In this video, Ken talks about what you can do to prepare for a recession that's likely coming.The Federal Reserve has to keep interest rates high because inflation is staying high. That means it's likely we're going to see another recession in the near future. There are some things you can do now to be better prepared for this potential shift in the economy. Watch this video to learn more. #shorts #shortsvideo #short Check out Ken's Inner Circle where you can watch additional videos, webinars, and happy hour discussions and ask your questions to Ken. Follow this link: Check out Ken's weekly podcast for more real estate education content, follow one of the links below. Apple Podcasts: Spotify: • • • Be sure to click the bell to be notified as soon as the next video is posted! Visit Ken's Bookstore: ••• ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, The ABC’s of Property Management, and has an upcoming book: "ABCs of Buying Rental Property: How You Can Achieve Financial Freedom in Five Years." Ken is a Rich Dad Advisor. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This channel is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive. Ken's company: • DISCLAIMERS: Any information or advice available on this channel is intended for educational and general guidance only. Ken McElroy and KenMcElroy.com, LLC shall not be liable for any direct, incidental, consequential, indirect, or punitive damages arising out of access to or use of any of the content available on this channel. Consult a financial advisor or other wealth management professional before you make investments of any kind. Although Ken McElroy and his affiliates take all reasonable care to ensure that the contents of this channel are accurate and up-to-date, all information contained on it is provided ‘as is.’ Ken McElroy makes no warranties or representations of any kind concerning the accuracy or suitability of the information contained on this channel. Any links to other websites are provided only as a convenience and KenMcElroy.com, LLC encourages you to read the privacy statements of any third-party websites. All comments will be reviewed by the KenMcElroy.com staff and may be deleted if deemed inappropriate. Comments which are off-topic, offensive or promotional will not be posted. The comments/posts are from members of the public and do not necessarily reflect the views of Ken McElroy and his affiliates. © 2022 KenMcElroy.com, LLC. All Rights Reserved. #kenmcelroy #recession #housingcrash...(read more)
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Recession Proof Your Finances: Prepare for what's ahead The year 2020 has been quite a roller coaster ride for the global economy. The outbreak of the COVID-19 pandemic and subsequent lockdown measures have caused widespread economic disruptions, leading many experts to predict a looming recession. While it's impossible to predict the exact nature and severity of an upcoming recession, it is wise to prepare yourself and your finances for any potential future uncertainties. By taking proactive steps now, you can recession-proof your finances and minimize the impact of a downturn. Below are some key strategies to consider: 1. Build an emergency fund: An emergency fund is your financial safety net. Aim to save at least three to six months' worth of living expenses. This will ensure you have a cushion to fall back on in case of unexpected job loss or financial emergencies during a recession. 2. Reduce debt: High levels of debt can be a significant burden during tough economic times. Prioritize paying off high-interest debts, such as credit card bills and personal loans. By reducing your debt load, you'll have more financial flexibility and less stress in the face of a potential income reduction. 3. Diversify your income streams: Relying solely on one source of income can be risky during a recession. Explore additional side hustles or passive income opportunities to supplement your regular earnings. This can provide you with extra financial stability during a downturn. 4. Evaluate and adjust your budget: Take a close look at your income and expenses to identify areas where you can cut back. Trim unnecessary expenses, renegotiate bills, and focus on essentials. Allocating more funds towards your emergency fund and reducing discretionary spending will help you weather the storm more effectively. 5. Invest in your skills: Upskilling or acquiring new expertise in your field can increase your employability and income potential during a recession. Look for online courses, workshops, or certifications that can enhance your knowledge and make you more valuable in the job market. 6. Stay informed and adapt: Keep a close eye on the economy and business trends. Stay informed about industries that are likely to fare better during a recession, and consider shifting your career or investment focus accordingly. Remaining adaptable and willing to embrace change can significantly boost your financial resilience. 7. Revisit your investment strategy: During an economic downturn, stock markets tend to be more volatile. Review your investment portfolio and consider diversifying it with a mix of low-risk and high-growth assets. Consult with a financial advisor who can help you make sound investment decisions that align with your long-term goals. 8. Prioritize health insurance: Healthcare expenses can skyrocket during a recession, making it crucial to have comprehensive health insurance coverage. Ensure you have the right health insurance plan to protect yourself and your family from any unexpected medical costs. By implementing these strategies, you can recession-proof your finances and be better prepared for what lies ahead. Remember, it's always wise to plan for the worst-case scenario while hoping for the best. Taking control over your financial situation will empower you to navigate through uncertain times with resilience and peace of mind. https://inflationprotection.org/prepare-your-finances-to-withstand-a-recession-anytime/?feed_id=108102&_unique_id=648be54996329 #Inflation #Retirement #GoldIRA #Wealth #Investing #business #Coaching #earnwealth #entrepreneur #Entrepreneurship #Freedom #getwealthy #Hustle #investing #investinginrealestate #KenMcElroy #KenMcElroyHousing #KenMcElroyRealEstate #LifestyleBusiness #MCCompanies #MCCompaniesInvestments #PersonalDevelopment #realestate #realestateentrepreneur #realestateinvesting #RealEstateInvestment #RichDad #RichDadAdvisor #selfhelp #success #RecessionNews #business #Coaching #earnwealth #entrepreneur #Entrepreneurship #Freedom #getwealthy #Hustle #investing #investinginrealestate #KenMcElroy #KenMcElroyHousing #KenMcElroyRealEstate #LifestyleBusiness #MCCompanies #MCCompaniesInvestments #PersonalDevelopment #realestate #realestateentrepreneur #realestateinvesting #RealEstateInvestment #RichDad #RichDadAdvisor #selfhelp #success
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