5 ways to Overcome the Recession
There’s a good chance that there is a financial recession (or even depression) coming our way as the coronavirus continues to reshape the world. I want to keep providing information that’s relevant to you right now, so this week we have a return guest on the podcast to talk about how to prepare for and overcome the recession.
Chris Miles, the Cash Flow Expert and Anti-Financial Advisor, is a leading authority teaching professionals and entrepreneurs how to quickly free up cash, and increase passive income today. He's an author and podcast host of The Chris Miles Money Show, has been featured in US News, CNN Money, Entrepreneur Weekly, and has a proven reputation with his company, Money Ripples, getting his clients fast results.
Chris and I run through five tips you can use right now to get your finances ready to face a recession. We talk about the importance of staying calm, why you should make sure you have liquid cash, and how you can use your creativity to solve problems and make some extra income.
In this episode, we’re discussing…
How Chris’s experiences with past recessions have informed his approach to the next one.
Why you shouldn’t watch too much news and make any knee-jerk decisions with your money.
Ways to make some extra income now and why you should get liquid cash before you really need it.
Why you shouldn’t assume that the market is already at its bottom.
How a recession can help you get clear on your financial priorities and even prosper.
Chris’s Top Tips:
Don’t go into scarcity mode or greed mode – stay calm and do your due diligence before moving any money. You can make good financial decisions right now, but you want to do it from a place of abundance - not panic.
This could be an opportunity for different types of income – people still need help solving problems, so if you can come up with an intelligent solution that helps people, you can even come out of a recession better than before.
Track your income & trim the fat from your budget – you want to know exactly where your money is going right now and cut down on any unnecessary expenses. Make your budget as efficient as possible, and don’t hesitate to sell stuff!
Resources:
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Chris Miles | Money Ripples
5 Ways to Financially Overcome the Recession on YouTube
TRG 25: Fix your money leaks to create more cash now with Chris Miles
Unsure where to start investing your money? Check out our free quiz for guidance and ideas about what to do with your money that’s smarter and can help you generate extra income now.
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ABOUT CHRIS MILES
Chris Miles, the Cash Flow Expert and Anti-Financial Advisor, is a leading authority teaching entrepreneurs and professionals how to get their money working for them TODAY! He’s an author, podcast host of the Chris Miles Money Show, has been featured in US News, CNN Money, EOFire, and has a proven reputation with his company, Money Ripples, getting his clients fast, life-altering financial results.
