This Is Going To Be Worse Than 2008

When people think about a recession and depression, I think a lot of us think about just the stock market and the housing market going down, and how crazy that is. But theirs something so much bigger that happens.

So in this video, as we are approaching strange times, I want to take the time to tell you about what can expect and what you should be doing to protect yourself

😎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

Cash is not King, Income is King

Most people say I don’t care about the stock market, its so stupid, and its gambling

But people forget that these are real companies, and that have to make real decisions with real employees

So a consequence of the market going down, is a lot of jobs being loss potentially

During 2008

8.8Milion Jobs were lost and unemployment rate went up to 10%

So this may not sound like a big deal

But what can you do if you lose your job today, and then it becomes super hard to get another job ( that’s tough )

Here How to Prep:

Some jobs will always be in demand, so the career matters

But having an emergency account with 3-6 months helps

Plus having an emergency budget ( it’s a times are hard budget, where you have to control spending )

S&P 500 fell by nearly 40% and Retirement account balances declined by 25%

Investing is like a roller coaster, they’ll be ups and downs but sometimes the downs can take a very long time to recover from

It took us till 2013 to recover all those losses, that’s 5 long years

And imagine all those people with retirement plan that had to halt it and keep working, or start using It because they got fired and couldn’t get another job

What are you supposed to do:

You want to eliminate friction in your life to allow you to withstand friction

Here what I mean, when bad times come, and you have a lot of financial responsibility, its hard, because the bill still got to be paid

So some easy things to do are, start eliminating your debt, start selling the cars, and all the things you cant afford, and replace them with “ paid in Full items )

Bonus: consider moving apartments ( try to keep rent or mortgage to no more than 33% of your monthly income )

Money becomes Less Valuable (inflation)

No matter what you cannot stop investing but you should not invest it all

It’s a balance and I’ll expalin how I try to keep it

Saving money for more than 3-5 years is a bad idea ( because inflation will eat it It up )

First of all : why you need to keep investing

During times of inflation you will probably also see the market going down, but that’s because the economy is probaly not doing that great and the fed if trying to fix it by printing more money thus causing inflationn

But here is the catch, that if you don’t invest your money is going to loe to much value so you are better off If you keep investing

So don’t stop

However you should have savings:

Your emergency money should stay in a highyield savings ( even it looses value beucase what it does is very important )

Money for puchases in the next 3-5 years should be help in stable investments, whether cash, or just tips

My point is, if you invest all the cash, then if something goes wrong you may be wiped out, so be careful

Home prices go down

The money on property Is made when you buy

And when you’re buying for personal use

You should be worried about being able to afford it

Here is my tip: on what I would personally do

* 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