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Win Make Give with Ben Kinney

Recession Planning: How to Protect Your Money and Business

Win Make Give with Ben Kinney

Ben Kinney Training

Self-improvement, Education

4.9 • 1.5K Ratings

🗓️ 1 August 2022

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Recessions are triggered by a multitude of factors, causing a chain of events that impact the economy. In this episode, Ben Kinney and Chad Hyams share some of those triggers and four questions to ask yourself to bulletproof your household and business.  

In this episode, we cover the following:

  • Is an economic shift coming? [1:15]  
  • Controlling inflation and potential uncertainty [2:20]
  • Protecting and saving your money [3:50]
  • History of recessions and the Fed [4:35]
  • Losing confidence in the economy or investments [9:42]
  • High-interest rates [11:00]
  • Crashing stock markets and housing prices [12:38]
  • De-regulation [15:04]
  • Bad business practices [15:30]
  • Post-war slowdown [17:01]
  • Credit crunches [18:22]
  • Bubble bursts [21:36]
  • Deflation [21:57]
  • Planning for a recession [23:41]
  • Avoiding the dumb tax [24:37]
  • Why are you lacking extra money at the end of the month? [26:26]
  • Where are you incurring costs that you can live without? [29:20]
  • How you can increase your cash on hand by 20% right now? [31:15]
  • How long would you survive if your worst income month became your new average month? [32:18]
  • Red, yellow, and green highlighter exercise [32:30]
  • Bulletproofing your household and business [34:20]
  • Enroll in the Wealth Series 2.0 [35:59]

Resources discussed in this episode:

Connect with the hosts:

More ways to connect: 

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Part of the Win Make Give Podcast Network

Transcript

Click on a timestamp to play from that location

0:00.0

Welcome to the win-make-give podcast season three. This has been Kenny. I'm joined here

0:16.5

with Chad Himes. Hello Ben. And Bob Stewart. No ladies and gentlemen. Once again, he ditched

0:25.5

it happens. It's just the Chad and Ben show today, which is good because there's no math.

0:34.2

There's maybe there might be. Ladies and gentlemen,

0:38.0

if you would have saw the last couple recessions coming, would you have done something different?

0:45.5

Would you have not bought something? Would you have not spent that money? Would you have not hired

0:51.2

that person? Would you have doubled down in other areas? Would you have not sold that house?

0:56.2

What are the things that you would have done if you saw something coming and you could actually

1:02.5

do something about it? We are at a point in history where things are okay, but we believe that there

1:10.0

is without a doubt a shift coming. It's hard to follow that up. Something is happening.

1:22.7

Inflation is at all time highs. Out of control. Rates are being increased faster. Absolutely.

1:30.0

Every fed meeting is a new inquiry. There's a lot of chaos. And if you know anything about the

1:35.9

government, the teachers. What the government does when there are problem is they overcompensate.

1:44.4

Yes. They overcompensate. Yes. When COVID happened, they dumped $4 trillion into the U.S. economy,

1:51.9

only to wake up a year and a half later and say, my goodness, people are spending more money than

1:56.8

they should. Prices are going up. We have this thing called inflation. We went from an average

2:02.7

inflation of like 1.7% to 2% annually, all of a sudden to 8%, almost 9%. It's just crazy what happened.

2:12.1

Well, when you print money and give it to everybody, that's what happens, ladies and gentlemen.

2:17.3

Amen. You have a problem. So what the government does when things like inflation get out of control,

2:24.8

they try to taper it down by increasing interest rates. Traditionally, the government overcompensates.

2:36.4

Yep. And it'll overslow the economy, which will put us into a recession.

2:42.7

Yeah. To the degree that they do that, Chad, we could either see a nice soft landing where everything

...

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