How to Prepare for the Next Recession or Market Crash

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I’ve been investing for more than 40 years and have learned lots of lessons over the decades, many by making mistakes. The most important lesson I have learned is also the easiest.

As I wrote in an article called “The 10 Golden Rules of Becoming a Millionaire”:

“Rich people ring the register when the economy is booming, but that’s not when they created their wealth. You can get richer investing when no one else will. When unemployment is high and the market is tanking everyone is panicking and there is only fear and misery ahead.

The cyclical nature our economy makes it almost certain that bad times will occasionally occur. Human nature also means that most people will freeze in the face of bad news. Downturns can be the perfect time to save.

If you believe the world is ending, get canned food and a gun. If you don’t, get involved. Warren Buffett, billionaire investor and investor, famously said that you should be fearful of others’ greed and greedy for others’ sakes. ‘”

Recessions and the stock market turmoil that comes with them can be disruptive in the short-term, but they can also make you wealthy in the long-term. If you are prepared.

That’s the topic of this week’s episode of “Money!”. We will give you an educated guess about when the next major economic downturn might occur, but we will also give you the tools that you need to not only survive but thrive in the aftermath.

As usual, Miranda Marquit, a financial journalist, will be my co-host. Aaron Freeman, a novice investor and producer, will be listening in and occasionally contributing.

Sit back, relax and listen to this week’s “Money!” podcast:

• Listen on Apple Podcasts
• Listen on Google Podcasts
• Listen on Spotify

Don’t listen to podcasts?

A podcast is basically a radio show you can listen to anywhere and anytime, either by downloading it to your smartphone, or by listening online. These podcasts are great for learning and entertaining while you’re driving, doing chores, or riding your bike.

You can listen to our latest podcasts here or download them to your phone from any number of places, including Apple, Spotify, RadioPublic, Stitcher and RSS.

If you have not yet listened to our podcast, please do so. You’ll be glad that you did.

Show notes

Want more information? Check out these resources:

• 9 Ways to Brace Yourself for the Next Recession
• Freaking Out About the Stock Market? Read This
• 20 Dumb Investing Moves and How to Avoid Them
• 5 Ways to Profit From a Recession — If You Act Now
• Staying Alive: How to Make Money in a Recession
• 3 Good Things About Recessions
• Motley Fool: How to Prepare for a Stock Market Crash
• Yahoo Finance: Warren Buffett on Preparing for the Next Stock Market Crash
• Investopedia: 6 Ways to Prepare for a Market Crash
• Acorns: How to Prepare for a Recession
• Subscribe to the Money Talks News newsletter
• Take our course The Only Retirement Guide You’ll Ever Need
• Take our course Money Made Simple
• Miranda Marquit’s website

Disclosure: The information you read here is always objective. We may be compensated if you click on links in our stories.

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Stacy Johnson,https://www.moneytalksnews.com/how-to-prepare-for-the-next-recession-or-market-crash/

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