How To Prepare For A 2024 Recession

Ken McElroy discusses preparing for upcoming financial uncertainties, emphasizing the dual strategy of stabilizing your current assets while seeking growth opportunities. From reducing debt & expenses to learning new skills and focusing on growing industries, Ken believes that crisis creates opportunities for those willing to solve problems.

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ABOUT KEN:
Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC’s of Property Management, and has an upcoming book: "ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years." Ken is a Rich Dad Advisor.


Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.

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Although Ken McElroy and his affiliates take all reasonable care to ensure that the contents of this channel are accurate and up-to-date, all information contained on it is provided ‘as is.’

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[jerrycampbell-utyf]

I would say TAKE ADVANTAGE OF THE RECISSION! Recessions are an unavoidable part of the economic cycle; all you can do is prepare for them and plan accordingly. I graduated into a slump (2009). My first job after graduating from college was as an aerial acrobat on cruise ships. Today, I work as a VP for a global corporation, own three rental properties, invest in stocks and businesses, run my own company, and have increased my net worth by $500k in the last four years.

[DonaldMark-nese]

I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!

[nellosnook]

My rough sequential notes from your commentary:

1. Have cash capital reserves.
2. Review & reduce your monthly operating expenses.
3. Review your history of monthly checks written.
4. Recalibrate your monthly budget.
5. Pay-down high interest credit cards.
6. Explore debt consolidation strategies.
7. Don’t be “upside down” with equity/debt.
8. Explore currency-exchange strategies.
9. Solve your market’s problems.
10. Resist imposing rent increases.
11. Explore additional income potential from your existing assets.
12. Note all business sector growths.
13. Own “hard” physical, inflation-resistant assets.
14. Consider precious metals hedge funds.
15. Seek to benefit from any economic conditions.
16. Continue your economic & investing education.
17. Explore “side-huddles”to avoid any single point of failure.
18. Perpetually pursue diverse, multiple streams of income.
19. Consider temporary W-2 employment.
20. Strategize to benefit from ANY economic disruption!

[SaintYvess]

I was advised to diversify my portfolio among several assets such as stocks and bonds since this can protect my portfolio of about $12million against recession. What risk management strategies are suggested to navigate the market

[roddywoods]

I want a balanced portfolio with growth investments, safe investments, and also focus on dividends to gain up to $20K monthly, my concern is picking the right stocks that can survive a recession. How do i go about this?

[matthewbeine]

One of your best videos. It feels like 4 year prep for a recession hasn't hit yet. It's a foreboding feeling. Keep up the informative content

[TheGermanation]

Are you saying buying real estate before an upcoming recession is a good idea? I thought the value drops during recessions?

[CrashBr]

In a letter to his shareholders, Buffett told investors that Berkshire is a
safe place to park their cash as long as
they don't expect the "eye-popping
performance" of its past because there
are no attractively priced acquisition
targets out there big enough to make a
meaningful difference in the Omaha,
Nebraska-based company's results. But
he said Berkshire will be ready to Swoop
in with its $167.6 billion whenever the
casino-like stock market seizes up.

[youmayberight]

Thank you Ken. Really appreciate the content.

[ericjames]

Around 2009+ a lot of credit was frozen. During that time were you buying with all vash and waiting for credit to open ip before you could refinance? Or were you able to get financing throughout the GFC? Also, did you have increased vacancy at your properties that threatened you to default?

[KenMcElroy]

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Thank you.

[JamesWilliamson-wy]

Already done it. Every penny I can spare is now in gold. Stored abroad so out of government reach. I just keep a small amount of cash to cover daily needs till the end of the month.

[kasRose]

I’m in opinion gold will be revalued overnight but the worst that could happen is the dollar appreciates and gold price goes down. Really doubt we’ll be hit with deflation for long if at all.

[scottkidd]

Great advice to optimize you situation, get rid of your personal debt, look for ways to add value at you current employment, build up your reserves. Also very important keep a positive mindset. Thank you

[LuIsSaNcHeZ]

This is quickly becoming one of my top finance and investing channels. Very clear, concise and actionable information.

[RobotsCanDoAnything]

Excellent commentary Ken, I've got my finances ready to deploy when you see blood on the streers.

[luperamos]

You told us throughout 2020 that home prices would collapse. Told us wait when it comes to buying a home or sell fast before they collapse in price. Now here we are. After a more than 50% price rise we can now buy what you told us to sell or not buy in 2020. Now we should listen to you about a recession? I see people having more money than ever

[gongzzang_official]

한국인이지만 도움이 많이 됩니다.
감사합니다.

I'm Korean, but it helps me a lot.
Thank you.

[jackgoldman]

Real estate is a currency play. More currency, price goes up. If currency shrinks and no loans, price goes down. Still plenty of people looking to buy all cash when price is right.

[ginacardarella]

I understand what you're saying not to raise renters but come on, Los Angeles could not raise the rent 1.00 for 4 years we barely got to raise 3%. This yr 2024