With 2020 just around the corner, now is (hopefully) the time when you’re laying the groundwork for what you’re doing in the New Year. From mapping out your big business goals to figuring out where you want to travel in 2020, it’s an exciting time where you get to think about all the possibilities. Of course, we believe that the best way to plan for the future is by assessing the whole picture — even the not-so-fun stuff.
That is why we’re sharing a few things you should be aware of in 2020 in this episode. Our hope is that, by sharing what the New Year might bring, you can build some buffer into your plans and create a really strong strategy that helps you weather anything that comes your way.
[01:30] How the global economy may affect your business in 2020
[02:03] Things you should be planning and preparing for next year
[03:22] How small business was affected in the Great Recession of 2008
[05:41] Why every recession is different and why it’s unlikely to see another crisis
[06:23] How lower interests rates and political upheaval can affect our economy
[07:43] The difference between a hot and cold war
[09:05] Why the Feds keep lowering the interest rates
[10:06] The self-fulfilling prophecy of recessions
[12:57] The yin and yang of a recession
[14:08] Why we can see all of this upheaval as a sort of “rebirth”
[15:51] The first step in preparing for 2020
[16:26] How to assess your income/expenses and contracts to see what’s not serving you
[18:57] Why debt is a tool and how you can use it to your advantage in 2020
[20:11] The importance of maintaining your savings and investing despite a market slowdown
[22:15] Why you shouldn’t wait for a recession to start (or stop) investing
[24:10] The value of a financial advisor when the going gets tough
When we talk about planning for 2020, we should consider all of the possibilities. On average, an economic cycle lasts about 4.7 years. This means we have about 3.2 years of growth and about 1.5 years of recession. By those numbers, we’re pretty overdue for a recession (we haven’t had one since 2008!). That’s why, on this week’s episode we want to get you prepared for 2020 in the event that a recession does hit. We can never predict what will happen, but based on historical data, a recession will occur eventually. So why not plan accordingly, right?
During this episode, Dustin talks about a few of the things you might be seeing on the news lately — from lowered federal interest rates to struggles in global economies. While a lot of this can feel complex and overwhelming, there are a few ways that these “events” affect you here on U.S. soil (and might affect your business):
So… how do you navigate all these potential signs of recession and their potential effects on your business? You plan for 2020… and listen to this week’s episode!
In this episode, we walk you through the 4 steps you should be building into your 2020 planning so you can handle whatever comes your way. These steps include:
We know that this can feel like a lot of information, and it might be a bit overwhelming or scary if you’ve never thought about a recession before. But you’re a business owner and you need to know that, sometimes, you can’t control everything. What you can control is how you prepare. This episode was designed to give you some helpful tips to build into your 2020 planning and we hope you actually use them. They could really save your 🍑 — and your business.
This is a great episode to share with your fellow biz owners and entrepreneurs, especially if you’re doing a 2020 planning sesh with them! And of course, if you want the help of not one but two CERTIFIED FINANCIAL PLANNER™ professionals, you can set up a time to chat with us and see if we’re a good fit.
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