Recessions don’t last forever, in general they last about 11 months. Even though they don’t last forever they are easier to deal with if we are financially prepared for them. Listen in for 7 tips to financially prepare for the upcoming recession. 

Drink of the Week

Recession Depression

Julie Brown:

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Two weeks ago, I gave you a brief history of

recessions in the United States.

Was it a bit of a buzzkill, you bet.

But what it showed us is that the economy is cyclical.

And recessions are a natural part of that cycle decade after

decade and century after century.

Welcome to episode 1 0 6 of this shit works.

A podcast dedicated to all things, networking, business development

and relationship building.

I'm your host, Julie Brown.

And today.

I am discussing financial tips to help you prepare for the upcoming recession.

This episode is sponsored by Nickerson.

A full service, branding, marketing PR and communications agency

with team members in Boston.

Los Angeles.

Miami and New York city.

Visit them at Nickerson C O s.com.

So here's where we are inflation.

Is that a 40 year high gas prices are through the fucking roof being at $5

a gallon, even though they're starting to come down now, it still hurts.

It's still way too high.

The stock market has given me belly flops.

Cryptocurrencies are crashing.

None of it looks good.

Which is why most analysts believe that if we aren't already in

a recession, we will be soon.

The first thing I want you to remember is that recessions

don't last forever in general.

They last about 11 months.

So we just need to prepare ourselves for about 11 months of shit.

I think we can do that together since I'm not a financial expert

and this is not a financial podcast.

If you want that go over to so money with Farnoosh Torabi, I'm leaning on a recently

published article in the Washington post that lays out seven tips to financially

prepare yourself for this recession or any other upcoming recessions you might face.

One.

Don't be afraid of the bear market.

Uh, bear market is defined as a 20% drop from a recent high.

Yes.

Recently the S and P 500 index slid into a bear market.

The average duration of a bear market since about 1950 is roughly 418 days.

According to Anthony a global market strategist for Ameriprise financial.

Just shift your view a little bit and look at this as an opportunity.

If you're a longterm investor segment, Benny said.

Like my fiduciary friend Francesca says when they're crying, I'm buy-in.

Look at it as a way to invest in the market when the price

of stocks, dip, or fall.

Two.

Don't try to time the stock market.

A lot of folks may want to get out of the stock market or reduce what they're

investing until things get better.

That is the definition of trying to time the market.

Remember the stock market is a long-term investment strategy and

you need to look at it as such.

Three.

Get rid of credit card debt.

Now, if you can pay off all your credit cards, the interest rate on the

credit card is only going to go up as the general interest rate increases.

If you can't pay off your debt, see if you can qualify for a 0% interest

card that 0% won't last forever, but it may buy you some extra

time in order to pay off the debt.

For.

Stockpile savings, meaning save the extra money you have.

This might mean putting off the cations home improvements

or other large purchases.

I always remember Susie Orman saying that you should have enough

money in savings to pay for.

For six to 12 months of expenses, just in case anything.

That should happen.

A recession, losing your job, whatever.

So calculate your monthly spend, then look at your savings and see how long

you could pay for those monthly expenses.

Should you lose your income?

Most financial peeps would suggest you have a year of savings that

you can liquidate, meaning that you can have on hand to spend.

Five.

Establish a backup to your emergency fund, essentially.

Where can you go for a additional funds in a pinch.

Like having a home equity line of credit that you could tap into.

Think about taking one out in advance so that it's there for you.

Should you need it?

Six Don't underestimate the power of having bonds in your retirement portfolio

typically when stocks are down bonds balance out your stock holdings And

previous Recessions bonds have held Up better than nearly any other market

segment And seven Potentially get a side gig even with all the shit hitting

the economy right now everyone is still looking for employees there are

record number of job openings right now but as we have seen with every other

recession unemployment We'll increase and we'll follow the recession Even

if you don't need the money right now it may be a good time to get a second

job or find work in the gig economy to boost your income and savings.

So there you have it.

Seven tips to help you financially prepare for the upcoming recession.

Some of the tips are easier to implement than others.

My understand that, but as someone who has been through a recession or two.

Being prepared for an anticipating events is always better than being

caught off guard or blindsided by them.

We know it's coming.

So with that knowledge, we can begin to prepare now.

Because it's always better, late than never.

Okay.

Onto the drink of the week where I have found a neat little cocktail called the

recession, depression, which just goes to show that there is a cocktail for

absolutely every theme of this podcast.

Here's what you're going to need.

1.5 ounces of absolute Citron, half an ounce of triple sec, half an ounce of

lemon juice and two dashes of lime cordial compliant, all ingredients in a shaker

with ice and strain into a cocktail glass.

All right.

That's it friends as always.

Thank you so much for being here.

Please remember to share the podcast with your friends and if you'd be so kind as to

leave a review, that would be amazing too.

Until next week.