7 Tips to Prepare for a Recession and Take Advantage of Opportunities

An economic downturn is inherently stressful. However, preparing for a recession can minimize the financial anxiety in your business and personal life. In this episode, Bob Stewart and Chad Hyams share seven ways to plan for a recession and how that preparation positions you for new advantages and opportunities. 

In this episode, we cover the following:

• Does a recession create opportunities? [3:10]
• Learning how to be better prepared [5:14]
• Re-evaluate your budget monthly [7:26]
• Credit card and bank statement highlighter exercise [8:35]
• Budget and review your P&L monthly [10:35]
• Don’t watch your investments every day [14:55]
• Paying off high-interest debt [17:21]
• Finding ways to make extra money [20:22]
• Continue your contributions [25:22]
• Increasing your emergency fund [26:59]
• Stay calm, relaxed, and breathe [29:35]

Resources discussed in this episode:

• Enroll in Wealth Series 2.0: https://WinMakeGive.com/wealth/ 
• Recession Planning: How to Protect Your Money and Business: https://apple.co/3QUC8Pp
• Make More Money: https://apple.co/45kHRCD
• Money - How Does it All Work?: https://apple.co/45l5ACs
• Breathe In…Breathe Out: https://apple.co/47LvTmX
• Win Make Give Facebook group: https://www.facebook.com/groups/WinMakeGive

Connect with the hosts:

• Ben Kinney: https://www.BenKinney.com/
• Bob Stewart: https://www.linkedin.com/in/activebob
• Chad Hyams: https://ChadHyams.com/
• Book one of our co-hosts for your next event: https://WinMakeGive.com/speakers/

More ways to connect: 

• Sign up for our weekly newsletter: https://WinMakeGive.com/sign-up
• Explore the Win Make Give Podcast Network: https://WinMakeGive.com/
• Listen to Win Make Give Season 3 on YouTube: bit.ly/3pPEdAx

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Part of the Win Make Give Podcast Network