Episode 43: How do you survive and grow during a recession?

<p class="p1">MAKE GOOD DECISIONS…</p> <p class="p1">(1) DON’T RUN OUT OF MONEY -  A recession brings lower sales and therefore less cash… SMART DEBT MANAGEMENT IS IMPORTANT..</p> <p class="p1">HOUSEHOLDS with high levels of debt are especially vulnerable during a recession.  MANAGE YOUR CASHFLOW.</p> <p class="p1">(2) Make sure your financial plan is up to date. Plan ahead of the recessionary conditions. ...</p> <p class="p1">(3) Review your budget. ...</p> <p class="p1">(4) Fully fund your emergency savings or Just in Case Funds. ...</p> <p class="p1">(5) Pay down debt. ... Interest Rates rising and higher debts levels can take away from your cash flow…</p> <p class="p1">(6) Network and earn additional income. - Diversify your skill set… Add a rental unit…  </p> <p class="p1">(7) Look at Your Investments - stock market will suffer… Savvy Investors with cash on hand have an opportunity to buy stocks and real estate at a discount…</p> <p class="p1">(8) Invest in Technology - Technology can make your business more transparent, more flexible, and more efficient.  The second reason is that digital technology can help cut costs.</p>