How I Plan To Make Money During The Recession

Summary

The video discusses the impending recession, its early signs like sponsors pulling out, and how it may last through 2023-2024. It emphasizes the importance of having a secure job and emergency funds to weather the recession. The host explores recession-proof side hustles like marketing, video services, and no-code tools. Finally, he recommends long-term investments in undervalued stocks and discounted property purchases to profit during the recession, rather than short-term day trading.

Takeaways

• 😟 Recession seems likely in UK, sponsors already pulling back spending
• 😀 I'm fortunate to easily find sponsors, but concerning for others
• 😟 Job losses expected in recession - secure/valuable role key to avoid impact
• 😊 Selling services, marketing skills can still make money in recession
• 😉 Invest spare cash - stocks undervalued, property prices falling
• 😃 Have 6-12 month emergency fund to cover costs if lose job
• 😊 Video, marketing, no-code web skills in demand from businesses
• 🤔 Property purchases complicated by rising interest rates
• 😁 Recession causes panic - stay calm, think long-term
• 😊 2 ways to make money: stocks and property investment

Q & A

What are some early signs of an upcoming recession that the narrator noticed?

The narrator noticed that some sponsors started pulling out of deals unexpectedly due to lack of budget. He also saw some of his YouTube friends in similar industries experience companies cutting back on spending.

Why is having a secure job important during a recession?

Having a secure job ensures steady income during an economic downturn when companies tend to lay off employees. It provides stability when other expenses may rise and the job market declines.

How can an emergency fund help during a recession?

An emergency fund covering 6-12 months of expenses acts as a cushion if you lose your job or income source. It helps bridge the gap until you find a new job.

What transferable skills could be valuable to sell services during a recession?

Skills like marketing, sales, video production, video editing, and web design using no-code tools are in demand. Businesses need these services to aid their operations and cut costs.

Why does the narrator recommend investing spare money rather than keeping it in a savings account?

Savings accounts offer very low interest rates which often cannot keep pace with inflation. Investing provides the potential for assets to appreciate in value over the long run.

What is the narrator's investment philosophy when it comes to stocks?

He takes a long-term approach, investing in companies he believes will still be relevant and growing in 3-10 years. He also invests in companies whose products he uses and trusts.

What is a stop loss in investing?

A stop loss automatically sells a stock when its price falls to a specified level, allowing investors to limit their potential losses.

Why does the narrator think property could still be a decent investment during the recession?

Despite rising interest rates, he believes property prices will rebound in the long run like they did after 2008-09. There is a lot of money tied up in real estate so investors have incentive to protect their assets.

What does the narrator mean when he says you have to 'ride it out' during a recession?

He means you have to stay calm, think long-term, and resist temptations to overspend or take on debt to maintain your lifestyle. Having resilience and financial discipline helps you weather the storm.

What are the narrator's main tips to make it through a recession unaffected?

Have a secure job, build an emergency fund, sell valued skills or services, invest spare money into assets like stocks and real estate, and avoid panic by focusing on long-term financial plans.