1392: Ask Farnoosh: Recession-Proof My Finances By Paying Down Debt or Boosting Savings?

So Money with Farnoosh Torabi

Farnoosh Torabi

Entrepreneurship, Business

4.7 • 1.9K Ratings

🗓️ 5 August 2022

⏱️ 38 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

This week, Farnoosh unveils The Recession Help Desk, a new Friday feature tied to helping the So Money audience with current economic challenges. On today's show: Is it better to pay off debt or add to savings, as we head into a recession? Is it OK to tap a Roth IRA to supplement emergency savings? What are the pros and cons of physician mortgages? And more. Send your questions to [email protected]. Sign up for Farnoosh's weekly newsletter and receive a free copy of So Money Secrets, a compilation of the best advice shared on the podcast. Watch this episode on YouTube! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	SoMoney is brought to you by CNET, the site that shows how to navigate change all around us.
0:06.5	SoMoney Episode 1392, ask Farnoosh.
0:11.6	You're listening to SoMoney, with award-winning money guru Farnoosh Karabi.
0:16.1	Each day, in a 30-minute dose of financial inspiration from the world's top business minds,
0:21.3	authors, influencers, and from Farnoosh herself.
0:25.6	Looking for ways to save on gas or double your double coupons?
0:29.2	Sorry, you're in the wrong place. Seeking profound ways to live a richer half your life.
0:34.7	Welcome to SoMoney.
0:38.0	Welcome to SoMoney, everybody. I'm Farnoosh Karabi. It's August 5, 2023. Welcome to the show.
0:44.2	We have some exciting announcements to share with everybody announcing this week,
0:50.4	the Recession Help Desk. Yes, this is a little bit of a pet project of mine at CNET Money.
0:55.6	I started to think a couple of months ago that things were only going to get a little bit more
0:59.7	difficult with the fed raising interest rates, inflation going nowhere, layoffs abounding.
1:06.3	I thought, you know, this doesn't exactly feel like 2008, but you know, they've surveyed
1:12.5	Americans now. 58% say, yeah, the recessions landed. So, you know, we can wait for the NBER,
1:20.5	the National Bureau of Economic Research to make the official claim of whether or not we are
1:25.8	in a recession. And I know there's a lot of debate about whether the two back-to-back quarters of
1:30.8	negative GDP amount to anything, I think they do, but look at, I don't have a PhD in economics.
1:37.2	So I'm just, I'm just Farnoosh hosting the SoMoney podcast, editor at large of CNET Money.
1:44.0	And I hear from you every day, hear from you, this show is going to be about hearing about your
1:48.6	questions. And I know that time is, the time is now to be talking about recessionary steps that
1:59.4	we can all be taking to alleviate some of the financial pain that we are going through or will
	...

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