Rich Habits Podcast

115: How to Recession-Proof Your Wealth

22 snips
Apr 28, 2025
Discover essential strategies to safeguard your wealth against recession. Learn the importance of emergency funds and creative ways to generate extra income. Explore the benefits of diversifying your income streams and investing wisely, especially through dollar cost averaging. Gain insights on managing debt effectively while preparing for uncertain times. Hear valuable lessons from real estate experiences and the significance of community support in achieving financial recovery.
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ADVICE

Build A Financial Fortress

  • Build an emergency fund covering at least six months of living expenses before a recession hits.
  • Start small by automating weekly savings into a high-yield cash account separate from checking.
ADVICE

Diversify Income Streams

  • Diversify income streams to avoid relying on a single paycheck during recessions.
  • Explore side hustles like freelancing, tutoring, or renting to create multiple revenue sources.
INSIGHT

Smart Investment Diversification

  • Pulling all money out of stocks during recessions is a mistake; instead, diversify your investments.
  • Strategically allocate capital to more stable assets like bonds or blue chip stocks while dollar cost averaging.
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