How I’m Preparing For The Recession 2023

So I’ve heard some bad advice before, I’m talking about straight up dangerous.

One guy told me once:

– Tommy you want to spend all your money before the year is over, literally $0 in the bank

– I did that, and I felt like was on edge, I couldn’t sleep

Second guy told me:

– Tommy you want rent or buy a house you can barely afford

– That way it forces you to make more money

-That one I researched and decided that bankruptcy is not a joke

But there is a lot of bad advice out there, but in this video, I’ll tell you what the most boring guy on YouTube is doing to prepare for the recession (which might come or may not come )

????Call Me????: https://bit.ly/30IBr0i

????Second Channel????: https://bit.ly/3c4sVPS

????????‍????Financial Freedom Course????????‍????$100 OFF CODE: LONGTERM
Link: https://longtermteam.teachable.com/p/financial-freedom-steps-from-nothing-to-freedom

????MY M1 FINANCE PORTFOLIO???? PLUS $10
Link: https://m1.finance/37SHd4241z-N

1. Cash is King but don’t be stupid

-Right now I’m saving up a lot of cash

-Because before I was investing a lot of cash one way

-But now my strategy has changed, so until I find a good opportunity I will hold on to cash

However the question is:

-Inflation: inflation is slowly but surely going to become less of a factor, but its better to lose a little money to inflation than to lose all your money to something stupid. Plus if it gets really bad, I can always put the money in Bond or something like that

-Opportunity cost: not investing it is cost you money, yes, but also having it is going to make me money. It’s the idea that, the person who is on sound ground can make better decisions

-What are you waiting for: I’m buying individual stocks, so I’m studying a lot and learning, however there is this real estate deal with the potential of 10% return on equity plus 15% upfront. ( if that goes through I don’t mind parting with my capital )

2. Never stop investing

– I will always keep investing 10-20% of my money into the S&P 500

– However my old portfolio is filled with 4 others security to lower volatility which I don’t mind anymore

-So I have to sell those off, and buy S&P 500 and deduct the loses from the taxes ( but I have to be careful or else I’ll be stuck carryon little loses for a long time that don’t really help that much )

So that I’m still working out

– If I break this deal in real estate, I’ll have 85k gone and $700 month in monthly rent coming in

– Which isn’t that bad

– It covers about 70% of my cost of living

3. Use common sense

– If you’re buying a home soon, save for the down payment

– If you don’t have any plans, don’t stop investing

– If you don’t have an emergency fund and you’re fully in debt, well worry about that first

If you just don’t want to spend money ( understand, cash is king, but what’s a king that never does anything )

* PRO TIP*
INFORMATION IS EVERYTHING
????1 on 1 Talk + My Budget + Stock Investments????
https://www.patreon.com/tommybryson

????Merch????
https://teespring.com/stores/tommybryson

✅2 FREE AUDIOBOOKS✅
https://amzn.to/2Enayo8¬¬¬

????M1 FINANCE $10????
https://m1.finance/37SHd4241z-N

????ACORN FREE $5????
Link: https://acorns.com/invite/38EYSU

⚡FREE KINDLE UNLIMITED⚡ (traditional reading)
Link: https://amzn.to/2VGbxt9

????????‍????DISCORD PRIVATE GROUP????????‍????
https://discord.gg/EcZEHpA

My Camera Gear: https://www.amazon.com/shop/tommybryson

✔ Help Us Reach 500,000 Subscribers: https://goo.gl/0wvm6w

????All My Social Media????
Link: https://linktr.ee/tommybryson

*Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I’m an Accountant but I’m not your Accountant, always review information with your Accountant/CPA and your Financial Advisor.

source