When you turn on the news these days, there are constant stories about the stock market plummeting, housing reaching an all time high, and inflation getting out of control. These are scary headlines, but I have three steps (plus a bonus one) to put yourself in a position to use this economic downturn as a springboard to further secure your family’s wealth and future prosperity. Remember, this is a slow down, not a shut down, and it doesn’t have to be a slow down for you. You’re going to have to put in a little more leg work to tighten your budget, invent a new income, and build your 12-month emergency fund, but it’s not impossible. If you follow those three steps or are already set up with those buffers, liquidate as much as you can and invest in assets that are at majorly discounted prices right now. If you follow my lead, you’ll be untouchable in this recession.
Episode Timeline & Discussion Questions:
( 1:22 ) Welcome back to The Chris Harder Show.
( 1:49 ) Chris is answering listener DMs about what to expect with the economy coming up.
( 4:01 ) Chris reviews the definition of an economic recession.
( 6:34 ) Chris’s first step of his recession-proof plan is to get rid of any and all monthly expenditures that you can temporarily.
( 8:56 ) Chris’s second step is to invent a new income.
( 12:33 ) Step number three is to use that extra income and savings to create a 12-month emergency savings fund.
( 14:16 ) The fourth step is to invest in assets while they’re at a bargain price.
( 17:10 ) Chris says, “This is not something that you should be worried about. This is something that you should be strategic about.”
( 19:04 ) Text BULLETPROOF to 310-421-0416 to get on the VIP early access list for Chris’s new course on how to effectively invent new income.
( 20:18 ) Chris asks listeners to share the podcast and leave a 5-star review.