Get Ready! How to Prepare for a Recession | Morris Invest

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1 – Start early by building your financial education. I believe that a strong financial education is one of the most overlooked and undervalued things you need to survive in today’s world. Luckily, building a strong financial education is free, and you can start right now. If you’re a beginner, here’s what I’d suggest: pick up a copy of Rich Dad Poor Dad by Robert Kiyosaki. https://amzn.to/2PhM3LA This is a great way to gain exposure to other financial topics and ideas, and of course the other benefit is that it’s free. The other thing I would recommend is watching this video that I’ll link for you; it’s called The Foundations of Financial Intelligence. Seriously, I want you to watch this video next, because you’re going to learn everything you need to know about assets and liabilities, understanding your numbers, your debt, and so much more.

2 – Make yourself more valuable. Most millionaires have seven streams of income, while most Americans have one – their job. So what happens if you lose that job in a recession? Having only one stream of income makes you especially vulnerable in the event of a recession. That’s why now is the time to start thinking about ways to build skills and diversify your income. What skills or interests do you have that would allow you to bring in more money? I know this might sound like just another thing to add to your to-do list, but it’s actually really exciting if you can change your mindset about it. That’s exactly what I want you to take away from this video – empowerment! You have the ability to influence your situation, so let’s do that instead of being scared.

3 – Get rid of expensive debt or bad debt. Unfortunately, there are a lot of Americans who are paying upwards of 20% interest on credit card balances. You do not want to be carrying around bad debt or expensive debt in a recession, so now is the time to work on paying it down, restructuring it, or both! I have an entire video where I share credit card payment strategies, so I’ll link that one for you here. Paying down bad debts now is a smart move because it gets you out of the interest payment game, reduces your monthly expenses, and takes away the risk of holding debt.

4 – Flock to inflation-proof, recession-resistant assets. Buying hard assets is the #1 to protect your wealth in the event of a recession, no contest. I believe that rental properties are the best way to invest, especially if you’re in strong rental markets.

5 – Learn how to win in any market cycle. How can you benefit from economic uncertainty? Well, that’s a big question to ask. But it’s very possible to profit during a recession, instead of fail. The trick is to always be looking for ways to benefit from what’s going on in the market cycle. Smart investors are always preparing; they aren’t scared of market cycles. I have another video for you that’s called “how to win in today’s market,” so go ahead and click on that one next!
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.

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