548: 2 Money Moves We’re Making TODAY to Prepare for a Potential Recession

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 23 July 2024

⏱️ 50 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are we in a recession? Are we headed for a recession? No one knows for certain, but you can never be too prepared for an economic downturn. Are you saving money? Do you have a plan in the event you lose your job? In today’s episode, we’ll help prepare you for anything that might be thrown your way! Welcome back to the BiggerPockets Money podcast! Amidst economic uncertainty, there are two steps you must take to weather tough times: build an emergency fund and brace for a potential layoff. Today, Mindy and guest co-host Amanda Wolfe are bringing you their best money tips for getting through a recession. First, they’ll show you how to pad your emergency fund by saving hundreds on groceries each month, negotiating your bills, and eliminating unnecessary expenses from your budget. Believe it or not, it might even be time to cut back on aggressive debt paydown or extra 401(k) contributions! Next, they’ll help you with a potential job search. You’ll learn how to get your resume seen by more employers and determine your market pay rate. But that’s not all. Stick around until the end to learn why staying with your current company—regardless of whether your job is at risk—could cost you millions of dollars over your lifetime! In This Episode We Cover How to get your financial house in order before an economic decline Calculating how much money YOU need for an emergency fund How to slash your food bill by hundreds of dollars per month The BEST places to find money and bolster your savings How to start preparing for a new job today (before you lose it!) When to cut back on “extra” payments and retirement contributions Why staying at your current job might be costing you millions of dollars And So Much More! Links from the Show BiggerPockets Money Facebook Group Network with Other Investors on The Path to FIRE Through the BiggerPockets Forums Finance Review Guest Onboarding Join BiggerPockets for FREE Mindy on BiggerPockets Scott on BiggePockets Listen to All Your Favorite BiggerPockets Podcasts in One Place Apply to Be a Guest on The Money Show Podcast Talent Search! Find an Investor-Friendly Agent in Your Area Find Investor-Friendly Lenders Property Manager Finder Try Amanda’s Free Emergency Fund Calculator Connect with Amanda on Instagram Enjoy Ebooks and Audiobooks with Libby Enjoy Ebooks and Audiobooks with Hoopla Check Out Market Pay Rates with Glassdoor See Mindy at BPCON2024 in Cancun! BiggerPockets Money - Episode 110: Systematically Increasing Income and Intentionally Decreasing Spending with A Purple Life 00:00 Intro 02:19 Building Your 11:31 Slashing Your Grocery Bill 17:22 Negotiating Bills & Auditing Purchases 27:56 The “No-Spend” Challenge 33:52 Preparing for a New Job 42:53 Send Us Your Money Tips! Check out more resources from this show on BiggerPockets.com and https://www.biggerpockets.com/blog/money-548 Interested in learning more about today’s sponsors or becoming a BiggerPockets partner yourself? Email [email protected] Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	We are in a recession or maybe we're headed into a recession. I don't know all the news is different but in recent years
0:07.6	We've had a ton of layoffs even hitting the normally pretty solid tech sector and all of their over bloated
0:14.9	staff loads. If you are worried about this happening to you today's show will
0:19.6	help you get your finances prepared so a layoff or recession doesn't catch you off guard.
0:25.6	Hello Hello Hello and welcome to the BiggerPockets Money Podcast. My name is Mindy Jensen and joining me today is my fantabulous co-host, the Shewulf of Wall Street, Amanda
0:36.0	Wolf.
0:37.0	Hello, hello!
0:38.0	Bigger Pockets has a goal of creating one million millionaires.
0:40.4	You are in the right place if you want to get your financial house in order because we truly believe financial freedom is attainable for everyone no matter when or where you're starting
0:48.1	Amanda I am super excited to have you joining me today to talk about how to prepare yourself in the event
0:56.7	of a recession or a job layoff that comes and wall up your finances or rather how to prepare yourself so that a job
1:05.5	layoff doesn't wall up your finances. You have a lot of experience with just
1:11.2	giving money advice in general that is rock solid.
1:14.2	So I am so thankful for you joining me today.
1:16.5	Yeah, and I'm so excited to be here.
1:17.9	You know, those things are never fun to think about, but I know just how comforting having a good financial foundation feels.
1:26.5	So if this is going to give people the little kick in the booty they need to kind of set that solid
1:30.8	foundation, it makes me really excited to talk about it.
1:32.8	Today we're going to be talking about boosting your emergency fund with some
1:36.8	actionable steps that everyone can take. If you don't have an emergency fund and you
1:41.8	are familiar with the
1:43.3	CNBC article that says 44% of Americans can't pay an unexpected
	...

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