Why This Recession is Going to Be VERY Different!

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Business, Investing

4.7 • 3.1K Ratings

🗓️ 1 July 2022

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

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Summary

Every recession is different, and this one is no exception: we are currently experiencing once-in-a-lifetime inflation and started the recession with historically low interest rates. Will this recession be different from any other we've experienced? How will it end and what do you need to do 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	Is this recession going to be different?
0:03.2	It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,
0:10.0	investing, taxing. You've got financial questions. He's got financial answers. It's Brian Preston,
0:17.2	the money guy. Yeah, Brian, I'm excited to talk about this show because a lot of people are
0:23.6	saying to us recently, hey, something feels different, something feels unique. Right now,
0:28.0	we're not as uncomfortable. We've covered that. We've talked about that, but this time feels
0:32.7	different. So we thought it might be viable for us to weigh in on is this time actually different,
0:38.1	and it's more specifically what makes this time. Wait, to pull it out there because usually I
0:45.2	can't, once I can't do a word, I just give up on it. Yeah, and I'll go back to it. I'll tell you
0:48.4	how weird and bizarre things are right now. How often do you see the intersection of hardcore
0:55.7	pop culture to the point that the Treasury Secretary actually uses her official position to respond?
1:04.4	Yeah, I mean, this is just weird. Yeah, so there was a tweet that went out from Cardi B. She's
1:10.0	I want you to read this because that's this one. And she might have gotten to know.
1:15.3	And she posed this question. She said, when y'all think they're going to announce that we
1:18.9	going into a recession, asking this question, hey, when do you think they're going to announce
1:23.3	we're going to assess? Well, it's really interesting. Like you said, Janet Yellen then responds and says,
1:28.5	hey, there's nothing to suggest that a recession is in the works. And of course, this came out on
1:34.1	June 10th of this year. So she was kind of dismissing us and I know, no, this isn't recession. No
1:39.0	reason to think that. And so it's just interesting that this seems like this on the forefront of
1:44.6	everyone's minds, right? If it's if it's in pop culture, it means it must mean people are thinking
1:49.0	about it in the top of their mind. And I think this is a great point to actually add a little
1:54.0	clarification because we've done a few shows where we're trying to because our goal is I want to
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