CHAPTER 18Recession-Proof Your Finances—and Your Life
It's mid-2022 as I write this, and everybody's talking about a recession. But nobody's telling you exactly what you need to do to make sure you don't take a financial hit during such a difficult time.
First and foremost, don't make irrational moves based on fear.
If you react before thinking through and planning your next financial move, you could actually make things worse and not better.
No market will go up forever. So you always have to be preparing for the winter time in any market that you're in.
Look at the various dips in the market over the last 30 years. Depending on the year you were in, it could have felt disastrous, but when you pull back over the course of time, you see that the times of winter end too.
I was just two years into my first business when the 9/11 attacks happened. Just seven years later, as I was heavier into real estate investing, the 2008 crash happened.
In 2020, when covid swept across the entire world, I just finished some short-term real estate projects—then travel stopped on a dime.
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