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The Ramsey Show Highlights

Here’s How To Recession-Proof Your Life

The Ramsey Show Highlights

Ramsey Network

Self-improvement, Education, Business, Investing

4.5840 Ratings

🗓️ 7 September 2024

⏱️ 7 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

Brought to you by the Every Dollar app. Start budgeting for free today.

0:06.7

I just wanted to know what can I do, what can we do to, you know, recession proof a job

0:12.9

or find a job that's recession proof. Yeah, those are two different questions because the first

0:18.5

question is, is what can we do to recession-proof our life?

0:21.6

And my pal George Campbell, I'm going to let him take that one.

0:24.9

And then the second question is very different.

0:28.1

Can I get?

0:29.4

Or George, maybe it's is there a recession-proof job?

0:33.2

So two different questions.

0:35.2

Let's start with the first one.

0:36.6

Go ahead. How does she and her husband

0:38.2

recession proof their life? Because I think she's indirectly asking that. Is that fair, Crystal?

0:42.9

That's true. Yeah. All right. Let's take on that part. We got this a lot during the pandemic. How do I

0:47.5

sort of pandemic proof my life? How do I create a bulletproof financial foundation for my family?

0:51.8

And the answer is simple, Crystal, don't owe people money,

0:54.6

have money in the bank, and be investing for the future. And so if you are completely debt-free,

0:59.6

you have an emergency fund of three to six months of expenses, well, if that job loss does happen,

1:04.7

it's not going to be fun, but it's not going to throw you into a tizzy either. You're going to have money to get by. You don't owe people money, so the income is less of an issue. So that's what I would recommend on top of

1:15.6

investing for the future and not touching that money and not freaking out. That's what most people do.

1:19.9

They have no savings. They tap in. They get the credit card, the he lock when times are bad,

1:24.2

and then they never climb out of that. So are you in that spot right now?

1:28.9

No, but I am a stay-at-home mom right now and I am looking for a full-time job and I just kind of

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