Weathering & Thriving In A Recession

On this episode:

Economic growth doesn’t last forever. Eventually, they’ll be a recession. It’s inevitable. And it’s a natural part of the economic cycle. If you can keep a level head, and follow these steps, you’ll be empowered to weather any recession.

Highlights:

[01:21] Trying to predict the timing of the next recession

[02:21] 6 steps to weather and thrive in a recession

[06:43] The big takeaway for surviving a recession

[07:48] Get assistance with your recession income plan

Resources:

Episode Transcript:

Read Full Transcript

If stories of pending economic doom and recessions are starting to rattle your nerves and get you worried let me tell you. You don't just have to white knuckle it and merely weather a recession. But it's possible for you to create an opportunity to thrive in a recession. Look we know that economic growth and expansions never last forever. Eventually they will be followed by a recession. It's inevitable. It's a natural part of the economic cycle. But if you can keep a level head and follow the six steps I'm going to be sharing with you you'll be empowered to thrive in any recession and any personal financial hardships you may face outside of recessions. In this episode you'll discover how to weather and thrive in a recession.

Welcome the money moves. I'm your host of Evelio Silvera. My goal is to share practical insights about business worth and money so you can design your financial future and enjoy life on your terms. Now let's get moving.

News of inverted yield curves. Negative interest rates and a slowdown in certain sectors have led to increasing fears that we may be facing an economic slowdown and recession in the United States.

Now let's be honest no one can predict with absolute certainty what let alone when something will happen to dramatically impact the economy of our country. The talking heads and so-called experts don't have a great track record of being right. I mean your much maligned local weatherman is much more on point than the typical economic prognosticator. So we never know when the next recession will hit or how long it will last. But history shows us that on average recessions don't typically last as long as economic booms or times of growth. And we also know that no matter when they hit recessions will stir up anxiety and fear and that will trigger a panic and rash decisions which can lead to big losses. So you need to resist the panic trap that can come with recessions if you keep a level head about your money and follow

these six steps. You won't just weather but you'll be able to thrive in a recession.

OK let's get down to it.

Step number one don't make drastic or wholesale changes to your investments. People tend to make bad investing decisions when they get stressed. So this is not a time to start trying to time the market or take these big risks. You need to make and work your plan. If you made a plan with the professionals help. This is the time when you stick to it within that plan though you should be looking out for opportunities amid the fallout market volatility can create unique opportunities even in the worst recessions. However you shouldn't be betting the farm or changing drastically what your risk tolerance is during these times. Number two expect the emotional ups and downs one recessions hit. It's normal to get worried about your money your work and your loved ones but don't let that worry take over and cause panic and people who let be

your guide their financial choices often end up getting the most hurt during recessions. Keep your eyes and your mind on the big picture and remember it's all part of an economic cycle. After a recession what do we get another growth period after a growth period. What happens inevitably a recession over the course of time. Is going to be ups and downs and if you don't allow yourself to be swayed by the emotions of the moment. Then you won't get hurt. Number three take care of yourself and your loved ones. Quite candidly recessions can bring layoffs and stress to yourself and your family and friends. But tough times are when it's important to fall back on your values to communicate and spend time with the people who matter most. Sometimes the hardest part is explaining recessions maybe to children who might be worried and don't fully

understand what's going on or helping the folks who are worse off than you. If we understand and have our priorities right and we're there creating those relationships. This is really a time when people thrive during economic downturns. Number four ignore the entertainers. You know what gets ratings headlines that scare people get ratings. You've probably heard the axiom If it bleeds it leads right. Well there is no shortage of those hyperbolic headlines during a recession. So don't listen to the pundits who act like they know what's going on but really don't. They aren't experts and scary headlines will just make you stress. So tune them out. Number five stay flexible. No one can tell exactly what a recession will bring in until it actually happens. You need to be prepared to cut back on your expenses and you need to know where you can turn for

financial backup just in case. If you have a recession income plan you can potentially avoid the financial hit of liquidating assets during an economic downturn. Number six. Get professional advice. You don't have to go it alone. The calm opinion of a pro can be the antidote to the chaos and anxiety that come with recessions. A professional can help you steer clear of hasty choices so you can stay focused on your long term goals. Those six steps all easy to implement now before the recession hits or even while we're in an economic downturn can position you your family your income and your long term ability to create wealth. On a steady ground. So you're not just weathering through the downturn better actually growing and thriving in so many different ways during that recession. Recessions are scary and inevitable. And guess what. You'll get through them a

lot of unknowns come with downturns and that can make it easy to get anxious and lose sight of the big picture. Remember recessions are normal. The truth is you can take action to weather the fallout. And with the right strategies you can do more than simply survive. You have the tools to thrive during any recession. You know I'm blessed that I get to work alongside my father in law who's been in financial services for well over 30 years and here he has seen it all. Believe you me and getting to work with clients through recessions downturns life events and in many other periods of high stress. And here's what we've learned. This is key. If you remember or take away nothing else I want you to remember this. Making a plan in advance and sticking to it is one of the best things you can

do to keep yourself on track when tough times hit. Remember you don't have to weather recessions alone. We're here to offer support and be your ally during a recession. You know it's a privilege to be able to work with a whole bunch of different clients from different walks of life. And I'm sure if you find a holistic financial professional they'll share the same things. But we work on sharing practical strategies with our clients so they can prepare themselves against the worst impacts of recessions both when it comes to investments and their lifestyles. The key when trying to forecast an unknown future is having a specific set of goals. Knowing where you are and then knowing where you want to be and taking a balance holistic approach to getting there the six steps we've shared with you seem like a lot of common sense and they

are but actually taking action and putting them in place. Having your plan having your accountability in your ally working with you that really is what separates those that thrive in a variety of different factors and those that are crippled during any type of change both in the economy or in their personal lives. You have a choice you don't just have to white knuckle it whether it and just hope to survive. You can position yourself to thrive to own your financial journey so that you can enjoy life on your terms. If you'd like our help in creating a recession Income Plan and helping you put these six steps into action. Feel free to visit financial security group dot com and contact us through their.

Thanks for listening. I hope you enjoyed this episode if it provided you value and got you charged up to make some new money moves. Do me a favor and share it with others on social media. Use the hashtag money moves and you never know what kind of swag we'll send your way. If you're looking for the show notes links to resources and more visit money moves podcast dot com. When you subscribe I'll give you a free copy of my latest guide. The three key money moves to create wealth. Now as my way of saying thank you. That's w w w dot money moves podcast dot com wherever you may be listening or however you may be listening. Thanks for making money moves part of your day. And remember if you make the right money moves today you'll be able to navigate your financial life without

sacrificing your lifestyle so you can enjoy a prosperous future.

About the Author

Evelio Silvera is a business development and financial services professional. Evelio is an best-selling author and acclaimed speaker and speechwriter with numerous national and international awards who has appeared on national radio and television programs and been featured in several publications.

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