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13min chapter
78: How to Prepare for a Recession
Rich Habits Podcast
Financial Preparedness for Economic Downturns
This chapter emphasizes the necessity of building an emergency fund to safeguard against financial pitfalls during recessions, such as credit card debt. It discusses the importance of portfolio diversification, including investments in bonds, precious metals, and even art, while highlighting a new high-yield corporate bond account. Additionally, it addresses the implications of recessions on employment and small businesses, urging listeners to evaluate their financial security and adapt their strategies accordingly.
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