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Money Guy Show

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

Education, Investing, Business

4.73.1K Ratings

🗓️ 24 June 2022

⏱️ 51 minutes

🧾️ Download transcript

Summary

The S&P 500 recently crossed over into bear market territory, and many in the financial media believe we are in a recession. Bear markets and recessions affect everyone differently, and we think there are certain things you need to focus on (or forget about) by age during a recession. In this episode, we'll discuss what a recession, and a recovery, looks like and how you need to prepare. Watch more exclusive content only on YouTube! Visit our website - Get our FREE financial resources - Sign up for our Financial Order of Operations course - Get easy to understand answers to your financial questions Follow us on social media! -Instagram -Twitter -Facebook -TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

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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