In this exciting episode of the Holistic Wealth podcast with Keisha Blair, how to prepare for a recession in 2022 and recession-proof your life. We’re in the midst of a high-inflation period, with rising gas prices, rising food prices and rising interest rates. We are also in the midst of a war with Russia invading Ukraine, and we are also in the midst of a Great Resignation Wave, and many experts are also now predicting that we will experience a recession in 2022, as early as this Summer. The pandemic has caused us all to look more deeply at our lives to examine the direction we want our post-pandemic lives to take. In this episode, Keisha Blair will walk you through the various steps to prepare for a recession and the steps you can take to recession-proof your life. In the NEW Holistic Wealth Expanded and Updated: 36 Life Lessons To Help You Recover From Disruption, Find Your Life Purpose and Achieve Financial Freedom, there are many strategies throughout to help you master the “Art of Recovery From Disruption”. Tune in to listen to this episode of the Holistic wealth podcast with Keisha Blair.
What is a Recession?
According to Investopedia, a recession is a macroeconomic term that refers to a significant decline in general economic activity in a designated region. It has been typically recognized as two consecutive quarters of economic decline, as reflected by GDP in conjunction with monthly indicators such as a rise in unemployment, stagnant wages and volatility in the stock market.
How To Plan For A Recession Right Now
These are a quick list of some strategies to help you plan for a recession
- Have a Holistic Wealth Portfolio With A Financial Plan
- Focus on Financial Resilience
- Know Your Personal Financial Identity (And How to Harness Its Strengths)
- Have an Emergency Savings Fund (with 9-12 months)
- Get Rid of Stuff You Don’t Need
- Get Additional Sources of Income
- Pay Down Debt
Keisha will walk you through these steps and explore the different considerations and strategies for planning for a recession, including preparing your personal finances. She will discuss various strategies from her new book: Holistic Wealth (Expanded and Updated): 36 Life Lessons To Help You Recover From Disruption, Find Your Life Purpose and Achieve Financial Freedom. Tune in to this exciting episode of the Holistic Wealth podcast with Keisha Blair.
What You Will Learn
- Why it’s so important to start planning for a recession now, including some historical context from the NEW Holistic Wealth Expanded and Updated book by Keisha Blair.
- What is Financial Resilience and how it can help you bounce back from life-altering setbacks.
- Learn some tips and strategies for budgeting and saving as part of your financial plan.
- Why knowing your personal financial identity is so critical for your financial plan.
- My thoughts on thriving through a global pandemic, and managing your personal finances in order to transition to a new job or career or business.
- Your personal financial identity (based on Keisha Blair’s Personal Financial Identity Framework and Quiz, and how it affects transition planning to help you succeed.
- Learn tips and strategies for getting out of debt and building an emergency savings fund of at least 9-12 months’ worth of savings.