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Recession and your money
click here: Leave a text, tell us what you liked
Yes, we probably are in a recession but who cares if we call it a recession or not? What is important is that we bring out the old budget spreadsheet and plan for opportunities as we come out of this period in a few months.
Don't panic sell or buy. Don't follow the herd to do anything during this period as it is completely unsettled. Gas prices may go back up. That motor home you bought during COVID, may be time to dump if you don't use it before everyone else sells theirs.
Don't overpay for a used car now. Wait until prices drop and they will drop drastically as the supply chain improves and it will. Buy that house you have been looking at for the excellent price you have negotiated. The value may fall in a few months but over time it will recover.
The point is not to overreact. Plan your spending and don't buy what you don't need now. Be in a great position to take advantage of the post-recession period when people are dumping their goods and prices drop.
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By Williamclick here: Leave a text, tell us what you liked
Yes, we probably are in a recession but who cares if we call it a recession or not? What is important is that we bring out the old budget spreadsheet and plan for opportunities as we come out of this period in a few months.
Don't panic sell or buy. Don't follow the herd to do anything during this period as it is completely unsettled. Gas prices may go back up. That motor home you bought during COVID, may be time to dump if you don't use it before everyone else sells theirs.
Don't overpay for a used car now. Wait until prices drop and they will drop drastically as the supply chain improves and it will. Buy that house you have been looking at for the excellent price you have negotiated. The value may fall in a few months but over time it will recover.
The point is not to overreact. Plan your spending and don't buy what you don't need now. Be in a great position to take advantage of the post-recession period when people are dumping their goods and prices drop.
Support the show
🎙️ Enjoyed This Episode?
Subscribe to the RetireCoast Podcast for practical conversations about retirement planning, financial preparedness, estate planning, entrepreneurship, and life on the Mississippi Gulf Coast.
👉 Visit RetireCoast.com for in-depth articles, calculators, decision tools, checklists, and guides that expand on the topics we cover in each episode.
📋 Looking for more advanced planning resources?
Explore our membership programs:
• Estate Planning Membership — Build and organize your legacy with decision tools, trust planning resources, trustee selection guidance, emergency preparedness documents, and more.
• Business Builder Membership — Access tools and resources designed to help entrepreneurs, retirees, side-hustlers, and small business owners start, manage, and grow a successful business.
• All Access Membership — Receive complete access to both memberships and our entire premium planning library.
Learn more at:
https://retirecoast.com/estate-planning-membership/
https://retirecoast.com/business-builder-membership/
https://retirecoast.com/all-access-membership/
💬 Have a question or a topic you'd like us to cover?
Email: [email protected]
...