Om episode
By definition, a recession is just two quarters in a row of negative growth for the GDP, or gross domestic product. In a healthy economy when the GDP is growing three to five percent, a recession simply means negative growth for six months. There’s so much misinformation and fear mongering around recessions, but the reality is that they’re a self-fulfilling prophecy most of the time. I break down why you don’t need to freeze your spending and stress out about the possibility of an upcoming recession. I explain my approach to recessions, my policy when it comes to building my own micro-economy, and why you should always have 12 months of runway to help you stay afloat in the event of an economic downturn in your industry. IN THIS EPISODE, WE TALK ABOUT: Why I don’t buy into the panic about economic recessions The cyclical nature of the economy The reason why ‘08/’09 kicked my butt, and what I’ve done to ensure that won’t happen again How I’ve made myself recession-proof RESOURCES Text DAILY to 310-421-0416 to get daily Money Mantras or Business Perspective messages to boost your day. CONNECT WITH CHRIS Follow Me: @chriswharder Visit My Website: https://chrisharder.me