Tips of Skipping a Recession

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We’ve all heard that there’s a fear of a recession.

What does that even mean and how can you make sure it doesn’t affect you?

That’s what I want to talk about today.

But first, let me ask you a question.

The question is, how do you as a 401k or 403b participant become a 401k superhero to your future self?

That is the question, and these videos will give you the answers.

Hey, I’m Jonathon Schultheiss and welcome to the Becoming a 401k superhero videos.

What even is a recession?

The definition of a recession is two quarters of negative growth in the economy.

What does that mean to you?

That just means we could see the economy slowing down.

But how can you make sure that it doesn’t affect you and your personal finances?

Here are three simple tips that could help you improve your finances in a recession.

Tip 1. Eliminate any impulse purchases.

I like to use what I call the “Sleep on it” rule.

Before I buy something, I like to sleep on and think about it first.

I ask if I really need it now or if it can wait. And it usually can wait.

Tip 2. Look for things you can save money on.

Here are a few to consider. Your cable TV, you might consider switching or even moving to a streaming service to save money.

You might consider shopping your auto insurance.

Or if you have a large enough emergency savings, you may consider raising your deductible to lower your premium.

You could also consider eating at home more often or packing your lunch for work.

There are endless things you could do to save money.

Just put a little thought into it.

Tip number 3. Pay off debt.

There is nothing that will get you in better shape financially than paying off debt and if you were successful in tip 2, you could use some of those saving to help you pay off debt.

Plus I have a lot more videos and resources of paying off debt.

Feel free to watch some of my past videos and even download a free copy of my book Focused.

Strengthening your finances during a recession is great way to help you become a 401k Superhero to your future self.

If I can help you with any of these things, then feel free to click on the link above and let’s schedule a time to talk today.