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Should You Be Preparing For A Major Recession?

May 21, 2020

The Principle:

Coronavirus has already made a big impact on the economy. Are we headed into a significant recession like some have predicted? If so, how do you prepare? 

(Want to jump ahead in the episode? Click the featured times below to skip to a specific section.)

Honest Takes:

Allianz Chief Economic Advisor Mohamed El-Erian says this will be the worst recession since the Great Depression. What does Brian make of that statement?

Let’s think back on what happened last time we had a recession. What can we learn from the past? Is it worth investing in the stock market? How much risk can you handle right now?

Consider what you want to accomplish right now. Work backwards from there. Were you planning on retiring this year? What are your options? How should you focus your financial plans right now?

Is there a better way to minimize your risks on taxes or investments. Prepare your estate and get life insurance. No one knows what the future holds, so it is important to prepare the best you can. Talk with your advisor and make sure you have a good financial plan.

Listen to the full episode or click on the timestamps below to hear a specific segment.

[0:16] – Is the economy is back on track? Or are we facing one of the worst recessions ever?

[2:16] – How do we weather this recession and learn from the past?

[4:05] – Pay cuts are happening across the board, no industry is booming right now.

[4:52] – What are you trying to accomplish right now?

[5:56] – Should you keep a focus on stocks or consider your financial health?

[7:48] – How do you know the future?