If the mortgage implosion of 2007-8 didn’t teach us anything, it should have taught us to “get ready and to stay ready” in the event of another financial calamity. Unfortunately, many people did not heed the messages and the warnings and went back to life as usual once the country was able to rebound.
Fast forward to present day and (although) the administration has not declared us to be in a recession (yet)…it is wise to prepare for one…just in case! I compiled a few things that one can do to better prepare financially (both) now and into the future.
Reduce Debts and Eliminate Unnecessary Costs
- Develop a sustainable budget
- Track your expenses (use an online app for assistance)
- Cancel unnecessary charges (too many streaming platforms)
- Pay your bills in full and on time
- For credit cards, only charge what you can afford to pay by your next statement date
- Look into lowering your interest rates
- Don’t close any accounts (especially) revolving accounts to avoid dropping your credit scores
- Don’t open new accounts unless absolutely necessary (i.e., new car is needed immediately)
Increase Your Emergency Fund
- Make a budget and start seeing where you can begin saving money
- Determine your emergency fund goal
- Setup a direct deposit to an account you won’t access UNLESS there is an emergency
- Save unexpected income
- Keep saving even after you reach your goal
Begin Investing
- Invest in stocks long and short term
- Invest in multi-family real estate for buy and hold scenarios
Create Passive Income Sources
- Crypto Currencies
- Invest in a business
- Peer-to-Peer lending
- Sell and eBook online
- Sell digital files on etsy
- Vending machines
- Storage rentals
- Affiliate Marketing
- Network Marketing
- Rent out your car
- Rent out your space
- List your property on AirBNB
- Create a course on Thinkific
- Design T-Shirts
- Create an app
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When it comes to acquiring and building wealth, if you have any of the 3 c’s, you can be on your way to securing your present and future lifestyles. Those 3 c’s are Cash, Collateral, and Credit. Because most people don’t have cash or collateral they can leverage, the easiest asset you can use to your advantage would be your credit.
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✓ Watch the 3-minute video overview for more details.
When it comes to preparing for recessionary times, you should also be positioning yourself for a future that is economically secure. Take the time to look into this platform and all of the above options as well. The Credit To Wealth Club is a platform that can fastTrak your way to success that much sooner.
To Your Massive Success,
