Therapy For Your Money

Episode 77: Tips for a Recession


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There's been a lot of talk about a recession lately... Are we currently in one? When will the next one be? How long will it last? While we don't have a crystal ball with all the answers, we do have some awesome tips to help you prepare for an inevitable recession!

EPISODE HIGHLIGHTS:

  • Tip #1: Make sure you have a business AND personal emergency fund
    • For your practice, we recommend no less than 2 months worth of expenses (including payroll!)
    • For your personal fund, we recommend having at least 3-6 months of expenses at minimum
  • Tip #2: Consider opening a line of credit
    • There are times when having an open line of credit can give you peace of mind in case of an emergency
    • "If I have a line of credit, do I still need an emergency fund?" Absolutely! A lone of credit should be for emergencies only, not your first line of defense against financial trouble
  • Tip #3: If you have high interest debt, focus on paying it NOW
    • Interest rates may continue to increase throughout a recession, which can make paying things off more difficult in the long run
  • For tips #4-8, make sure to listen to the full episode!


LINKS & RESOURCES
GreenOak Accounting - www.GreenOakAccounting.com
Therapy For Your Money Podcast - www.TherapyForYourMoney.com
Profit First for Therapists - www.ProfitFirstForTherapists.com

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Therapy For Your MoneyBy Julie Herres

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