How to Protect Your Finances During a Recession [By Age]
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 24 June 2022
⏱️ 51 minutes
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Summary
Transcript
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| 0:00.0 | Have you ever wondered how to protect yourself through recession and how do you do it as a 20 year old a 50 year old a 30 year old a 40 year old |
| 0:07.7 | We got you covered. It's Brian Preston the money guy |
| 0:12.1 | Restoring order to your financial chaos retirement |
| 0:15.9 | Investing taxes you've got financial questions. He's got financial answers. It's Brian Preston the money guy |
| 0:23.7 | I am excited about this because I think a lot of people are asking this question right? |
| 0:28.9 | All right, it is it is now known we are in a recession right now the economy is contracting and so a lot of people are asking this question |
| 0:36.9 | What do I need to do to protect myself and does what I do during this recession? |
| 0:43.7 | Is it affected by where I am in my life cycle and what it kind of walk through through each age range what you should be thinking about and |
| 0:50.9 | This is a valuable skill set because we share with you fortunately |
| 0:55.3 | Financial markets make money typically about eight out of it every 10 years, but you are going to find we go through recessions |
| 1:03.0 | Every so often and I think it's important to know what to focus on |
| 1:07.9 | What to forget yep, so we're gonna go through every decade. Let's start right at the beginning with the 20s |
| 1:13.3 | Obviously |
| 1:14.4 | For those of you that are in your 20s and you are going through this recession. This is kind of new territory. You've likely |
| 1:21.5 | Not experienced this before so a lot of this you're thinking this is sort of |
| 1:26.1 | uncomfortable. Uh-oh not good sort of scary territory. Yeah, I mean to put it in context |
| 1:31.4 | I think the full last recession we had that I think everybody agrees full recession the great recession of 2008 |
| 1:38.5 | That means people in their 20s you guys were between the ages of six to 15 probably not paying a ton of attention |
| 1:46.2 | Yeah, I mean this is not a condom so this is probably gonna feel really new to you in a lot of aspects |
| 1:51.0 | And that's why I think it's very important to kind of really breathe it all in because you're getting a really big education |
| 1:57.5 | On how to handle both the analytics as well as the behavioral sides of |
| 2:03.8 | Recessions and one of the things that Brian told me when I went through my very first recession back in |
... |
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