Rich Habits Podcast

78: How to Prepare for a Recession

Aug 19, 2024

Discover vital strategies for bracing yourself against an economic downturn. Learn how rising credit card debts and spending habits could impact your finances. The focus is on building an emergency fund and diversifying investments, including surprising options like art. Explore the art of balancing lifestyle enjoyment with disciplined saving and investing. Finally, hear insights about the financial habits of different generations and how to navigate them for a secure future.

34:52

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Quick takeaways

Establishing a clear budget and enhancing emergency funds are essential strategies to prepare for potential economic downturns.

Diversifying investment portfolios and assessing job security can help individuals navigate the uncertainties of a recession effectively.

Deep dives

Launch of the Rich Habits Network

The Rich Habits Network has officially launched, featuring six comprehensive modules designed to help members improve their financial literacy and investing skills. Topics covered include assessing finances, building a millionaire mindset, and optimizing credit scores. Members gain exclusive access to private investment opportunities, including angel and pre-IPO investments, alongside weekly coaching sessions that provide personalized financial advice. The network also offers a platform for community engagement, allowing individuals to connect and support one another in their financial journeys.

Intro

2min

Preparing for Economic Uncertainty

2min

Financial Preparedness in Times of Economic Uncertainty

5min

Financial Preparedness for Economic Downturns

13min

Balancing Investment and Lifestyle

6min

Balancing Enjoyment and Financial Responsibility

7min

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In this week's episode of the Rich Habits Podcast, Robert Croak and Austin Hankwitz share their three best tips for preparing for an economic recession.

After all of the headline news of economic turmoil, we wanted to make sure everyone listening to our show is completely prepared for whatever might come our way over the coming months.

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