There's been a lot of talk about a recession lately... Are we currently in one? When will the next one be? How long will it last? While we don't have a crystal ball with all the answers, we do have some awesome tips to help you prepare for an inevitable recession!
EPISODE HIGHLIGHTS:
- Tip #1: Make sure you have a business AND personal emergency fund
- For your practice, we recommend no less than 2 months worth of expenses (including payroll!)
- For your personal fund, we recommend having at least 3-6 months of expenses at minimum
- Tip #2: Consider opening a line of credit
- There are times when having an open line of credit can give you peace of mind in case of an emergency
- "If I have a line of credit, do I still need an emergency fund?" Absolutely! A lone of credit should be for emergencies only, not your first line of defense against financial trouble
- Tip #3: If you have high interest debt, focus on paying it NOW
- Interest rates may continue to increase throughout a recession, which can make paying things off more difficult in the long run
- For tips #4-8, make sure to listen to the full episode!
LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com
