895. What To Do If You’re Afraid Of A Recession Coming

I wanted to have a conversation with Chris about what’s really going on in this uncertain economy, what he thinks is coming in the future, and how we can prepare ourselves so that we don’t experience a repeat of 2008/2009 when we had to start over from scratch. So many of us are scarred from The Great Recession, but the reality is that the majority of news outlets rely on fear mongering techniques, which just make people freeze in fear. In today's episode, Chris explains how we’ve ended up in this rapid inflation situation, why a recession is usually a self-fulfilling prophecy, and three ways that you can bulletproof yourself for whatever’s coming down the pipeline. 


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Episode Timeline & Discussion Questions

( 0:25 ) Welcome back to another He Said She Said episode of Earn Your Happy.

( 2:57 ) Lori asks Chris, “Tell me about what you think is coming in the future and how we can prepare ourselves?”

( 5:48 ) Chris says, “You have to have recessions to have a healthy balanced economy.”

( 6:41 ) Chris explains how we got into a rapid inflation situation in the housing market. 

( 9:06 ) Chris says, “If a recession shows up, number one, we don't know when.”

( 9:32 ) Chris says, “Number two, by the time that the news says, Yes, we are officially in a recession, and everybody really freaks out, guess what? You've already been in it for six months.” 

( 12:26 ) Lori asks Chris, “How long do recessions last?” 

( 15:18 ) Chris says the first thing to do is to stop the bleeding, meaning where are you spending money that may not be wise or appropriate, or even necessary in an uncertain economy?

( 16:29 ) Chris’s second piece of advice is to invent new income. 

( 19:26 ) Chris’s third piece of advice is to use that gap to build up a 12 month reserve. 

( 22:11 ) Chris says, “We're ever going to experience something like we did in ‘08/’09 again, in our lifetimes anyways, and here's why. One major thing has changed, one significant thing exists today that did not exist back then, and that's the iPhone.”

( 23:38 ) Lori and Chris talk about how network marketing helped them recover after the Great Recession. 

( 27:55 ) Text BULLETPROOF to 310-421-0416 to get VIP early access to Chris’s new course.