on in the market cycle. Smart investors are always preparing; they aren’t scared of market cycles. I have another video for you that’s called “how to win in today’s market,” so go ahead and click on that one next!
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.

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[donovantobs]

Recessions are part of the economic cycle, all you can do is make sure you're prepared and plan accordingly. I graduated into a recession (2009). My 1st job after college was aerial acrobat on cruise ships. Today I'm a VP at a global company, own 3 rental properties, invest in stocks and biz, built my own business, and have my net worth increase by $500k in the last 4 years.

[kendavies]

With the country's economy struggling, I want to protect my $680k savings and find ways to grow my wealth. How can I make the most of my money and secure my financial future?

[caseyrindal]

At this point in the game who believes we are about to go into a resection. We're in it and maybe a depression.

[PUNKMYVIDEO]

A moment of silence for the late great United States.

[robjonson]

we have been in a DEPRESSION for months - I run a recruitment company

[xtcbwgn]

Bottom line, Trust in the Lord with all your heart.He never goes into recession/depression...

[FrankGallagherr]

Who thinks Harris is 1000X worse than Biden

[mnojhrc]

How to prepare for the recession. Too late, it’s been here for quite some time.

[shirleystevens]

I THOUGHT WE WERE ALREADY IN A RECESSION!! I AM STRUGGLING FINANCIALLY RENT, FOOD., MEDICAL AND GAS. ALWAYS BROKE CREDIT CARDS CAN'T PAY. WHY & WHERE ARE THE GOVERNMENT LIVING??

[mireederrick]

I can't feel bad for The Citizens of The United States, They voted for that 🤡 clown show in Washington DC 😊

[Fastapproaching]

You don't prepare for a recession you should live like you're in a recession every single day if want to survive a recession or a depression

[graham_hodson]

I love to awake people on the new recommendations to avoid loss of assets and manipulation

[xtcbwgn]

There is a lot of fear mongoring on YT.I rebuke the emotion of fear in Jesus' name.

[willykay-zj]

I hit $140k today. Really thankful for all the advice and insights I received over the last months. Started BITCOIN 2 months ago. More than 70% of the country really requires financial education because very few are literate on this subject.

[davidbadinger]

Anything on how all mortgages, bank loans and credit cards are fraud?

[pitstopman]

Gold gold gold and a little silver and platinum metals

[deloncleaves]

BROTHER, , , THE GAME IS UPSIDE DOWN, , , LOL

[adamwareham]

Why would you push rich dad poor dad that guy is in debt big time. Rentals are the worst investment since the government lets renters not pay rent.

[DemocratsRPedos]

Recession? If you live near a big city, and want to help special needs people. Hang out with them, take them to movies, play video games etc. it pays, starting at $18 an hour and goes up to $28 an hr. Depending on qualifications such as: cpr training, emt training, nursing training. But basic, show up and baby sit: $18. And if you chauffeur them around in your car, you can up to .50 cents a mile reimbursement. My mother in law who works in the industry says people can’t pass a simple background check, or drug test. They desperately need people placed in peoples homes, and some will private pay.

Her friend has someone live with her that requires minimal care, and the government will pay $28 an hr, in home plus rent. You have to keep up with basic paperwork, but, very easy way to earn a living. And again, people are needed in this field. So if you’ve got the temperament and patience to work with them it can be very rewarding.

[Jamesmoore-mjke]

It starts with just looking at cash like a tool then your wants seem ridicules you don't need it all you need is food water and a place to rest the rest is wanting.