How To Use Your Credit Cards Wisely - David & Donni

Social Proof Podcast

Social Proof Network

Entrepreneurship, Business

5 • 2K Ratings

🗓️ 11 June 2022

⏱️ 3 minutes

🔗️ Recording | iTunes | RSS

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Summary

This is a cip from A Recession Warning For Entrepreneurs - Episode #255 w/ David & Donni

Is a recession looming? How do we prepare for a potential downturn in the economy? Quite candidly, for many of us , this may be oIs a recession looming? How do we prepare for a potential downturn in the economy? Quite candidly, for many of us , this may be our first experience of navigating through economic conditions we haven’t seen as entrepreneurs. In this historically important episode we’ll discuss :

- Are Recessions Natural or Manufactured ? How do we grapple with the potential “powers that be” vs. a more natural economic cycle as an explanation for what happens during this period.

- Preparing, Being Optimistic, and Moving Strategically As An Entrepreneur : How do you take action NOW for what is potentially to come without panicking, overleveraging, or stopping your momentum.

- Recession Proofing Your Finances : How do you eliminate more debt, make your dollar stretch, and find ways to bring in more income?

-The Power of Networking, Collaboration, and Investing Into Your Mental Health : Our ability to tap into our “people resources” and add value to the circles we are privileged to be a part of.

And so much more!

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Transcript

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0:00.0	Previously on the social proof podcast
0:03.1	Guys, I cannot stress enough one thing that absolutely crippled me in the last recession of 2008 to 2010
0:12.0	Pay off your credit card debt
0:14.1	Pay off your
0:16.3	Was it? Yeah, stop trying to act like
0:19.2	Let me let me tell you guys this pay off your credit card debt because what's gonna happen is you're gonna want to leverage your credit during the recession, right?
0:28.5	You're gonna want to leverage your credit during the recession hold on to some of your cash as much as possible
0:34.3	And then what's gonna end up happening is depending on how long we're in it
0:37.5	You may start paying these minimum balances and then when we're on the other side of the recession
0:42.7	You have leveraged your credit and maxed it out or your late having payments
0:47.5	So now you're coming out of the recession
0:50.3	Building financially, but you also now are crippled from a credit perspective and your options will be
0:56.3	Significantly limited. So let's get those credit cards. I would say do that like
1:01.7	Get those credit cards pay down right now so you can leverage them if you have when you have to because you will have to
1:07.6	But we don't want to get through this recession period and then you come out with jacked up credit on the other side too
1:13.7	Number seven's gonna be a conversation and it's like and I'll read I'll read it. It's only two senses
1:20.4	Okay, number seven is lower
1:23.4	expectations, okay
1:26.1	You're gonna have a chance before you judge it or I want to hear what we're talking about okay
1:30.0	Having it all is mostly a myth that few attain
1:33.9	You may need to adjust your expectations of what can be achieved in terms of saving and investment during your recession
1:40.7	And purchasing some big ticket items may need to be deferred until the economic economy picks up again
	...

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