Recession 2020 | EFFECTIVE Strategies To Protect Your Business & Yourself! Given the current events in the country in regards to the housing market, national consumer debt, and many other economic factors. Are we heading for a recession 2020? No one has a crystal ball to look into the future, but there are many signs that point to a recession 2020. In this video, I am going to show you how we plan on protecting ourselves during the recession 2020 and we will be sharing tips on how to do the same for your small business, your personal finances, and financial education. Technically, by definition, we already are in the recession 2020. The 2nd quarter of 2020 showed a 32% loss in GDP and the 1st quarter of 2020 showed a 5% loss and by definition that is a recession. To be frank, I believe things will get worse before they get better. So continuing in this video, we are going to show you exactly what we are doing to protect ourselves during the recession 2020.
The first step that we are taking is budgeting. Cutting back on buying those expensive coffee’s and building up some cash reserves. One person, I don’t always agree with is Dave Ramsey but he makes a point that I absolutely agree with. Dave Ramsey talks about how you have to change your lifestyle to change your finances in his financial education. These personal finance tips will help during the recession 2020. Step two is to pay off debt…..quickly, along with building up a big cash reserve. One of the big problems with the recession 2020, is that many are overleveraged and have a large amount of credit card debt and maybe can’t get out of debt. So make it a goal to pay off debt, especially credit card debt. Secondly, building a huge cash reserve will safeguard us just in case we have a drop in income, and in the event that housing market prices are low, we can acquire those assets. And number three is raising capital. So if you are into real estate investing or had an interest, right now is a perfect time to do so. There is going to be a big buying opportunity in 5-6 months and if want to get into real estate investing, it will be a perfect time to do so. And lastly, we are looking to turn our liabilities into assets. For instance, if you own a home, find a way to utilize the space to generate income. And that’s how you prepare for Recession 2020.