S2E47 Recession Proof Your Money Part 1
The Brian Buffini Show
Brian Buffini
4.8 • 2.4K Ratings
🗓️ 14 June 2022
⏱️ 37 minutes
🧾️ Download transcript
Summary
If you take the right steps to properly prepare for the approaching recession, you can come out on top. In this episode, Brian teaches how to maximize opportunities and grow your finances during turbulent economic times. He also interviews his personal financial advisor, Ben Stewart, about specific strategies that can lead to success.
YOU WILL LEARN:
· Why inflation is a hole your bucket.
· 3 tips to win in recessionary times.
· Ben Stewart’s system for success.
MENTIONED IN THIS EPISODE:
S2E43, The Coming Recession
https://play.acast.com/s/the-brian-buffini-show/s2e43-the-coming-recession
https://www.stewartwealthmgt.com/
MasterMind Summit
https://www.buffiniandcompany.com/events/mastermind-summit/
“The Automatic Millionaire,” by David Bach
“The Psychology of Money,” by Morgan Housel
NOTEWORTHY QUOTES FROM THIS EPISODE:
“Inflation is the worst casino you've ever been to.” – Brian Buffini
“We can't safety our way to success during a recession.” – Brian Buffini
“Save, grow and invest.” – Brian Buffini
“Be fearful when others are greedy and be greedy when others are fearful.” – Warren Buffet
“You need to have a safe money strategy, you need to have a real estate strategy, and you need to have a stock strategy.” – Ben Stewart
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Transcript
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| 0:00.0 | Welcome to It's a Good Life Podcast where it's all about helping entrepreneurs think, feel, and do better. |
| 0:09.0 | Here's your host, Brian Bafini. |
| 0:14.0 | Top of the morning to you. Welcome to the second in our series on the recession. Yippee! |
| 0:20.0 | However, this should be pretty helpful stuff. |
| 0:23.0 | Today we're going to talk about how to recession-proof your money. |
| 0:26.0 | Take care of your money. We've got to do that. So I'm going to talk about three things. |
| 0:31.0 | First of all, I'm going to talk about there's a hole in the bucket and that your money is the water going out the hole in the bucket right now. |
| 0:38.0 | I'm going to talk about three tips to win in recessionary times. |
| 0:43.0 | And then the third thing is a little unusual for an episode like this is we're going to talk to my guy. |
| 0:48.0 | We're going to talk to my guy. I'm going to introduce you to that guy, my money guy. |
| 0:52.0 | And his name is Ben Stewart and I'm going to introduce you to him so he can help you with some perspective he's helped with me with for the last 20 years. |
| 1:00.0 | So let's talk about it. There's a hole in the bucket. |
| 1:04.0 | You know, I recently shared an episode called The Coming Recession. If you haven't listened to it, it's season two episode 43. |
| 1:12.0 | And in it, I talk about how inflation is like the worst casino you've ever been to. |
| 1:19.0 | And when I mean that is casinos typically have a three to a three and a half percent favor. |
| 1:25.0 | The house has three to three and a half percent odds on you. |
| 1:29.0 | So when you're playing a slot machine, for example, if you play a slot machine long enough, even though you may win and may win and ding ding ding ding ding ding ding. |
| 1:38.0 | If you play long enough, the casino will take a hundred percent of your money because it has a three percent chance of beating you. |
| 1:46.0 | And so it's like imagine a bucket of water with a three percent hole in the circumference of the bottom. |
| 1:52.0 | Problem we have right now is that we have an eight and a half percent hole. |
| 1:56.0 | It's two to two and a half times the size of the advantage that casino has and you know all those big buildings in Vegas. |
| 2:03.0 | They're making a lot of money. |
... |
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