How To Build And Preserve Wealth During a Recession

Building Your Money Machine

Welcome to another empowering episode of the Building Your Money Machine Show! Today, we're breaking down the hype around the economy and recession, and I’m sharing some real, actionable insights on how to build and preserve wealth during such challenging times. The key here is not just survival but thriving, whether the market is up, down, or sideways.

In this episode, I delve deep into what a recession actually means, why it happens, and most importantly, why you shouldn't panic. Recessions are simply part of the economic cycle.

We'll discuss the impact of a recession on your wealth, from job loss to declining asset values.

Let's navigate this together. I'll share the tools, strategies, and mindset that can shield you from economic downturns and help you seize opportunities that arise. Let’s light the path to financial freedom!

IN TODAY’S EPISODE, I DISCUSS:

• Understanding what a recession is and its impact on your wealth
• How to control your emotions to avoid making poor financial decisions
• Diversifying investments and multiple income streams to mitigate risk
• Creating a "peace of mind" fund to ensure financial security and liquidity
• Cutting non-essential spending to avoid unnecessary financial strain

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• 12 Most Common Regrets of Rich People

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Hoofdstukken

1. Preparing for recession impacts on wealth preservation. (00:00:00)

2. Right financial habits help in any economy. (00:05:48)

3. Diversification and peace-of-mind fund for stability. (00:09:17)

4. Create effective financial plans for lifelong wealth. (00:13:45)

5. Reduce debt, upskill, visit melabraham.com. (00:15:24)

6. Avoid market timing; long-term strategy advised. (00:18:39)

7. Understand investments; spend less than you earn. (00:23:45)

8. Principles of smart money management remain constant. (00:25:53)