Do These 5 Things Before The Recession Hits Us HARD скачать в хорошем качестве

Do These 5 Things Before The Recession Hits Us HARD

The recession is coming, folks, and it’s going to be bad. So what should you be doing now in order to prepare? Free coaching sessions are back! ► https://www.vipfinancialed.com/free-c... In today’s video, we take a look at five tips for protecting yourself from the coming downturn. Number one: Get rid of credit card debt. The current amount of credit card debt that we carry in the US is $887 billion. This is a big problem that will only be amplified by a recession. When a recession is likely on the way and interest rates are rising quickly, it is all the more important to get out from under your credit card debt as soon as possible. There are many ways to get out of debt, with the snowball method and the avalanche method being the two most popular. Number Two: Stockpile Savings. We typically don’t recommend stockpiling cash as it is far better to put your money to work for you than it is to let it sit idle at a bank. A recession changes our perspective on this since the best ways you could put your money to work are likely to follow on the heels of the start of the recession. Number three: Establish a backup to your emergency fund. In addition to having an emergency fund, it is helpful to identify places where you can turn to get extra cash in case you need it in a pinch. We talk about these often on the channel and refer to them as Debt Weapons. Number 4: Get a side hustle. Right now is a great time to get a side hustle, whether it’s working for someone else or working for yourself. Number five: Don’t try to time the market. Many people might be willing to step away from the stock market or cut back on how much they are investing until things improve. That is the definition of trying to time the market. There is no way of knowing when it is best to exit and when it is best to get back in. Put another way, you should not be afraid of a bear market, or a market that experiences prolonged price declines. Timestamps: 0:00 - Intro 0:14 - Payoff Credit Card Debt 1:24 - Save 2:25 - Backup Emergency Fund 3:11 - Side Hustle 5:32 - Timing the Stock Market Get one-on-one coaching with Matthew Pillmore: ► http://www.FreeCoachingCalendar.com Get your FREE Cash Flow Cruncher budgeting spreadsheet here: ► http://www.cashflowcruncher.com It's way more than just a budgeting spreadsheet! Manage your finances completely and easily with the Cash Flow Cruncher, our gift to you just for being a viewer of the channel! Getting into Real Estate? Check out the Real Estate Investment Analysis Worksheet, a FREE resource that helps you calculate whether or not a property will be a money-making machine for you! ► http://www.investmentanalysisworkshee... Want more actionable financial tips and tricks like this one? Check out our YouTube channel here    / vipfinancialed   Make sure to check out our social channels for more insight and industry news! Facebook -   / vipfinancialeducation   Instagram -   / vipfinancialed   Instagram (Lifestyle) -   / vipfinancialedlifestyle   Twitter -   / vipfinancialed   LinkedIn -   / vipfinancialed   BBB A+ Rating - https://www.bbb.org/denver/business-r... Disclaimer and Waiver — VIP Enterprises, LLC, its owners, officers, directors, employees, subsidiaries, service providers, content providers and agents (referred to as "VIP Financial Education") are not financial or investment advisers and not licensed to sell securities or investments. None of the information provided is intended as investment, tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement, of any company, security, fund, or other offerings. The information should not be relied upon for purposes of transacting securities or other investments. Your use of the information contained herein is at your own risk and results always vary. The content is provided 'as is' and without warranties, either expressed or implied. VIP Enterprises does not promise or guarantee any income or particular result from your use of the information contained herein. Under no circumstances will VIP Enterprises be liable for any loss or damage caused by your reliance on the information contained herein. It is your responsibility to evaluate any information, opinion, advice or other content contained. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, or other content. Furthermore, from time to time VIP Enterprises may earn an affiliate commission when a viewer purchases a product, program, or service as a result of our content. #recessionproof #housingmarketcrash #recession2023