When should we start preparing for an economic downturn? At the onset? Or as early as when we see the first sign of economic decline? If you’re like me and you want to be proactive, then this episode is a must-listen!
I’ve spoken to financial experts to outline strategies to have in your arsenal so that you are prepared for the worst-case scenario.
It’s a mix of financial cautiousness with investment strategies to make sure you’re protected in case things don’t go as planned, but without missing out on opportunities to actually build wealth.
This episode addresses:
- Four tips to manage your money during a recession
- Reevaluating your expense and emergency fund
- Investment diversification
- Different investment accounts and vehicles to consider
- Index funds vs. actively managed funds
- Investing with discipline
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Dreamers' Wealth of Wisdom
- When things are very uncertain, the more money you have saved up in your emergency fund, the more financially secure you are going to be. - Anne-Lyse Wealth
- The market is on sale. It's a great opportunity to consider investing more in good companies with a long-term strategy because you're buying the stocks at a lower cost basis. - Anne-Lyse Wealth
- The pro tip here is that investing is a long-term play. - Anne-Lyse Wealth
- Stick to a plan and automate your investments, you're less likely to constantly check your accounts and see the up and down movements of the markets. - Anne-Lyse Wealth
- What's great about an index fund is that it will not only give you diversification, it will also give you passive management of the fund. - Anne-Lyse Wealth
- The key thing here is to remind yourself not to put all your eggs in one basket and make sure that you diversify your investment. - Anne-Lyse Wealth
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