The Best Way to Recession Proof Your Finances EP 49
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The Power Move Podcast with John Gafford Episode 49 Part 2Learn and burn Entrepreneurship from serial entrepreneur John Gafford and his band of mayhem makers. From stripper poles to the oval office, business lessons are everywhere. This Week:We discuss things you can do recession proof your life, including:1. Make a budget - and stick to it.This is probably the most important thing you can do to recession-proof your finances. If you don't have a budget, now is the time to create one. Figure out what your regular expenses are and track where your money is going. Once you have a good understanding of your spending patterns, you can make adjustments to ensure that your budget is realistic and achievable.2. Build up an emergency fund.A key part of recession-proofing your finances is having a cushion to fall back on in case you experience a loss of income. An emergency fund should ideally cover at least three months of living expenses, so start putting away money now if you don't have one already. Automating your savings can help make this process easier.3. Invest in yourself.One of the best ways to recession-proof your finances is to invest in yourself. Consider taking courses or getting certifications that will make you more marketable and help you earn more money. This will give you a financial cushion to fall back on in case you lose your job or experience a reduction in hours.4. Reduce your debt.High levels of debt can make you vulnerable during a recession. If you can, focus on paying down your debts, particularly any high-interest debt such as credit card debt. This will reduce your monthly expenses and give you more financial flexibility if you experience a loss of income.5. Stay disciplined with your spending.When a recession hits, it's important to stay disciplined with your spending. Avoid making any major purchases that could put strain on your budget. And if you do need to make cuts to your budget, make sure they are thoughtful and well-planned so that you don't end up making your financial situation worse.And many more......By following these tips, you can help recession-proof your finances and protect yourself from the financial challenges that a recession can bring.With Chris Connell and Colt Amidan