64: How To Best Position Yourself &Your Finances In A Recession

The Rich Immigrant

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OG Listeners will recall we had this recession conversation in June (Episode 54 of the podcast). However, since then

• Central banks have continued to struggle to control the flow of money and the Federal Reserve has raised interest rates 5 different times this year (so far)
• Inflation reports for September show inflation at 8.2%. Thats still high!
• Gas prices have fallen a bit but they're still high and OPEN is decreasing oil production starting in November 2022.

I share all this to say that there is still volatility and the signs of a recession are pretty glaring. The goal is not to freak you out, but it is to put you and I on guard. In this episode, I share 7 things to do to position yourself to weather a potential recession
1. Do a financial audit
2. Revisit and ramp up your emergency fund
3. Pay down high interest debt
4.Bring value at work and Upskill
5. Increase your income
6. Diversify your investments
7. Get support within your community
We are always heading towards a recession, we just don't know when and for how long. Recessions will always have casualties but they also always have winners. Want to know more on what to do with your money right now depending in your financial situation? Listen to Episode 3 of the podcast1

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