7 Tips to Prepare for a Recession and Take Advantage of Opportunities
Win Make Give with Ben Kinney
Ben Kinney Training
4.9 • 1.5K Ratings
🗓️ 8 August 2022
⏱️ 35 minutes
🧾️ Download transcript
Summary
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
Transcript
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| 0:00.0 | Welcome to the win-make-give podcast, Chad Heimzier, joined by my friend Bob Stewart-Bob. |
| 0:13.9 | How are you doing today? |
| 0:14.9 | You know, Chad, I go back and listen to our podcast sometimes. |
| 0:17.9 | Like, I listened to the one recently that we did with Commander Hiltz. |
| 0:20.4 | I thought it was awesome being in there with him, and I wanted to kind of get a sense |
| 0:24.6 | for what it sounded like on the other side. |
| 0:26.0 | Can I just say, like, you have a voice that is just built for doing this, man. |
| 0:31.2 | Like, it's really, really good. |
| 0:32.9 | And like, I almost, what I hear myself next to your voice on there, I'm like, |
| 0:36.4 | man, I sound like a buffoon, but you just see, your voice is just crystal good for this. |
| 0:41.3 | Luckily, your face is good for this too, right? |
| 0:43.0 | We don't have to put you in part of my video camera. |
| 0:45.0 | I'm just kidding. |
| 0:46.0 | There you go. |
| 0:46.8 | My dad always told me I had a face for radio, so I appreciate that. |
| 0:51.4 | Now, Bob, remember, that's because when you hear your own voice, |
| 0:55.8 | it's distorted, of course. |
| 0:57.8 | We all hate the sound. |
| 0:58.6 | Even when I listen to these episodes, because I've listened to many of them, |
| 1:02.4 | like that one with Commander Hiltz, like, I go back to the Joe DeCentral one, |
| 1:06.6 | because that one just makes me laugh all day long. |
| 1:09.2 | I listen to myself, and I'm like, oh, my God, I sound like a 12-year-old. |
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