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NerdWallet's Smart Money Podcast

What a recession economy means for you, and how to handle an inheritance

NerdWallet's Smart Money Podcast

NerdWallet Personal Finance

Business, Education, Investing, How To

4.2665 Ratings

🗓️ 22 June 2020

⏱️ 21 minutes

🧾️ Download transcript

Summary

In this episode, Sean and Liz give tips for managing your finances in a recession. Then they answer a listener's money question about how to handle an inheritance — and whether you owe any taxes on it. As always, send us your money questions! Email [email protected] or call or text the NerdHotline at 901-730-6373. And visit www.nerdwallet.com/podcast for more info on this episode. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

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0:12.4

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0:22.8

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0:33.6

Welcome to the NerdWallet Smart Money podcast where we answer your personal finance questions and help you feel a little smarter about what you do with your money.

0:41.4

I'm your host, Liz Weston.

0:43.0

And I'm your other host, Sean Piles.

0:45.0

As always, be sure to send us your money questions.

0:47.5

You can call or text the NerdHotline at 901-730-6373.

0:52.1

That's 901-730 Nerd. Or you can email us at podcast atnerdwallet.com.

0:57.7

And while you're at it, please rate, review, and subscribe wherever you're getting this podcast.

1:02.0

This episode, we're tackling a listener's money question about how to handle an inheritance.

1:06.4

But first, in our this week and your money segment, Liz and I are going to talk about how to manage your

1:10.8

money in a recession. The National Bureau of Economic Research, the organization that decides these

1:16.2

things, announced that the U.S. economy peaked in February and we're now officially in a recession.

1:21.2

And that can change how you manage your finances. And it's challenging because a lot of people

1:26.5

feel like they maybe didn't recover from the last recession. And now there's another one. I know a lot of people feel like they maybe didn't recover from

1:28.0

the last recession and now there's another one. I know a lot of millennials are in that camp,

1:32.2

but there are some things that you can do to improve your financial resilience right now.

1:36.4

And so Liz, I'm interested in talking with you about how people can do that, what your

1:40.4

advice has been for folks in previous recessions and ways that we can all get through

...

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